Great Boulder Resources Ltd (ASX:GBR) has begun a small extensional and infill reverse circulation (RC) drilling campaign at the Mt Venn prospect within the Yamarna base metals project in Western Australia.
The company has designed a six-hole, 1,200-metre program planned to infill and extend known copper-nickel-cobalt sulphide mineralisation at Mt Venn, with a focus on possible areas of higher-grade copper mineralisation. GBR expects the program will take about a week.
This drilling program will underpin a demerger of the Yamarna assets into a specialty base metals exploration company, Cosmo Metals Ltd, which is expected to begin trading on the Australian Securities Exchange on January 27, 2022.
Assays from infill and extensional drilling are expected to become available in early to mid-February 2022.
Building momentum for Cosmo spinout
Great Boulder managing director Andrew Paterson said: “This program at Mt Venn is designed to provide momentum for Cosmo Metals shortly after listing.
“We are expecting strong demand for shares in the Cosmo IPO, and we’re looking forward to working with the new board and technical team to advance the Yamarna assets rapidly next year.”
GBR has initiated a priority offer period for GBR shareholders to apply for shares in Cosmo Metals.
This offer closes at 5:00 pm western standard time (WST) on Monday, December 13, after which joint lead managers Discovery Capital Partners and Cumulus Wealth will open subscriptions to the general public.
Priority offer instructions
Cosmo Metals is offering Great Boulder shareholders in eligible jurisdictions — who held GBR shares at 5:00 pm WST on November 26, 2021 — a chance to subscribe for a portion of 20 million shares under the shares offer — representing $4 million of the total amount to be raised.
Refer to instructions below to access personalised application forms online:
- Go to https://investor.automic.com.au/#/loginsah
- Type “Cosmo Metals Limited” or “CMO” in the company field
- Enter your Great Boulder Resources HIN/SRN and postcode
- Tick the “I’m not a robot” box and click “access”
- Go to “Documents and Statements”
- Go to “Other Documents”
- Click on the blue arrow next to your application form to download
About Great Boulder Resources
Great Boulder Resources is a mineral exploration company with a portfolio of highly prospective gold and base metals assets ranging from greenfields tenements through to advanced exploration packages in Western Australia.
The company's core focus is advancing the Whiteheads and Side Well gold projects while progressing initial exploration at the earlier stage Wellington Base Metal Project in an emerging Mississippi Valley-Type province.