Great Boulder Resources increases landholding in prospective nickel-copper-cobalt territory
The company has secured an option from Gold Road Resources covering the Mt Carlon project south of Mt Venn.
Company
ASX:GBR
Great Boulder Resources Ltd is a mineral exploration company with high-quality gold and base metal projects in Western Australia. The company’s key focus is exploration and development of the high-grade Side Well Gold Project near the historic gold camp of Meekatharra in the Murchison region.
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The company has secured an option from Gold Road Resources covering the Mt Carlon project south of Mt Venn.
Down-hole electromagnetics is being used to identify the massive sulphide sources.
The drop-off in discoveries of more than 500,000 tonnes was experienced despite a 114.5% increase in exploration expenditure between the two periods.
Shares in the company have opened up 41% to 55 cents per share.
A maiden drill program is planned to begin later this month at the adjacent Eastern Mafic complex.
Drilling is expected to commence on Mt Venn in the first week of July.
The new conductors are evidence of the exploration potential of the Eastern Mafic area.
The company has received firm commitments to raise funds in an oversubscribed placement at 27 cents per share.
The company's flagship assets is its Mt Venn copper-nickel-cobalt project.
Ground survey work has confirmed the presence of numerous large bedrock conductors at Eastern Mafic complex.
The project is 30 kilometres west of the Gruyere gold deposit in the Eastern Goldfields district of Western Australia.
Evidence is building for a nickel-copper-cobalt massive sulphide system at the Eastern Mafic complex.
Assay results from drilling are expected in early April to late May.
The multi-pronged campaign includes three forms of drilling and an airborne survey.
The company will receive cash and shares upfront plus potential milestone payments.
The gravity survey has revealed a target that shows the Mt Venn project's potential.
Revised modelling has identified several new gold targets within Jundee South.
Metallurgical test work commencing to assess Mt Venn’s economic potential.
Infill drilling and metallurgical test work will begin at Mt Venn in the next two weeks.
Three parallel zones enhance the metal endowment per vertical metre.