Great Boulder Resources (ASX:GBR) has completed an extensive heritage survey at its Mt Venn copper-nickel prospect within the Yamarna Project located in Western Australia.
The heritage survey is an important step in allowing ground-based exploration activities to commence at Mt Venn.
During March 2017, Great Boulder recorded initial assays of up to 1.7% copper plus nickel and cobalt at the Mt Venn prospect.
Furthermore, the company has now logged the hole drilled by previous tenement holder, Gold Road Resources, which clearly shows two distinct sulphide lenses.
Great Boulder anticipates final heritage clearance and entry permits to be in place by mid-June, which will enable field activities to commence in the second half of June.
Yamarna Project
The Yamarna project is one of Great Boulder’s five exploration gold projects in the Eastern Goldfields of Western Australia.
It consists of six granted exploration licences and one granted prospecting license.
It is held in joint venture with EGMC and Great Boulder can earn a 75% interest in the project through a minimum expenditure of $2 million in exploration over five years.
Yamarna hosts the Mt Venn Igneous Complex, where recent drilling has established the presence of a mineralised magmatic sulphide system.
Evidence of a sulphide system
Gold Road previously drilled and assayed a drill hole on the edge of an electromagnetic anomaly and identified extensive sulphide mineralisation.
The hole was assayed for gold, base metals and a multi-element suit.
Great Boulder has subsequently assayed and logged the hole and confirmed that the electromagnetic anomaly relates to primary bedrock sulphide mineralisation, with peak assay results of 1.7% copper, 0.2% nickel and 528 ppm cobalt.
Two distinct lenses of higher grade mineralisation have been identified in the drill hole:
- 6 metres at 0.54% copper, 0.08% nickel and 244 ppm cobalt from 67 metres depth; and
- 3 metres at 0.85% copper, 0.12% nickel and 360 ppm cobalt from 85 metres depth.
The strong results came from the edge of a 2 kilometre long electromagnetic anomaly at Mt Venn.
The assays showed that bedrock copper-nickel sulphide mineralisation is the source of the large electromagnetic conductor.
The centre of the conductor is located 450 metres south of the drill hole and is a priority target of the upcoming exploration program.