GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2020

Sep 13, 2020

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ASX Announcement
14 September 2020
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Exploration Update

• Phase 1 RC Drilling completed at Side Well

• Side Well air-core drilling now commencing

• Side Well auger program imminent

• Blue Poles assays confirmed at Whiteheads

Great Boulder Resources [ASX: GBR] is pleased to provide an update on exploration programs at the Side Well and Whiteheads gold projects.

Side Well: RC drilling complete; AC and auger drilling commencing

Phase 1 RC drilling at the Mulga Bill prospect has been successfully completed, and all remaining samples are now on their way to be assayed in Perth. The Phase 1 program consisted of 12 holes for 2,257m, with holes designed to extend known zones of mineralisation at Mulga Bill. Full program details and hole coordinates will be provided in a subsequent update once the initial assay results are available.

A 6,000m air-core program is now commencing, also at Mulga Bill. This drilling will infill the 400m gaps between previous RC drilling, providing detail on the position of the Mulga Bill mineralised corridor with which to plan the next round of RC drill holes. An extra fence of air-core holes has also been added to the south of Mulga Bill to test possible continuity in that direction, based upon GBR’s analysis of a heli-TEM survey flown by Doray in 2013.

Lastly, a 600-hole auger program is also scheduled to commence over the banded iron formation (BIF) stratigraphy on the eastern side of the Side Well project, to the east of Mulga Bill. This area includes residual soils and sub-crop with no alluvial cover, making it ideal for auger sampling.

BIF is a common host for gold mineralisation in the Meekatharra area, and GBR personnel have observed recent metal detecting patches within the area covered by the auger program. All auger samples will be submitted for multi-element assay later in September.

Whiteheads: Blue Poles 1m assays confirm mineralisation

Re-sampling of the anomalous 4m composite samples from the recent air-core drilling has now been completed, confirming the results previously announced to the market (ASX announcements of 10 and 13 August 2020). Best results include:

• 4m @ 3.35g/t Au from 50m to EOH in 20WHAC003,

• 20m @ 0.54g/t Au from 32m, including 5m @ 1.19g/t Au in 20WHAC008, and

• 15m @ 0.57g/t Au from 33m in 20WHAC034 at Blue Poles;

• 2m @ 1.76g/t Au from 33m in 20WHAC042 at Gindalbie;

• 3m @ 3.14g/t Au from 16m in 20WHAC047 at Whiteheads Dam.

As previously announced, the air-core drilling is designed to find anomalous mineralisation, so these results at the top of fresh rock are very encouraging.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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The prospect has been defined over a 600m strike length and mineralisation remains open along strike and to the southwest. A second round of air-core drilling will test extensions at Blue Poles prior to the first round of RC drilling.

Great Boulder’s Managing Director Andrew Paterson commented that the Company is making good progress with its gold exploration program.

“We’re on track with drilling at Mulga Bill and the transition from RC to air-core drilling has been very efficient.

“With the WA exploration industry being so busy at the moment it’s not easy to secure rigs, so we’re taking the air-core rig to Kalgoorlie to drill Blue Poles as soon as the Mulga Bill program is finished.

“I’m personally very excited by the potential at Mulga Bill and we’re looking forward to seeing the first assays. Unfortunately, the assay labs are very busy at the moment and turnaround times are currently three to four weeks, so we’re hoping to get the first numbers back in early October”.

Side Well Exploration Program 2020

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Program Aug ’20 Sep ’20 Oct ’20 Nov ’20 Dec ’20
Soil
Mulga Bill Side W East Regional
Geochem
AC drilling Mulga Bill Matilda
RC drilling Mulga Bill Mulga Bill
Geophysics Jones Well
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Whiteheads Exploration Program 2020

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Program Aug ’20 Sep ’20 Oct ’20 Nov ’20 Dec ’20
Soil
Vosperton – Lindsays South
Geochem
AC drilling Arsenal
RC drilling Blue Poles
Geophysics Regional mag
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FIGURE 1: SIDE WELL AND WHITEHEADS GOLD PROJECTS: EXPLORATION PROGRAMS FOR 2020

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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FIGURE 2: UPDATED RESULTS FROM THE BLUE POLES PROSPECT WITH INTERPRETED GEOLOGY.

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FIGURE 3: CROSS-SECTION THROUGH THE SOUTHERN END OF BLUE POLES.

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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Hole ID	Hole Depth (m)	From(m) To(m)	From(m) To(m)	Width(m)	Grade(g/t Au)
		Blue Poles
20WHAC003	54	50	54	4	3.35
	Including	50	52	2	5.97
20WHAC008	55	32	52	20	0.54
	Including	34	36	2	0.80
	And	43	48	5	1.19
20WHAC010	44	39	44	5	0.40
20WHAC012	50	49	50	1	0.24
20WHAC017	52	46	47	1	0.47
20WHAC020	60	53	60	7	0.34
20WHAC021	45	40	41	1	0.43
	And	43	45	2	0.42
20WHAC032	51	47	50	3	0.51
20WHAC033	48	35	43	8	0.85
	Including	39	41	2	1.62
20WHAC034	49	33	48	15	0.57
		Gindalbie
20WHAC035	51	25	26	1	0.86
	And	31	32	1	0.21
20WHAC039	51	46	51	5	0.37
20WHAC042	53	33	35	2	1.76
		Whiteheads Dam
20WHAC047	23	16	19	3	3.14
	Including	16	17	1	7.19
	And	21	22	1	0.97
20WHAC049	16	8	12	4	0.36
20WHAC057	14	13	14	1	0.24
		Lindsays South
20WHAC068	57	43	44	1	0.29
20WHAC069	61	58	61	3	0.26

For further information contact:

Andrew Paterson Managing Director Great Boulder Resources Limited admin@greatboulder.com.au

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E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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About Great Boulder Resources

Great Boulder is a mineral exploration company with projects in the Yilgarn region of Western Australia. With a focus on base metals and gold, the Company has a range of projects from greenfields through to advanced exploration. With advanced copper-nickel-cobalt projects including Mt Venn and Winchester, and the Whiteheads and Side Well gold projects plus the backing of a strong technical team, the Company is well positioned for future success.

Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Mr Andrew Paterson who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Paterson 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 Paterson is an employee of Great Boulder Resources and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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FIGURE 4: GREAT BOULDER PROJECT LOCATIONS

E: admin@greatboulder.com.au GREATBOULDER.COM.AU ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

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Appendix 1 - JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	Air Core samples were collected over 1m intervals using a
	cyclone splitter with sample piles placed in rows on cleared
	ground next to the drill collar. The entire hole was composited
	over 4m intervals or less with scoop samples of each 1m pile
	combined in a calico sample bag.
	The sampling techniques used are deemed appropriate for the
	style of exploration.
Drilling techniques	Drilling was undertaken by Prospect Drilling using a KL150
	aircore rig. Industry standard air core methods and equipment
	were utilised.
Drill sample recovery	Sample condition has been logged for every composited
	interval as part of the sampling process. Sample recovery was
	not recorded for this drill program
	No quantitative twinned drilling analysis has been undertaken.
Logging	Geological logging of drilling followed established company
	procedures. Qualitative logging of samples includes lithology,
	mineralogy, alteration, veining and weathering. Abundant
	geological comments supplement logged intervals.
Sub-sampling techniques and sample preparation	1m cyclone splits and 4m composite samples were taken in
	the field. Samples were prepared at Intertek in Kalgoorlie and
	analysed at Intertek in Perth. Samples were pulverized so that
	each sample had a nominal 85% passing 75 microns. A 50g
	allotment was then analysed by fire assay using Intertek
	method FA50/OE04.
Quality of assay data and laboratory tests	All samples were assayed by industry standard techniques.
Verification of sampling and assaying	A fine-grained blank and certified reference material were
	inserted every 50 samples. No duplicates were taken in this
	program. No QAQC problems were identified in the results. No
	twinned drilling has been undertaken.
Data spacing and distribution	Drill spacing is varied for the entire AC drill program. The results
	reported above were obtained from drill holes spaced 50m
	apart on east-west lines.
	The spacing and location of data is currently only being
	considered for exploration purposes.
Orientation of data in relation to geological structure	Drilling is dominantly perpendicular to regional geological and
	geochemical trends where interpreted and practical.
	The spacing and location of the data is currently only being
	considered for exploration purposes.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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Sample security	GBR personnel were responsible for delivery of samples from
	the drill site to the assay laboratory.
Audits or reviews	None completed.

Section 2 Reporting of Exploration Results

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

Criteria	Commentary
Mineral tenement and	The project is located between 45 and 70km north-northwest of Kalgoorlie on the Yarri Road. The
land tenure status	tenement package is comprised of two active Exploration Licenses and one EL application. The
	granted tenement E27/544 covers an area of approximately 185km2including up to 15km of strike
	on a number of potential mineralized trends. Tenements E24/588 and ELA27/622 cover an additional
	22 and 10 graticular blocks respectively. Once granted, these tenements will add approximately
	49km2to the project area.
Exploration done by	The Whiteheads project area has been the focus of exploration efforts dating back to the 1960’s. The
other parties	bulk of the earlier exploration efforts were focussed on the nickel potential of the region following
	discoveries at the Black Swan, Silver Swan and Carr Boyd deposits. Various exploration campaigns by
	multiple companies utilising differing methods have been undertaken for nickel, VMS and gold
	targets. The differing exploration and analysis techniques has resulted in a patchwork of exploration
	datasets that are not easily comparable.
	Small-scale historical gold workings are present within the tenure that have a protracted history of
	mining. Publicly available data for these deposits indicate selective mining of high-grade gold veins.
Geology	The Whiteheads Project lies proximal to the interpreted boundary between the Archean Kalgoorlie
	and Kurnalpi Terranes of the Eastern Goldfields Superterrane. This boundary also marks the
	separation of the Boorora (Kalgoorlie Terrane) and Gindalbie (Kurnalpi Terrane) Domains based on
	volcanic facies relationships. This boundary is marked by a zone of faulting and shearing historically
	called by various names including the Mt Monger (Swager and Griffin 1994) and Ockerburry Fault
	(Blewitt and Hitchman 2006). The Boorora Domain is dominated by mafic and ultramafic lithofacies
	with minor sediments and felsic volcanics. The Gindalbie Domain contains a significant package of
	bimodal volcanics, sedimentary units and lesser ultramafic lithologies. 3 separate greenstone
	succession have been recognized within the Gindalbie Domain, with the uppermost bi-modal
	formation the only one present within the project area. The above successions have experienced at
	least 4 phases of deformation and display mid-greenschist facies metamorphism.
	The project area contains a significant amount of transported cover consisting of colluvium, sand
	plains and laterite. Tertiary aged paleochannels transect the project area. Tertiary duricrust
	comprises insitu lateritic duricrust to colluvium products derived from insitu material.
	Several historic workings are located within the project area including the historic Whitehead Find,
	Patches, Seven Leaders, Lady Betty and Jewellery Box gold workings along with widespread shallow
	workings. Gold mineralisation is related to extensive shearing and quartz veining along lithological
	contacts. The Whiteheads Project is located directly along strike to the north of KalNorth Gold Mines
	Limited’s Lindsay Gold project. No definitive nickel mineralisation has been identified to date within
	the project area however the Black Swan, Silver Swan and Carr-Boyd Nickel deposits are all located
	within the region and the project remains prospective for further nickel discoveries.
Drill hole Information	A list of the drill hole coordinates, orientations and metrics are provided as an appended table.
Data aggregation	No grade truncations were applied to these exploration results.
methods
	A weighted average calculation was used to allow for bottom of hole composites that were less than
	the standard 4m.

ASX Code: GBR Contact: Andrew Paterson, Managing Director E: admin@greatboulder.com.au GREATBOULDER.COM.AU P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia ABN 70 611 695 955

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	No metal equivalents are used.
Relationship between	The orientation of structures and mineralisation is not known with certainty, but majority of the
mineralisation widths	drilling was conducted using appropriate perpendicular orientations for known geology and
and intercept lengths	geochemical anomalism.
	A list of the drill holes and orientations is provided as an appended table.
Diagrams	Refer to figures in announcement.
Balanced reporting	It is not practical to report all historical exploration results from the Whiteheads project. Full drillhole
	details can be found in publicly available historical annual reports.
Other substantive	Exploration undertaken on the Whiteheads Project between 2015-2019 was by private company
exploration data	Zebina Minerals Pty Ltd and Kalgoorlie based prospectors. Previous work over the Arsenal trend is
	limited to one line of AC drilling
Further work	Further work is discussed in the document in relation to the exploration results.

E: admin@greatboulder.com.au ABN 70 611 695 955

ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia

GREATBOULDER.COM.AU