PriceSensitive

Great Boulder Resources obtain 75 per cent interest at Whiteheads Gold

Materials
ASX:GBR      MCAP $29.86M
29 August 2019 23:48 (AEDT)

Great Boulder Resources has signed an option with Zebina Minerals to obtain a 75 per cent interest in the Whiteheads Gold project.

The Whiteheads project is located 60 kilometres north of Kalgoorlie in Western Australia and is in the extremely prospective Eastern Goldfields region.

Whiteheads were recently combined into a single project by Zebina Minerals following the long history of fractured ownership by several explorers. This means that Great Boulder can utilise the full potential of all historic data over the project area for the first time in its history.

Managing Director Andrew Paterson said Whiteheads is a unique opportunity to acquire such a large area of the Goldfields.

“We are aware that the project hosts high-grade gold and numerous, large targets have already been identified for drilling, representing an exciting opportunity for the Company,” he said.

Great Boulder will take a 12 month option to explore Whiteheads for a payment of $50,000 cash and $50,000 worth of its shares to Zebina Minerals.

During this period Great Boulder has committed to a minimum on-ground expenditure of $200,000.

To exercise this option, Great Boulder will pay Zebina an additional payment of $200,000 cash and $200,000 worth of shares as well as a one-for-one free attaching three year option.

Once this option is exercised, Great Boulder will hold 75 per cent of the Whiteheads tenements and Zebina will hold a 25 per cent interest free decision to mine.

Great Boulder now intends to test mineralisation along the Seven Leader – Lady Betty trend at Whiteheads with drilling to begin as soon as possible.

With drilling preparation underway, Great Boulder will continue assessing the historical data set to assess the potential benefits of purchasing any additional new geophysical data.

The applicability of known mineralisation styles will also be considered for ongoing target generation.

Regional air-core drilling will also be undertaken to test high-priority anomalies that were wither not previously drilled or were inadequately tested by the previous exploration.

This will be primarily done at targets towards the southern end which are possibly hidden beneath the alluvial cover.

Given the number of high-priority targets and Whiteheads location, Great Boulder intends to advance the project quickly with ongoing field programs planned over the coming months.

Related News