Great Boulder Resources Ltd (ASX:GBR) has soared on returning its highest gold grades yet at Mulga Bill prospect within the Side Well Gold Project in Western Australia.
Initial results from reverse circulation (RC) drilling shows the company has intersected up to 150 g/t gold at Mulga Bil.
Shares have been up as much as 110% to 18 cents, a new high of almost three years, on volume of more than 140 million.
Overall, first assays from Phase 3 RC drilling are highlighted by:
- 14 metres at 36.12 g/t gold from 91 metres, including 3 metres at 149.89 g/t from 91 metres in hole 21MBRC034;
- 6 metres at 24.33 g/t from 132 metres, including 4 metres at 34.86 g/t from 134 metres also in 21MBRC034; and
- 2 metres at 9.61 g/t from 100 metres in hole 21MBRC036.
High-grade potential
“These results demonstrate the high-grade potential at Mulga Bill. We’re learning more about the potential of this project with every drill program,” Great Boulder’s managing director Andrew Paterson said.
“Given its location, size and the results we’ve seen to date I think Mulga Bill has the potential to have a plus million-ounce gold endowment.
“These holes were drilled at the start of July, indicating assay results are currently taking eight weeks to report. We have over 4,000 samples in the pipeline which we’ll be reporting as soon as results are available.”
Highest grades to date
Results announced today by Great Boulder highlight the highest-grade gold intersection returned from the Side Well Project to date.
As part of the Phase 3 program, Great Boulder has so far completed 15 RC holes for a total of 2,201 metres.
This program was designed to add definition to the central Mulga Bill area, south of the dyke.
The two high-grade zones in hole 21MBRC034 appear to represent mineralisation in splays off the main north-south shear structure running through the middle of Mulga Bill.
This hypothesis is supported by the fact the entire lower half of the hole displayed alteration and variable mineralisation to the extent that the bottom 65 metres of the hole averaged 10.92 g/t gold (uncut) or 4.35 g/t using a 30 g/t top cut.
Hole 21MBRC034 is 50 metres north of hole 21MBRC002, which intersected 6 metres at 31.2 g/t from 130 metres including 1-metre at 136 g/t from 132 metres.
The company will now undertake further diamond drilling to test strike, dip and continuity of the bonanza zones to help fully understand the structural relationship between these very high-grade intersections.
Assays to come
Great Boulder has now received assay results for the first six holes, with nine holes remaining to be assayed and reported.
Results are expected in the next two weeks.
Delivery of the current batch of results will be followed by results for 63 aircore holes drilled in mid-July.
Diamond drilling was completed in the second week of August, with results expected in October due to the additional time required for core processing.