Great Boulder Resources Ltd (ASX:GBR) has moved to full ownership of the Yamarna battery metals project near Laverton in WA.
Originally, Great Boulder held a 75% stake in the project, while the remaining 25% interest was held by private miner Eastern Goldfields Mining Company (ECMG) under a joint venture agreement.
Since the ASX-listed explorer has moved to 100% ownership at the WA project, ECMG has transitioned its stake to a 2% net smelter royalty.
Overall, Yamarna’s newly consolidated ownership forms part of a wider strategic review that aims to better unlock the potential in a range of base metal and gold plays in the area.
“A great result”
Great Boulder’s managing director Andrew Paterson said: “This is a great result for shareholders, consolidating 100% of Yamarna as we move forward.
“I’d like to acknowledge the contribution of Murray Black, who vended the project into GBR prior to its IPO in 2016.
“That led to the discovery of significant magmatic-hosted sulphide deposits at Mt Venn in 2017 and Eastern Mafic in 2018.
“We are now reviewing all options to move the project forward in a way that will reward our shareholders and provide exposure to future upside at Yamarna.”
Lucrative assays
Spanning 358 square kilometres, two projects and eight granted tenements, the Yarmarna Project is shaping up as a target of interest for the gold and base metals explorer.
As it moves to conduct further exploration at the copper-nickel-cobalt asset, Great Boulder is particularly focused on the Mt Venn deposit - a priority target since 2017.
Drill core from the Mt Venn deposit.
Strong results returned during exploration at the deposit include:
- 48 metres at 0.8% copper, 0.2% nickel, 0.07% cobalt from 103 metres;
- 18 metres at 0.8% copper, 0.1% nickel, 0.02% cobalt from 187 metres; and
- 27 metres at 0.6% copper, 0.2% nickel, 0.05% cobalt from 43 metres.
Another area of interest is Yarmarna’s Eastern Mafic Complex - an under-explored exploration project discovered in 2018.
To date, just 36 reverse circulation and diamond drilling holes have been drilled since the complex was uncovered.
Great Boulder believes the project hosts a number of nickel-copper-cobalt sulphide prospects that require further drilling to unlock their full potential.
Ultimately, moving to sole ownership at Yamarna positions the gold and base metals explorer to develop resources for the developing battery metals market.