GREAT BOULDER RESOURCES LIMITED - Capital/Financing Update 2018

Highly successful EM survey identifies multiple conductors at Mt Venn coppernickel-cobalt project

In light of the number and strength of these conductors, Great Boulder will immediately undertake a ground-based EM survey to identify drilling targets

Great Boulder Resources (ASX: GBR) is pleased to announce the outstanding results of the highly successful airborne EM survey conducted over the Eastern Mafic complex at its Mt Venn copper-nickel-cobalt project in WA.

The survey has identified multiple, conductors over a 6km strike length. Importantly, these conductors are considered highly prospective because of their ‘late-time’ EM response, which is indicative of a bedrock source.

The Eastern Mafic complex sits next to the Mt Venn discovery, where copper, nickel and cobalt mineralisation has been identified over several kilometres of strike.

Mineralisation at Mt Venn, which remains open in every direction, is copper dominant and indicative of late-stage formation within the intrusion. The Eastern Mafic complex was targeted because its geochemical signature suggested an earlier stage of formation, meaning it is potentially closer to the source of the intrusion and therefore prospective for massive sulphide mineralisation.

Great Boulder confirmed by a gravity survey the Eastern Mafic is part of a large intrusive body and the latest EM survey shows this body contains several large, strong conductors.

In addition, preliminary XRF analysis of aircore drilling over the Eastern Mafic complex has demonstrated anomalous copper and nickel coincident with the airborne EM conductors. These results support Great Boulder’s view that the Eastern Mafic complex has the potential to host significant massive sulphide mineralisation.

A ground-based moving loop EM (“MLEM”) survey will now be undertaken to better define drilling targets. MLEM was used successfully at Mt Venn to define conductor plates which led to the discovery of the copper, nickel and cobalt mineralisation.

The MLEM crew is currently mobilising to site and will initially focus on the strongest latetime conductors identified in the airborne EM survey.

The MLEM survey will enable the conductor plates to be ranked on strength and final geochemistry from the aircore drilling, with a maiden RC drill program planned to target copper-nickel-cobalt sulphide mineralisation at the Eastern Mafic complex.

ASX Announcement

30 April, 2018

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Great Boulder Managing Director Stefan Murphy said the results of the airborne EM survey are highly promising.

“These results reveal an exceptionally large number of strong late-time conductors which show the Eastern Mafic complex has the potential to host significant massive sulphide mineralisation,” Mr Murphy said.

“We have now identified over 25 discrete, late-time conductors located in a part of the intrusion previously identified as having elevated copper, nickel and cobalt. This geochemical anomalism has been confirmed with preliminary XRF field assays, extending the copper-nickel-cobalt footprint to over 4km in the core of the intrusion and even further along the eastern shear zone.”

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Airborne EM late-time (Channel 30) response. Core of the intrusion has the greatest concentration of strong conductors over 4km strike with more conductors located along the eastern shear zone

ASX Announcement

30 April, 2018

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Airborne EM Survey Details

The airborne EM survey covered 55sqkm and targeted massive sulphide mineralisation associated with mafic intrusions in the Eastern Mafic complex. Over 400 line kilometres were flown by helicopter on 150m spaced east-west lines at an approximate height of 30m. An additional five lines were flown north-south to ensure key features with an east-west orientation were not missed.

The airborne EM survey has been highly successful in identifying late-time conductors, indicative of a bedrock source. The conductors are concentrated within the core of the intrusive complex, in an area of dense rock identified in the gravity survey and interpreted to represent discrete mafic intrusions. This same area is associated with elevated copper, nickel and cobalt mineralisation (see ASX Announcement 14 March 2018).

The EM conductors are much more extensive than initially anticipated, with the core of the intrusion hosting a 4km long x 1.5km wide trend of conductors. Within this trend subtle differences are seen, with some conductors on the edge of the intrusion also highly magnetic (conductors 1-4), while other conductors in the centre of the intrusion showing little or no magnetic response (conductors 5-10). All priority conductors will be tested with MLEM.

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A separate trend of conductors has been identified along a major northwest orientated structure that marks the eastern boundary of the intrusive complex. These conductors also exhibit a late-time response and are associated with a gravity high that runs along the structure.

The west survey area has encountered paleochannels that cut the prospective intrusive units and mask potential bedrock conductors.

Aircore geochemistry drilling over this area has also identified distinct coppernickel anomalies in the bedrock that indicate potential bedrock sources of the mineralisation that cannot be detected through the conductive cover. Powerful ground MLEM will be used to test for bedrock conductors beneath this cover.

AEM survey being flown over the Eastern Mafic complex

ASX Announcement

30 April, 2018

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Preliminary Aircore Geochemistry

Great Boulder completed a 226 hole aircore drilling program over the Eastern Mafic complex to map bedrock geochemistry and determine areas of elevated copper, nickel and cobalt. End of hole samples have been submitted for multi-element laboratory analysis, however Great Boulder routinely checked end of hole and 4m downhole composites with a portable XRF to provide live geochemical data.

Where aircore drilling crosses or is in close proximity to a conductor, there is a strong correlation between elevated copper-nickel values and the conductor. Great Boulder considers the portable XRF results provide a valuable geochemical guide but given the lack of adequate sample preparation are not considered definitive. Laboratory assay results for the aircore program are expected in the next three weeks and will be used to help plan priority RC drill targets.

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Aircore maximum downhole copper (left) and nickel (right) over late-time (channel 30) airborne EM image

Aircore geochemistry used in conjunction with airborne and ground EM has worked exceptionally well at Mt Venn in discovering copper-nickel sulphide mineralisation. The preliminary XRF results from the Eastern Mafic complex shows a strong correlation (as highlighted at Conductor 6) and will be used for prioritising conductors for drilling

Aircore holes drilled near Conductors 1 and 3 encountered very hard ground conditions from surface and only penetrated between 2-7m before blade refusal, potentially not reaching the target mafic intrusion.

ASX Announcement 30 April, 2018

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MLEM Plan

A detailed ground MLEM survey will now commence on the strongest conductors within the Eastern Mafic complex.

The majority of late-time conductors are located within a 4km long x 1.5km wide trend associated with the dense core of the Eastern Mafic complex and coincident copper-nickel anomalism. These conductors will be surveyed on a 100m x 50m station spacing with infill to 25m stations. The data will be used to generate conductor plates for drill hole targeting.

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Bouguer gravity image (left) and late-time (channel 30) airborne EM image (right) with MLEM station plan. Core of the intrusion with priority conductors is outlined in red, eastern shear zone conductors outlined in purple

Three conductors associated with the eastern shear zone will initially be tested with single MLEM lines at 50m station spacing. Depending on results, additional lines may be planned to better define conductor plates for drill testing.

A paleochannel that cuts the western side of the eastern mafic complex has resulted in a wide paleo “valley” with significantly deeper weathering that would mask potential bedrock conductors. A wide spaced 200m line x 100m station MLEM survey will be completed over this area in order to detect anomalies beneath the conductive cover.

ASX Announcement

30 April, 2018

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Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Mr Stefan Murphy whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Stefan Murphy has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Stefan Murphy is an employee of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties and may differ materially from results ultimately achieved.

The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

ASX Announcement

30 April, 2018

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Appendix 1 – Aircore drill hole location and handheld XRF copper and nickel geochemical analysis

		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC001 554540 6884619	57	44 114	75 368
18MVAC002 554697 6884618	45	16 29	37 76
18MVAC003 554860 6884623	28	53 408	72 617
18MVAC004 555013 6884613	22	47 34	72 63
18MVAC005 555147 6884612	7	19 37	38 95
18MVAC006 555232 6884616	21	692 393	692 991
18MVAC007 555339 6884618	10	170 93	175 204
18MVAC008 555429 6884619	14	104 36	224 223
18MVAC009 555539 6884618	36	12 41	53 67
18MVAC010 555633 6884623	25	21 25	44 71
18MVAC011 555740 6884622	6	615 412	615 452
18MVAC012 555834 6884614	7	25 160	66 206
18MVAC013 555947 6884617	8	42 30	109 31
18MVAC014 556037 6884615	4	89 29	89 30
18MVAC015 556139 6884610	16	27 26	39 30
18MVAC016 556244 6884618	12	35 28	54 30
18MVAC017 556329 6884609	5	30 0	30 34
18MVAC018 556403 6884624	2	91 0	91 35
18MVAC019 556467 6884618	7	18 17	23 38
18MVAC020 556537 6884613	8	0 19	35 34
18MVAC021 556636 6884621	4	59 35	59 35
18MVAC022 556737 6884620	5	30 27	30 29
18MVAC023 556825 6884618	13	51 25	52 34
18MVAC024 556919 6884612	16	32 22	40 32
18MVAC025 557021 6884612	25	255 114	255 160
18MVAC026 557179 6884621	15	53 587	100 726
18MVAC027 557340 6884614	26	47 78	52 150
18MVAC028 557497 6884616	63	103 116	248 116
18MVAC029 557658 6884613	54	0 366	79 366
18MVAC030 557738 6884619	42	51 72	81 72
18MVAC031 557819 6884624	39	52 75	106 470
18MVAC032 557894 6884619	38	61 88	1547 327
18MVAC033 557978 6884619	20	1373 246	2065 417
18MVAC034 558059 6884617	51	70 121	1561 469
18MVAC035 558135 6884621	39	30 46	803 155
18MVAC036 558223 6884626	42	202 163	207 512
18MVAC037 558295 6884617	57	282 640	287 640
18MVAC038 558379 6884612	31	1630 327	1630 700
18MVAC039 554303 6885266	33	88 451	126 493
18MVAC040 554419 6885261	26	90 481	114 519
18MVAC041 554504 6885261	28	31 1466	69 1651
18MVAC042 554619 6885264	9	70 217	88 217
18MVAC043 554779 6885260	19	0 27	26 40

ASX Announcement

30 April, 2018

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		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC044 554937 6885259	6	0 0	35 99
18MVAC045 555100 6885256	5	31 49	31 49
18MVAC046 555259 6885259	17	45 1006	78 1006
18MVAC047 555420 6885261	28	52 117	91 117
18MVAC048 555599 6885259	13	13 22	37 44
18MVAC049 555736 6885258	13	24 35	28 81
18MVAC050 555901 6885258	17	33 101	33 101
18MVAC051 556075 6885253	6	9 26	9 33
18MVAC052 556218 6885259	4	18 41	18 41
18MVAC053 556380 6885265	6	39 23	39 33
18MVAC054 556540 6885262	19	27 0	53 48
18MVAC055 556698 6885263	13	0 20	27 48
18MVAC056 556778 6885255	6	7 17	28 19
18MVAC057 556940 6885262	5	42 23	42 34
18MVAC058 557030 6885256	7	16 50	25 54
18MVAC059 557161 6885257	7	45 49	45 51
18MVAC060 557318 6885258	16	1894 73	2689 140
18MVAC061 557495 6885260	37	36 67	272 145
18MVAC062 557658 6885256	58	61 45	216 82
18MVAC063 557819 6885264	35	31 28	212 80
18MVAC064 557981 6885255	28	171 175	171 260
18MVAC065 558141 6885256	9	102 100	1449 100
18MVAC066 558301 6885259	9	145 131	145 131
18MVAC067 558461 6885260	10	31 40	31 40
18MVAC068 558605 6885260	18	89 488	100 551
18MVAC069 558782 6885257	4	116 379	116 379
18MVAC070 556558 6885901	8	35 1674	46 1674
18MVAC071 556722 6885898	3	27 56	27 56
18MVAC072 556818 6885898	11	233 79	243 79
18MVAC073 556933 6885900	4	45 27	45 27
18MVAC074 557018 6885899	8	16 23	21 25
18MVAC075 557122 6885902	5	139 47	139 47
18MVAC076 557201 6885898	4	16 0	16 17
18MVAC077 557358 6885899	14	1895 103	1895 103
18MVAC078 557497 6885903	8	44 42	113 42
18MVAC079 557772 6885901	4	56 40	56 40
18MVAC080 557858 6885904	4	22 32	22 32
18MVAC081 558161 6885899	3	109 44	109 44
18MVAC082 558318 6885898	2	62 49	62 49
18MVAC083 558458 6885900	5	20 17	20 17
18MVAC084 558638 6885896	5	48 53	48 53
18MVAC085 558804 6885897	6	23 25	23 26
18MVAC086 557279 6883817	51	79 58	760 417
18MVAC087 557275 6883977	52	40 29	107 74

ASX Announcement

30 April, 2018

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		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC088 557276 6884137	42	64 39	590 235
18MVAC089 557279 6884297	47	0 0	94 78
18MVAC090 557283 6884455	77	195 272	360 272
18MVAC091 557284 6884697	47	82 61	144 157
18MVAC092 557281 6884858	39	28 49	237 169
18MVAC093 557279 6885178	22	119 45	180 89
18MVAC094 557280 6885333	8	23 18	39 24
18MVAC095 557284 6885501	5	39 55	39 55
18MVAC096 557284 6885660	4	24 23	24 25
18MVAC097 557280 6885825	8	31 28	31 32
18MVAC098 557279 6885968	4	191 101	191 101
18MVAC099 557276 6886112	3	29 38	29 42
18MVAC100 557277 6886286	3	33 26	33 36
18MVAC101 557277 6886463	11	51 38	51 38
18MVAC102 558849 6885252	7	114 404	130 432
18MVAC103 558698 6885261	6	103 550	116 550
18MVAC104 558538 6885259	6	88 69	88 69
18MVAC105 558378 6885260	15	923 65	923 152
18MVAC106 558221 6885258	5	120 157	140 157
18MVAC107 554574 6885265	9	46 180	54 180
18MVAC108 554473 6885262	12	21 451	62 984
18MVAC109 554365 6885262	6	37 77	37 77
18MVAC110 554260 6885262	31	82 654	92 654
18MVAC111 558340 6884618	41	27 241	310 580
18MVAC112 558264 6884617	33	25 90	194 231
18MVAC113 558023 6884616	16	138 30	1545 463
18MVAC114 557939 6884620	23	782 138	3339 266
18MVAC115 557860 6884620	33	92 70	651 403
18MVAC116 557780 6884622	20	41 64	63 64
18MVAC117 557696 6884616	44	45 69	45 69
18MVAC118 557623 6884611	16	256 38	256 54
18MVAC119 559163 6884077	6	17 36	29 48
18MVAC120 559081 6884076	11	44 32	44 33
18MVAC121 559002 6884074	18	69 50	69 105
18MVAC122 558921 6884076	51	73 0	184 41
18MVAC123 558843 6884078	13	11 0	13 19
18MVAC124 558762 6884078	3	10 21	12 21
18MVAC125 558683 6884078	3	33 23	33 30
18MVAC126 558601 6884079	2	17 29	21 29
18MVAC127 558523 6884076	3	36 30	36 30
18MVAC128 558441 6884075	5	10 28	13 33
18MVAC129 558362 6884076	9	34 39	38 39
18MVAC130 558280 6884077	7	31 103	31 103
18MVAC131 558202 6884078	9	0 35	30 44

ASX Announcement

30 April, 2018

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		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC132 558121 6884077	11	37 36	53 47
18MVAC133 558041 6884076	7	10 13	15 29
18MVAC134 557963 6884077	21	33 34	33 42
18MVAC135 557883 6884077	3	74 90	74 90
18MVAC136 557803 6884078	26	52 107	216 263
18MVAC137 557720 6884077	8	177 63	147 71
18MVAC138 557641 6884078	24	14 27	366 147
18MVAC139 557561 6884078	18	126 39	126 39
18MVAC140 557481 6884080	45	40 51	62 56
18MVAC141 557319 6884080	39	95 205	306 205
18MVAC142 557159 6884080	61	69 100	316 115
18MVAC143 557001 6884080	81	45 52	135 236
18MVAC144 556839 6884080	60	32 30	53 53
18MVAC145 556759 6884080	54	49 73	49 73
18MVAC146 556680 6884078	66	10 47	53 47
18MVAC147 556598 6884079	53	33 29	55 36
18MVAC148 556518 6884077	59	30 32	268 52
18MVAC149 556442 6884078	54	12 0	96 54
18MVAC150 556360 6884079	50	70 0	70 50
18MVAC151 556280 6884080	45	29 17	98 47
18MVAC152 556203 6884080	54	381 69	381 219
18MVAC153 556125 6884079	60	18 27	197 186
18MVAC154 555962 6884079	57	17 29	49 45
18MVAC155 555800 6884074	50	50 72	68 131
18MVAC156 556697 6886535	8	33 22	33 23
18MVAC157 556861 6886539	3	18 54	23 54
18MVAC158 557020 6886538	6	24 29	24 29
18MVAC159 557182 6886537	2	37 32	37 32
18MVAC160 557341 6886541	4	0 0	18 37
18MVAC161 557502 6886539	3	42 49	42 49
18MVAC162 557660 6886541	33	213 23	213 41
18MVAC163 557816 6886541	11	17 23	33 28
18MVAC164 557977 6886538	20	119 27	119 31
18MVAC165 558139 6886540	19	23 29	30 29
18MVAC166 557270 6885017	19	166 86	170 90
18MVAC167 554000 6882619	123	40 125	40 125
18MVAC168 554317 6882619	93	36 134	36 134
18MVAC169 554474 6882620	69	32 32	33 32
18MVAC170 554555 6882619	71	509 542	509 542
18MVAC171 554637 6882617	59	272 84	452 617
18MVAC172 554719 6882619	60	37 114	39 114
18MVAC173 554797 6882619	72	47 99	117 149
18MVAC174 558578 6883396	54	7 68	60 91
18MVAC175 558402 6883398	59	8 84	65 152

ASX Announcement

30 April, 2018

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		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC176 558253 6883395	66	50 50	50 66
18MVAC177 558081 6883396	59	14 30	32 38
18MVAC178 557920 6883396	19	20 0	21 23
18MVAC179 557759 6883397	63	61 99	731 149
18MVAC180 557599 6883395	61	38 45	360 75
18MVAC181 557438 6883392	48	125 36	653 116
18MVAC182 557293 6883398	51	219 66	493 134
18MVAC183 557112 6883400	24	32 41	240 53
18MVAC184 556958 6883400	50	59 38	151 96
18MVAC185 556800 6883403	50	121 62	226 131
18MVAC186 556716 6883401	54	48 37	786 394
18MVAC187 556612 6883401	56	38 26	446 232
18MVAC188 556474 6883400	36	97 51	136 53
18MVAC189 556379 6883400	28	37 60	67 60
18MVAC190 556163 6883404	4	65 36	65 36
18MVAC191 555997 6883402	27	1362 242	1655 383
18MVAC192 557279 6882932	6	57 40	57 40
18MVAC193 557281 6883103	23	99 37	382 87
18MVAC194 557281 6883244	26	15 57	78 59
18MVAC195 557289 6883503	68	182 71	182 71
18MVAC196 559601 6882126	32	56 49	56 58
18MVAC197 559520 6882123	25	705 389	705 389
18MVAC198 559444 6882111	15	86 61	99 61
18MVAC199 559353 6882100	39	452 88	452 119
18MVAC200 559200 6882102	30	40 53	45 63
18MVAC201 559039 6882110	7	15 35	15 44
18MVAC202 558879 6882111	8	13 39	14 39
18MVAC203 558720 6882103	7	10 64	33 64
18MVAC204 558559 6882090	13	43 42	190 42
18MVAC205 558397 6882099	34	26 30	51 87
18MVAC206 558238 6882109	3	42 61	42 61
18MVAC207 558077 6882099	6	36 39	36 39
18MVAC208 557918 6882111	4	29 43	30 43
18MVAC209 557784 6882117	5	13 50	16 50
18MVAC210 557678 6882100	7	213 85	213 85
18MVAC211 557619 6882111	3	18 32	18 32
18MVAC212 557574 6882106	4	17 28	20 28
18MVAC213 557440 6882106	3	14 41	14 42
18MVAC214 557350 6882111	10	12 79	18 84
18MVAC215 557283 6882135	5	34 46	34 46
18MVAC216 557280 6881822	2	15 30	15 30
18MVAC217 557281 6881662	5	18 37	33 41
18MVAC218 557283 6881501	5	29 30	29 30
18MVAC219 557285 6882812	13	456 1485	456 1485

ASX Announcement

30 April, 2018

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		End of Hole	Max. Downhole
Hole ID Easting Northing	Depth	Cu (ppm) Ni (ppm)	Cu (ppm) Ni (ppm)
18MVAC220 557283 6883596	54	No Result – Did not reach bedrock
18MVAC221 557285 6883584	73	71 46	566 139
18MVAC222 559180 6883400	14	0 24	27 40
18MVAC223 556270 6883400	29	165 31	173 141
18MVAC224 556154 6883399	37	794 31	794 53
18MVAC225 557650 6885900	6	32 22	64 28
18MVAC226 558020 6885900	4	40 23	40 31

ASX Announcement

30 April, 2018

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Appendix- JORC Code, 2012 Edition Table 1

The following table relates to activities undertaken at Great Boulder’s Yamarna project.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary
*Sampling*	•	Nature and quality of sampling (eg cut	This announcement, and table, reports preliminary
*techniques*		channels, random chips, or specific	outcomes from airborne Electromagentic Survey
		specialised industry standard	undertaken in March and April 2018, and also an
		measurement tools appropriate to the	update of Aircore (AC) drilling at Great Boulder
		minerals under investigation, such as	Resources’ (GBR) Mt Venn project (Yamarna).
		down hole gamma sondes, or
		handheld XRF instruments, etc). These	As previously reported, recent drilling has been
		examples should not be taken as	completed at the project, geological logging is
		limiting the broad meaning of	ongoing and final laboratory assay are yet to be
		sampling.	received.
	•	Include reference to measures taken to	The aircore (AC) programme included 226 holes
		ensure sample representivity and the	across the Eastern Mafic complex for 5,526m.
		appropriate calibration of any	Geological logging, supported by handheld XRF was
		measurement tools or systems used.	conducted on AC downhole intervals. Only end of
	•	Aspects of the determination of mineralisation that are Material to the Public Report.	hole AC samples are being submitted for laboratory analysis. This update relates to preliminary field handheld XRF results in lieu of pending laboratory assay results. Samples were
	•	In cases where ‘industry standard’	scanned by the company geologists using a
		work has been done this would be	handheld XRF (Olympus Vanta) for 30 seconds.
		relatively simple (eg ‘reverse	While these handheld XRF results are not absolute,
		circulation drilling was used to obtain	they are considered adequate for the purpose of
		1 m samples from which 3 kg was	identifying geochemical anomalies while final
		pulverised to produce a 30 g charge for	laboratory results are pending.
		fire assay’). In other cases more
		explanation may be required, such as	The airborne EM survey was carried out at a 150m
		where there is coarse gold that has	line spacing with approximately 3m sample interval
		inherent sampling problems. Unusual	using SkyTEM 312- dB/dt system by SKYTEM
		commodities or mineralisation types	Australia
		(eg submarine nodules) may warrant
		disclosure of detailed information.	The sampling techniques used are deemed
			appropriate for the style of exploration.
*Drilling*	•	Drill type (eg core, reverse circulation,	Aircore (AC) drilling using a face sampling blade, or
*techniques*		open-hole hammer, rotary air blast,	where AC hammer method used, a face sampling
		auger, Bangka, sonic, etc) and details	bit. Maximum hole depth for the AC drilling was
		(eg core diameter, triple or standard	123m.
		tube, depth of diamond tails, face-
		sampling bit or other type, whether
		core is oriented and if so, by what
		method, etc).

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*Drill sample*	•	Method of recording and assessing	Logging of all samples followed established
*recovery*		core and chip sample recoveries and	company procedures which included recording of
		results assessed.	qualitative fields to allow discernment of sample
			reliability. This included (but was not limited to)
	•	Measures taken to maximise sample	recording: sample condition, sample recovery,
		recovery and ensure representative	sample method.
		nature of the samples.
	•	Whether a relationship exists between sample recovery and grade and whether sample bias may have	While no issues relating to sample recovery have been note, final recovery assessment has not been completed.
		occurred due to preferential loss/gain of fine/coarse material.	No quantitative analysis of samples weights, sample condition or recovery has been
			undertaken.
			No quantitative twinned drilling analysis has been
			undertaken at the project.
*Logging*	•	Whether core and chip samples have	Geological logging of samples followed established
		been geologically and geotechnically	company and industry common procedures.
		logged to a level of detail to support	Qualitative logging of samples included (but was
		appropriate Mineral Resource	not limited to) lithology, mineralogy, alteration and
		estimation, mining studies and	weathering. Logging was supported by the use of
		metallurgical studies.	a handheld XRF.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.
*Sub-*	•	If core, whether cut or sawn and	Aircore (AC) drill chips were collected as 4m
*sampling*		whether quarter, half or all core taken.	composite samples from bulk piles laid out next to
*techniques*			the drillhole collar using a handheld scoop. Only
*and sample*	•	If non-core, whether riffled, tube	end of hole samples are submitted for laboratory
*preparation*		sampled, rotary split, etc and whether	analysis. Entire samples were pulverised. No field
		sampled wet or dry.	duplicates were taken.
	•	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were scanned by the company geologists using a handheld XRF (Olympus Vanta) for 30 seconds. While these handheld XRF results are not
	•	Quality control procedures adopted for	absolute, they are considered adequate for the
		all sub-sampling stages to maximise	purpose of identifying geochemical anomalies
		representivity of samples.	while final results laboratory results are pending.
	•	Measures taken to ensure that the	All samples were submitted to ALS Minerals
		sampling is representative of the in	(Kalgoorlie) for analyses. The sample preparation
		situ material collected, including for	included:
		instance results for field	 Samples were weighed, crushed (such
		duplicate/second-half sampling.	that a minimum of 70% pass 2mm) and

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	•	Whether sample sizes are appropriate	pulverised (such that a minimum of 85%
		to the grain size of the material being	pass 75um) as per ALS standards.
		sampled.	 A 4 acid digest (HNO3-HBr-HF-HCl) and
			ICP-AES (ALS method; MS-ICP61g) was
			used for 33 multi-elements. This also
			included Co, Cu, Ni, Zn. Note: ME-MS61g
			uses HBr in lieu of HClO3 (used in ME-
			MS61 4 acid digest). This change relates to
			improving resolution of sulphur values in
			Mt Venn mineralsation.
			 For elements that reported over range,
			ALS used ore grade 4 acid digest and ICP-
			AES methods; (nickel) Ni-OG62, (copper)
			Cu-OG62.
			 Sulphur over range used ALS method S-
			IR08 (Leco Sulphur analyzer).
			 Iron over range used ALS method Fe-
			ICP81 (Sodium Peroxide Fusion).
			Sample collection, size and analytical methods are
			deemed appropriate for the style of exploration.
*Quality of*	•	The nature, quality and	Final laboratory assay results are pending.
*assay data*		appropriateness of the assaying and
*and*		laboratory procedures used and	Samples were scanned by the company geologists
*laboratory*		whether the technique is considered	using a handheld XRF (Olympus Vanta) for 30
*tests*		partial or total.	seconds (15 sec. Beam 1, 15 sec. Beam 2). No
			blanks or standards were used to calibrate the
	•	For geophysical tools, spectrometers,	handheld XRF. While these handheld XRF results
		handheld XRF instruments, etc, the	are not absolute, they are considered adequate for
		parameters used in determining the	the purpose of identifying geochemical anomalies
		analysis including instrument make	while final results laboratory results are pending.
		and model, reading times, calibrations
		factors applied and their derivation,	Drilling has been completed and geological logging
		etc.	is still being finalized. No final assay results have
			yet been received.
	•	Nature of quality control procedures
		adopted (eg standards, blanks,
		duplicates, external laboratory checks)
		and whether acceptable levels of
		accuracy (ie lack of bias) and precision
		have been established.
*Verification*	•	The verification of significant	No verification of sampling and assaying has been
*of sampling*		intersections by either independent or	undertaken in this exploration programme.
*and*		alternative company personnel.
*assaying*
	•	The use of twinned holes.	No final assay results have yet been received.
	•	Documentation of primary data, data entry procedures, data verification,	Great Boulder has strict procedures for data capture, flow and data storage, and validation.

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		data storage (physical and electronic)
		protocols.
	•	Discuss any adjustment to assay data.
*Location of*	•	Accuracy and quality of surveys used	Drill collars were set out using a hand held GPS and
*data points*		to locate drill holes (collar and down-	final collar were collected using a handheld GPS.
		hole surveys), trenches, mine workings
		and other locations used in Mineral	Downhole surveys were completed by survey
		Resource estimation.	contractors using a north-seeking gyroscope.
			Holes without downhole survey use planned or
	•	Specification of the grid system used.	compass bearing/dip measurements for survey
			control.
	•	Quality and adequacy of topographic
		control.	The MGA94 UTM zone 51 coordinate system was
			used for all undertakings.
*Data*	•	Data spacing for reporting of	The spacing and location of the majority of the
*spacing and*		Exploration Results.	drilling in the projects is, by the nature of early
*distribution*			exploration, variable.
	•	Whether the data spacing and
		distribution is sufficient to establish	The spacing and location of data is currently only
		the degree of geological and grade	being considered for exploration purposes.
		continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications
		applied.
	•	Whether sample compositing has been
		applied.
*Orientation*	•	Whether the orientation of sampling	Drilling was nominally perpendicular to regional
*of data in*		achieves unbiased sampling of possible	mineralisation trends where interpreted and
*relation to*		structures and the extent to which this	practical. True width and orientation of
*geological*		is known, considering the deposit type.	intersected mineralisation is currently unknown.
*structure*
	•	If the relationship between the drilling	A list of the drillholes and orientations are
		orientation and the orientation of key	reported with significant intercepts is provided as
		mineralised structures is considered to	an appended table.
		have introduced a sampling bias, this
		should be assessed and reported if	The spacing and location of the data is currently
		material.	only being considered for exploration purposes.
*Sample*	•	The measures taken to ensure sample	Great Boulder has strict chain of custody
*security*		security.	procedures that are adhered to for drill samples.
			All sample bags are pre-printed and pre-numbered.
			Sample bags are placed in a polyweave bags (up to
			5 samples) and closed with a zip tie such that no
			sample material can spill out and no one can
			tamper with the sample once it leaves the
			company’s custody.

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Audits or • The results of any audits or reviews of None completed. reviews sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC	Code explanation	Commentary
*Mineral*	•	Type, reference name/number,	Great Boulder Resource Ltd (GBR) is comprised
*tenement and*		location and ownership including	of several projects with associated tenements;
*land tenure*		agreements or material issues with
*status*		third parties such as joint ventures,	Yamarna tenements and details;
		partnerships, overriding royalties,
		native title interests, historical sites,	Exploration licences E38/2685, E38/2952,
		wilderness or national park and	E38/2953, E38/5957, E38/2958, E38/2320 and
		environmental settings.	prospecting licence P38/4178 where,
	•	The security of the tenure held at	GBR has executed a JV agreement to earn 75%
		the time of reporting along with any known impediments to obtaining a	interest through exploration expenditure of $2,000,000 AUD over five years. Following
		license to operate in the area.	satisfaction of the minimum expenditure
			commitment by GBR, EGMC (current tenement
			owner) will have the right to contribute to
			expenditure in the project at its 25% interest
			level or choose to convert to a 2% Net Smelter
			Royalty (NSR). Should EGMC choose to convert
			its remaining interest into a 2% NSR, then GBR
			will have a 100% interest in the project.
*Exploration*	•	Acknowledgment and appraisal of	Previous explorers included:
*done by other*		exploration by other parties.	 1990’s. Kilkenny Gold NL completed
*parties*			wide-spaced, shallow, RAB drilling
			over a limited area. Gold assay only.
			 2008. Elecktra Mines Ltd (now Gold
			Road Resources Ltd) completed two
			shallow RC holes targeting extension
			to Mt Venn igneous complex. XRF
			analysis only, no geochemical analysis
			completed.
			 2011. Crusader Resources Ltd
			completed broad-spaced aircore
			drilling targeting extensions to
			Thatcher’s Soak uranium
			mineralisation. XRF anlaysis only, no
			geochemical analysis completed.
			 In late 2015 Gold Road drilled and
			assayed an RC drill hole on the edge of
			an EM anomaly identified from an
			airborne XTEM survey, identifying
			copper-nickel-cobalt mineralisation.

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*Geology*	•	Deposit type, geological setting and	Great Boulder’s Yamarna Project hosts the
		style of mineralisation.	southern extension of the Mt Venn igneous
			complex. This complex is immediately west of
			the Yamarna greenstone belt.
			The mineralisation encountered in the Mt Venn
			drilling suggests that sulphide mineralisation is
			prominent along a EM conductor trend, and
			shows a highly sulphur-saturated system within
			metamorphosed dolerite and gabbro sequence.
			Visual logging of sulphide mineralogy shows
			pyrrhotite dominant with chalcopyrite.
*Drill hole*	•	A summary of all information	A complete list of the reported significant
*Information*		material to the understanding of the	results from Great Boulder’s drilling is provided
		exploration results including a	in the body of the report.
		tabulation of the following
		information for all Material drill	A list of the drillhole coordinates and metrics
		holes:	are provided as an appended table.
	`o`	easting and northing of the drill hole
		collar
	`o`	elevation or RL (Reduced Level –
		elevation above sea level in metres)
		of the drill hole collar
	`o`	dip and azimuth of the hole
	`o`	down hole length and interception
		depth
	`o`	hole length.
	•	If the exclusion of this information is
		justified on the basis that the
		information is not Material and this
		exclusion does not detract from the
		understanding of the report, the
		Competent Person should clearly
		explain why this is the case.
*Data*	•	In reporting Exploration Results,	No weight averaging techniques, aggregation
*aggregation*		weighting averaging techniques,	methods or grade truncations were applied to
*methods*		maximum and/or minimum grade	these exploration results.
		truncations (eg cutting of high
		grades) and cut-off grades are	No metal equivalents are used.
		usually Material and should be
		stated.
	•	Where aggregate intercepts
		incorporate short lengths of high
		grade results and longer lengths of
		low grade results, the procedure
		used for such aggregation should be
		stated and some typical examples of

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such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
*Relationship* *between* *mineralisatio* *n widths and* *intercept* *lengths* • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). The orientation of structures and mineralisation is not known with certainty but drilling was conducted using appropriate orientations for interpreted mineralisation. True width and orientation of intersected mineralisation is currently unknown. A list of the drillholes and orientations are reported with significant intercepts is provided as an appended table.
*Diagrams* • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to figures in announcement.
*Balanced* *reporting* • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. It is not practical to report all exploration results. Low or non-material grades have not been reported. All drill hole locations are reported and a table of significant intervals is provided in the announcement.
*Other* *substantive* *exploration* *data* • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. In late 2015 Gold Road drilled and assayed an RC drill hole on the edge of an EM anomaly identified from an airborne XTEM survey, identifying copper-nickel-cobalt mineralisation. Great Boulder subsequently re-assayed the hole and confirmed primary bedrock sulphide mineralisation, with peak assay results of 1.7% Cu, 0.2% Ni, 528ppm Co (over 1m intervals) over two distinct lenses. Great Boulder completed a ground based moving loop EM survey in September 2017 and reported extensive strong EM conductors and co-incident copper-nickel mineralisation from

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			aircore geochemistry (refer to announcement
			dated 5 October 2017).
			Great Boulder has also recently undertaken RC
			and DD exploratory drilling with down hole EM
			surveys.
*Further work*	•	The nature and scale of planned	Potential work across the project may include
		further work (eg tests for lateral	detailed additional geological mapping and
		extensions or depth extensions or	surface sampling, additional geophysical
		large-scale step-out drilling).	surveys (either surface or downhole), and
			potentially additional confirmatory or
	•	Diagrams clearly highlighting the	exploratory drilling.
		areas of possible extensions,
		including the main geological
		interpretations and future drilling
		areas, provided this information is
		not commercially sensitive.

AI assistant

GREAT BOULDER RESOURCES LIMITED Capital/Financing Update 2018

64967_rns_2018-04-29_0aca4bbf-e5d9-42bc-843a-a4256c1c1cb0.pdf

Highly successful EM survey identifies multiple conductors at Mt Venn coppernickel-cobalt project

Airborne EM Survey Details

Preliminary Aircore Geochemistry

MLEM Plan

Competent Person’s Statement

Forward Looking Statements

Appendix- JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2018

64967_rns_2018-04-29_0aca4bbf-e5d9-42bc-843a-a4256c1c1cb0.pdf

Highly successful EM survey identifies multiple conductors at Mt Venn coppernickel-cobalt project

Airborne EM Survey Details

Preliminary Aircore Geochemistry

MLEM Plan

Competent Person’s Statement

Forward Looking Statements

Appendix- JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

More from GREAT BOULDER RESOURCES LIMITED

GREAT BOULDER RESOURCES LIMITED Capital/Financing Update 2018