Great Boulder Resources Ltd (ASX:GBR) shares have hit a new two-year high as initial results from reverse circulation (RC) drilling at the Mulga Bill prospect within the Side Well Gold Project in Western Australia intersected bonanza grade gold of up to 1-metre at 136 g/t.
The Side Well results, which include the 1-metre intersection from 132 metres within 6 metres at 31.2 g/t from 130 metres in 21MBRC002, follow strong results yesterday from Blue Poles at Whiteheads Project that also drove share prices higher.
Shares up again
Today shares have been as much as 80% higher to 15 cents, a new high of 2.5 years, after skyrocketing 103% on Tuesday to 9.3 cents on volume of almost 367 million.
Other highlights include:
- 3 metres at 34.5 g/t from 32 metres in hole 21MBAC022; and
- 14 metres at 2.62 g/t from 88 metres, including 4 metres at 5.86 g/t from 88 metres in hole 21MBRC003.
“Stunning results”
Great Boulder’s managing director Andrew Paterson said: “These are stunning results.
“We were initially excited with the aircore result in hole 022 because it’s associated with quartz veining high in the weathering profile.
“That immediately draws comparison to the Wilber Lode at Andy Well.
“Resampling that intersection has returned even higher grades.”
“Validates approach”
RC drilling undertaken beneath a high-grade aircore drilling intersection in hole 21MBAC022 returned the extremely high-grade 6-metre intersection.
The 4-metre composite aircore intersection in 21MBAC022 has since been re-assayed and returned 3 metres at 34.5 g/t gold from 32 metres.
This was previously reported as 4 metres at 17.71 g/t gold from 32 metres in the initial 4-metre composite sampling.
Paterson said: “To hit 6 metres at over an ounce per tonne below this zone is a sensational result.
“Coming on the back of our recent success at Whiteheads, these exceptional results from Mulga Bill validate our approach and the solid technical work we’ve been doing for the past two years.”
Resampling in 1-metre intervals
The updated result follows resampling in 1-metre sample intervals.
RC hole 21MBRC001 drilled immediately beneath 21MBAC022 intersected 3 metres of quartz veining with no significant gold assays and this intersection will be re-assayed to check for coarse gold.
A second RC hole drilled 50 metres to the north of this section returned the 14-metre intersection.
Remaining results from the 4,000 metres RC program are expected in the coming weeks.
Paterson said: “I would also like to acknowledge our partner in this project, Scott Wilson of Zebina Minerals.
“Scott has been involved in Side Well and Andy Well for the past 30 years, and his knowledge of the area has been one of the keys to our involvement.”