Great Boulder Resources Ltd (ASX:GBR) now holds Lion Selection Group Ltd (ASX:LSX) as a key investor.
Lion has made an equity investment in Great Boulder via a recently conducted placement, where GBR is progressing a new gold discovery at Mulga Bill, located 20 kilometres from Meekatharra in the Northern Murchison region of WA.
Here, reverse circulation drilling has delineated gold mineralisation over approximately 900 metres of a 6-kilometre target zone. Early first pass metallurgical testwork has provided encouraging recoveries from standard gold processing techniques.
The investment comes just a day after GBR announced it will raise $7 million to accelerate work at its flagship Side Well Gold Project in WA.
The company has received binding commitments for a single tranche placement to raise $7.0 million (before costs) at $0.11 per share.
Lion offered cornerstone support in the raise along with Dutch-based Commodity Discovery Fund.
Read: Great Boulder Resources raises $7 million and is fully funded to accelerate work at WA projects
- Duncan Bailey