Great Boulder Resources Ltd (ASX:GBR) is trading higher on intersecting coarse visible gold from its reverse circulation program at the Mulga Bill Prospect, situated within the Side Well Gold Project in Western Australia.
During the drilling, the company observed multiple coarse gold fragments between 114 metres and 115 metres at drill hole 23MBRC006A, which is estimated to contain about 5% visible gold within the metre interval.
In addition, a second intersection of visible gold was also confirmed at the same drill hole from 158 metres to 159 metres, estimated to contain about 2% gold within the metre interval.
Notably, this hole was designed to infill an area of the Mulga Bill mineral resource in the Central area, south of the HGV area where previous bonanza-grade intersections have occurred.
Interestingly, both observations match interpreted high-grade lode positions in the Mulga Bill mineral resource.
Moving forward, reverse circulation (RC) drilling is continuing at Mulga Bill, with quantitative assays expected in two to three weeks.
The market welcomed the news, with shares trading as high as $0.097, up 16.8% from the previous close.
Coarsest gold intersections at Sidewell
GBR managing director Andrew Paterson said: “It’s always exciting to see visible gold in drill chips, and this is one of the coarsest gold intersections I’ve ever seen and the first at Side Well.
“As soon as I saw the photo of the drill chips I knew we had to go into a trading halt before the drillers went to the pub after work.
“The upper intersection corresponds with a west-dipping high-grade structure in the Central Zone at Mulga Bill.
“It is logged as fresh mineralisation about 10 metres below the base of weathering.
“The second intersection appears to correspond with one of the subvertical lodes where we don’t normally see very high grades.
“Both occurrences are unusual as we haven’t previously seen visible gold, even in intersections with grades well over 1 ounce per tonne.
“I need to remind investors these are visual observations, and although we will rush these through the lab as quickly as possible we won’t have quantitative assays for another two to three weeks.
“Having said that, visible gold is always the best indicator of gold!”
About the company
Great Boulder is a mineral exploration company with a portfolio of highly prospective gold and base metals assets ranging from greenfields through to advanced exploration located in Western Australia.
The company’s core focus is the Side Well Gold Project at Meekatharra in the Murchison goldfield, where the company has an inferred mineral resource of 518,000 ounces of gold.
GBR is also progressing with early-stage exploration at Wellington Base Metal Project located in an emerging MVT province.
GBR project locations.