Great Boulder Resources (ASX:GBR) has encountered ‘spectacular’ visible coarse gold following reverse circulation (RC) drilling at the Mulga Bill prospect within its Side Well Project in Western Australia.
The results, generated by RC hole 23MBRC006A, have returned multiple coarse gold fragments observed from 114m to 115m downhole, as well as a second intersection of visible gold from 158m to 159m.
Great Boulder says the upper intersection is located down-dip from the previously announced intercept of 10m @ 28.74g/t gold (Au) from 96m within drillhole 22MBRC067.
The company further reports both intersections match interpreted ‘high-grade’ lode positions in the Mulga Bill mineral resource of 431,000oz @ 2.5g/t Au within a broader Side Well Mineral Resource Estimate (MRE) of 518,000oz @ 2.6g/t Au.
Drillhole 23MBRC006A was designed to infill an area of the Mulga Bill mineral resource in the Central area, south of the HGV area where previous ‘bonanza’ grade intersections have occurred.
Great Boulder’s share price surged as much as 15.5% higher this morning and was 8.433% up to $0.090 as of 9am AWST.
Commenting on the results, Great Boulder Resources Managing Director Andrew Paterson says: “It’s always exciting to see visible gold in drill chips, and this is one of the coarsest gold intersections I’ve ever seen and the first at Side Well. As soon as I saw the photo of the drill chips I knew we had to go into a trading halt before the drillers went to the pub after work.
“It’s always exciting to see visible gold in drill chips, and this is one of the coarsest gold intersections I’ve ever seen and the first at Side Well”
The upper intersection corresponds with a west-dipping high-grade structure in the Central Zone at Mulga Bill. It is logged as fresh mineralisation about 10m below the base of weathering.
The second intersection appears to correspond with one of the subvertical lodes where we don’t normally see very high grades. Both occurrences are unusual as we haven’t previously seen visible gold, even in intersections with grades well over 1oz per tonne.
I need to remind investors these are visual observations, and although we will rush these through the lab as quickly as possible we won’t have quantitative assays for another two to three weeks.
Having said that, visible gold is always the best indicator of gold.”
The company also notes the discovery of visible gold comes following an additional discovery of new gold targets north of its Ironbark prospect, as announced by Great Boulder yesterday (23 February 2023).
Great Boulder reported the discovery of the new gold targets was made in conjunction with the definition of a hydrothermal gold system extending more than 15km at Side Well.
In addition, following its announcement on the ASX today (24 February 2023), the company announces it has issued a trading halt until, unless the ASX decides otherwise, the earlier of the commencement of normal trading on 27 February 2023 or when the announcement is released to market.
With visible gold now discovered at Mulga Bill, Great Boulder Resource announces RC drilling is still ongoing and will provide further information, including gold assays, as soon as the data is available.
Great Boulder Resources is an ASX-listed mineral exploration company with a portfolio of ‘highly prospective’ gold and base metal assets ranging from greenfields through to advanced exploration located in Western Australia. The company’s Side Well project represents Great Boulder’s key focus and is situated near the township of Meekatharra in Western Australia’s Murchison goldfield.
Other projects included in Great Boulders exploration portfolio include the Wellington Base Metal Project, as well as the Whiteheads Project which are both located in Western Australia.
Images: Great Boulder Resources Ltd