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GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2022
Sep 4, 2022
64967_rns_2022-09-04_b39a3a57-c287-427b-91c6-a9841f1a43f7.pdf
Capital/Financing Update
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ASX Announcement
5 SEPTEMBER 2022
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SPECTACULAR INTERSECTION IN MULGA BILL HIGH-GRADE VEIN AREA
HIGHLIGHTS
-
➢ Spectacular intersection of 15m @ 35.82g/t Au from 88m including 6m @ 83.58g/t from 96m in hole 22MBRC038 at Mulga Bill
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➢ The new intersection extends the high-grade vein 30 metres further south and is located on the same vein that hosts previous intersections of 5.9m @ 39.37g/t Au from 84.3m (22MBDD005) and 6m @ 24.33g/t Au from 132m (21MBRC034)
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➢ Phase 3 RC drilling is continuing at Ironbark with initial metallurgical test-work in progress and an AC rig is mobilising to commence drilling at Loaded Dog and Mulga Bill, and to test geochemical anomalies immediately north of Ironbark
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➢ Pending assay results from Mulga Bill (19 holes) and Ironbark (10 holes) due in September
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➢
Great Boulder Resources (“ Great Boulder ” or the “ Company ”) (ASX: GBR ) is pleased to announce new drilling results from the Side Well Gold Project (“ Side Well ”) near Meekatharra in Western Australia.
RC drilling into the high-grade vein area at the northern end of Mulga Bill intersected
- 15m @ 35.82g/t Au from 88m, including 6m @ 83.58g/t Au from 96m in hole 22MBRC038.
This structure also hosts previous intersections of 5.9m @ 39.37g/t Au from 84.3m (22MBDD005, announced 7/7/22) and 6m @ 24.33g/t Au from 132m (21MBRC034, announced 2/9/21).
Great Boulder’s Managing Director, Andrew Paterson commented:
“This spectacular result is the highest-grade intersection and the highest individual gold assay drilled to date at Side Well. It’s interpreted to be close to true width, so it’s among the widest intersections of +25g/t Au in drilling we’ve yet seen.”
“It demonstrates that we’ve not yet closed off this high-grade vein area, which sits in the northern end of Mulga Bill containing many of the highest-grade intersections in the project. This area has been the focus of recent drilling in our Phase 3 and 4 RC campaigns this year.”
“The new result will be used to fine-tune the 3D vein model and target more drilling in the near future”.
“Meanwhile we’re making good progress with the third phase of RC drilling at Ironbark as we attempt to define the extent of mineralisation to the north and south and advance the prospect towards an initial Mineral Resource Estimate.”
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
ASX Announcement
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The Company has received assay results for all holes drilled in the recent RC programs at Flagpole and Loaded Dog. In addition to these results the Company has received initial assays for 13 of 19 RC holes drilled during Mulga Bill Phase 3, and five of 23 holes in Mulga Bill Phase 4. Highlights include:
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15m @ 35.82g/t Au from 88m including 6m @ 83.58g/t Au from 92m in 22MBRC038 at Mulga Bill. This includes 4m composite samples to 96m down-hole.
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6m @ 5.52g/t Au from 80m including 4m @ 7.99g/t Au from 80m in the same vein in 22MBRC039 at Mulga Bill. This intersection approximately 25m north of 22MBRC038 extends high-grade vein-related mineralisation upwards into the deleted zone.
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2m @ 52.00g/t Au from 128m in 22MBRC030 in the Eastern Zone at Mulga Bill.
The high-grade vein (HGV) area in the north of the Mulga Bill is interpreted to contain a series of vein sets that sit within more felsic units of the stratigraphy. These north-south trending stratigraphic units have a width of between 50-100m and veins are developed either as flat-lying sets or westdipping sets along with vertical mineralisation zones on lithological boundaries. The main HGV defined to date has a strike length of more than 130m with the new intersection from 22MBRC038 lying at the southernmost boundary of current modelling.
The intersection in hole 22MBRC038 extends the high-grade vein further south by approximately 30 metres from previous drilling. This structure also contains previous high-grade intersections such as 5.9m @ 39.37g/t Au and 6m @ 24.33g/t Au , the latter of which is in the same hole as the project’s highest-grade result: 14m @ 36.12g/t Au from 91m.
The 22MBRC038 intersection sits within a moderately weathered quartz zone. There is potential supergene enrichment to contribute to the extremely high grades in the area.
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FIGURE 1: RC CHIP TRAYS 80 TO 120M DOWNHOLE IN 22MBRC038 WITH HIGHLIGHTED ASSAY VALUES. ARROWS SHOW THE DOWN-HOLE DIRECTION. WRITTEN NUMBERS ABOVE EACH SEGMENT ARE THE “SAMPLE TO” DEPTH.
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
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FIGURE 2: PLAN VIEW OF THE INTERPRETED HIGH-GRADE VEIN ENVELOPE SHOWING HIGHLIGHTED
INTERSECTIONS
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FIGURE 3: FINE GOLD PANNED FROM 22MBRC038 96 TO 97M.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
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FIGURE 4: SECTION 7060875N SHOWING THE INTERSECTION IN HOLE 22MBRC038
Mulga Bill: Assays are pending for the remaining 19 RC holes drilled in Phase 4, with all results expected by the end of September. The next phase of drilling is now being planned, including holes into the high-grade vein area as well as additional infill drilling on the less well-defined eastern zone. Recent drilling in this area is helping to define high-grade areas within the eastern zone, where more than 400 metres of mineralised strike remains poorly tested.
The high-grade composite samples in hole 22MBRC038 have been re-split into 1m samples and submitted for assay, with results expected in four to five weeks.
Flagpole: More RC drilling is being planned for the Flagpole prospect. With only five RC holes completed to date, the nature and orientation of high-grade mineralisation identified by AC hole 21SWAC119 ( 3m @ 8.56g/t Au including 1m @ 23.78g/t Au from 149m to EOH) is not yet understood.
RC hole 22MBRC020 ( 3m @ 9.39g/t Au from 86m) appears to have intersected a separate mineralised structure to that seen in the original AC hole.
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
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To date RC drilling at Flagpole has defined significant intersections over 100 metres of strike and remains open to the north and south. This area is a priority for further drilling.
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FIGURE 5: SECTION SHOWING 22MBRC039, 25M NORTH OF 22MBRC038
Loaded Dog: Results from recent drilling are disappointing, with no high-grade intersections from five RC holes drilled during July. More AC drilling is planned in the area, and this drilling will be used to refine the geological interpretation prior to planning any further RC drilling.
Ironbark: Phase 3 RC drilling is ongoing, with ten holes completed. The first assay results from this program are expected in late September. Once all the data has been compiled the Company will consider whether Ironbark mineralisation has been defined sufficiently for the estimation of an Inferred Mineral Resource.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
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Next Steps
An AC rig will mobilise to site in September to complete infill drilling at Loaded Dog and Mulga Bill and to test geochemical anomalies immediately north of Ironbark. This reconnaissance drilling will be the first in the area since the Ironbark discovery was confirmed by AC drilling in May 2021.
RC drilling will continue on all prospects in sequence. Metallurgical test-work on Ironbark RC chips is ongoing, with results expected in approximately four weeks.
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FIGURE 6: PLAN VIEW SHOWING RECENT RESULTS IN THE CONTEXT OF THE WESTERN AND EASTERN MINERALISED ZONES AT MULGA BILL
This announcement has been approved by the Great Boulder Board.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
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For further information contact:
Andrew Paterson Managing Director Great Boulder Resources Limited [email protected] www.greatboulder.com.au
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Follow GBR on LinkedIn
Media Lucas Robinson Corporate Storytime +61 408 228 889 [email protected]
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Follow GBR on Twitter
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FIGURE 7: SIDE WELL LOCATION PLAN
ABOUT GREAT BOULDER RESOURCES
Great Boulder is a mineral exploration company with a portfolio of highly prospective gold and base metals assets ranging from greenfields through to advanced exploration located 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 located in an emerging MVT province. With a portfolio of highly prospective assets plus the backing of a strong technical team, the Company is well positioned for future success.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
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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 8: GREAT BOULDER’S PROJECTS
TABLE 1: SIGNIFICANT INTERSECTIONS
| Prospect | Hole ID | From To Width Grade g/t Au Comments |
From To Width Grade g/t Au Comments |
From To Width Grade g/t Au Comments |
From To Width Grade g/t Au Comments |
From To Width Grade g/t Au Comments |
|---|---|---|---|---|---|---|
| Mulga Bill Phase 4 RC |
22MBRC035 | 56 76 82 84 132 |
72 81 83 85 133 |
16 5 1 1 1 |
0.36 0.50 1.10 0.75 0.78 |
4m composites 4m composites to 80m |
| 22MBRC036 | 94 | 98 | 4 | 2.04 | 1m splits |
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
ASX Announcement
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| 101 | 102 | 1 | 1.66 | |||
|---|---|---|---|---|---|---|
| 22MBRC037 | 28 92 94 126 139 142 |
32 93 96 128 140 143 |
4 1 2 2 1 1 |
0.11 2.47 0.63 1.05 1.68 2.66 |
4m composite | |
| 22MBRC038 Including |
80 88 92 106 128 |
84 103 98 107 132 |
4 15 6 1 4 |
1.82 35.82 83.58 5.29 0.95 |
4m composite 4m composites to 96m 4m composites to 96m |
|
| 22MBRC039 Including |
40 80 80 102 105 107 116 118 |
44 86 84 104 106 108 117 120 |
4 6 4 2 1 1 1 2 |
0.42 5.52 7.99 1.03 0.51 0.84 0.87 0.98 |
4m composite 4m composites to 84m 4m composite |
|
| Mulga Bill Phase 3 RC |
22MBRC029 | 28 50 74 110 130 136 144 146 151 153 173 |
29 54 78 112 131 138 145 148 152 154 174 |
1 4 4 2 1 2 1 2 1 1 1 |
0.50 1.35 0.27 2.99 1.11 1.00 0.54 7.14 0.88 0.83 0.59 |
4m composite 4m composite |
| 22MBRC030 | 8 52 68 84 128 131 166 188 |
12 56 80 92 130 132 168 189 |
4 4 12 8 2 1 2 1 |
0.15 0.69 2.00 0.40 52.00 0.67 1.50 0.97 |
4m composite 4m composite 4m composites 4m composites |
|
| 22MBRC031 | 93 126 |
94 127 |
1 1 |
1.00 0.73 |
||
| 22MBRC032 | 111 143 |
113 145 |
2 2 |
1.59 0.89 |
||
| 22MBRC033 | 72 130 168 |
100 131 169 |
28 1 1 |
0.34 1.38 0.78 |
4m composites |
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
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| 172 | 174 | 2 | 1.14 | |||
|---|---|---|---|---|---|---|
| 22MBRC034 | 76 133 139 164 |
80 134 140 165 |
4 1 1 1 |
0.60 1.37 0.89 0.53 |
4m composite | |
| Flagpole | 22MBRC019 | 68 72 81 93 97 |
72 73 82 94 100 |
4 1 1 1 3 |
0.10 1.78 1.27 0.65 1.02 |
4m composite |
| Loaded Dog | 22LDRC008 | 40 | 44 | 4 | 0.38 | 4m composite |
| 22LDRC009 | 58 67 |
62 68 |
4 1 |
0.68 0.67 |
||
| 22LDRC010 Including |
40 40 |
60 44 |
20 4 |
0.68 2.04 |
4m composites | |
| 22LDRC011 | 106 | 107 | 1 | 1.17 | ||
| 22LDRC012 | 48 60 140 |
52 64 144 |
4 4 4 |
1.00 0.14 0.45 |
4m composite 4m composite 4m composite |
Significant intersections are selected using a 0.1g/t Au cut-off for 4m composites and a 0.5g/t Au cutoff for 1m samples. Anomalous composite samples are being re-assayed in 1m intervals.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
ASX Announcement
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TABLE 2: SIDE WELL COLLAR DETAILS. COORDINATES ARE IN GDA94, ZONE 50 PROJECTION.
| Prospect | Hole ID | Easting | Northing | RL | Azi | Dip | Depth |
|---|---|---|---|---|---|---|---|
| Loaded Dog | 22LDRC008 | 658496 | 7058850 | 517 | 90 | -55 | 150 |
| Loaded Dog | 22LDRC009 | 658441 | 7058855 | 516 | 90 | -55 | 150 |
| Loaded Dog | 22LDRC010 | 658529 | 7058802 | 515 | 90 | -60 | 150 |
| Loaded Dog | 22LDRC011 | 658535 | 7058753 | 513 | 90 | -55 | 216 |
| Loaded Dog | 22LDRC012 | 658451 | 7058755 | 517 | 90 | -57 | 234 |
| Mulga Bill | 22MBRC035 | 658344 | 7060775 | 512 | 90 | -55 | 152 |
| Mulga Bill | 22MBRC036 | 658273 | 7060774 | 514 | 90 | -55 | 200 |
| Mulga Bill | 22MBRC037 | 658300 | 7060824 | 513 | 87 | -55 | 176 |
| Mulga Bill | 22MBRC038 | 658309 | 7060873 | 512 | 87 | -57 | 160 |
| Mulga Bill | 22MBRC039 | 658326 | 7060898 | 510 | 87 | -57 | 154 |
| Mulga Bill | 22MBRC043 | 658341 | 7060924 | 515 | 87 | -55 | 160 |
| Mulga Bill | 22MBRC044 | 658368 | 7060898 | 516 | 87 | -55 | 100 |
| Mulga Bill | 22MBRC045 | 658340 | 7060964 | 516 | 87 | -55 | 130 |
| Mulga Bill | 22MBRC046 | 658331 | 7060952 | 516 | 87 | -55 | 166 |
| Mulga Bill | 22MBRC047 | 658399 | 7060648 | 516 | 87 | -55 | 142 |
| Mulga Bill | 22MBRC048 | 658349 | 7060647 | 518 | 87 | -55 | 154 |
| Mulga Bill | 22MBRC049 | 658270 | 7060644 | 516 | 87 | -55 | 202 |
| Mulga Bill | 22MBRC050 | 658341 | 7060723 | 513 | 87 | -55 | 142 |
| Mulga Bill | 22MBRC051 | 658277 | 7060723 | 512 | 87 | -55 | 202 |
| Mulga Bill | 22MBRC052 | 658284 | 7061064 | 527 | 87 | -55 | 136 |
| Mulga Bill | 22MBRC053 | 658281 | 7061057 | 512 | 87 | -55 | 116 |
| Mulga Bill | 22MBRC054 | 658231 | 7061053 | 514 | 87 | -55 | 78 |
| Mulga Bill | 22MBRC055 | 658337 | 7061000 | 513 | 87 | -55 | 280 |
| Mulga Bill | 22MBRC056 | 658294 | 7060939 | 519 | 81 | -61 | 166 |
| Mulga Bill | 22MBRC057 | 658321 | 7061843 | 508 | 87 | -55 | 148 |
| Mulga Bill | 22MBRC058 | 658268 | 7061847 | 509 | 87 | -55 | 220 |
| Mulga Bill | 22MBRC059 | 658267 | 7061200 | 514 | 87 | -55 | 160 |
| Mulga Bill | 22MBRC060 | 658236 | 7061128 | 510 | 87 | -55 | 208 |
Note: collar coordinates for earlier phases of RC drilling are included in the ASX announcement of 24/8/2022.
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005
ASX Announcement
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5 SEPTEMBER 2022
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APPENDIX 1 - JORC CODE, 2012 EDITION TABLE 1 (SIDE WELL PROJECT)
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | Commentary |
|---|---|
| Sampling techniques | RC samples were collected into calico bags over 1m intervals using a cyclone splitter. The residual bulk samples are placed in lines of piles on the ground. 2 cone splits are taken off the rig splitter for RC drilling. Visually prospective zones were sampled over 1m intervals and sent for analysis while the rest of the hole was composited over 4m intervals by taking a scoop sample from each 1m bag. |
| Drilling techniques | Industry standard drilling methods and equipment were utilised. |
| Drill sample recovery | Sample recovery data is noted in geological comments as part of the logging process. Sample condition has been logged for every geological interval as part of the logging process. Water was encountered during drilling resulting in minor wet and moist samples with the majority being dry. 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 speared composite samples were taken in the field. Samples were prepared and analysed at ALS Laboratories Perth. Samples were pulverized so that each samples had a nominal 85% passing 75 microns. Au analysis was undertaken using Au-AA26 involving 50g lead collection fire assay and Atomic Adsorption Spectrometry (AAS) finish. |
| Quality of assay data and laboratory tests |
All samples were assayed by industry standard techniques. |
| Verification of sampling and assaying |
The standard GBR protocol was followed for insertion of standards and blanks with a blank and standard inserted per 40 samples. No QAQC problems were identified in the results. No twinned drilling has been undertaken. |
| Data spacing and distribution |
The spacing and location of the majority of drilling in the projects is, by the nature of early exploration, variable. 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 trends where interpreted and practical. True width and orientation of intersected mineralisation is currently unknown or not clear. The spacing and location of the data is currently only being considered for exploration purposes. |
| Sample security | GBR personnel were responsible for delivery of samples from the drill site to the courier companies dispatch center in Meekatharra. Samples were transported by Toll Ipec from Meekatharra to the laboratory in Perth. |
| Audits or reviews | Data review and interpretation by independent consultants on a regular basis. Group technical meetings are usually held monthly. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | Commentary |
|---|---|
| Mineral tenement and | Side Well tenement E51/1905 is a 48-block exploration license covering an area of 131.8km2 |
| land tenure status | immediately east and northeast of Meekatharra in the Murchison province. The tenement is a 75:25 |
| joint venture between Great Boulder and Zebina Minerals PtyLtd. | |
| Exploration done by | Tenement E51/1905 has a protracted exploration history but is relatively unexplored compared to |
| other parties | other regions surrounding Meekathara. |
| Geology | The Side Well tenement group covers a portion of the Meekatharra-Wydgee Greenstone Belt north |
| of Meekatharra, WA. The north-northeasterly trending Archaean Meekatharra-Wydgee Greenstone | |
| Belt, comprises a succession of metamorphosed mafic to ultramafic and felsic and sedimentary rocks | |
| belonging to the Luke Creek and Mount Farmer Groups. |
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] GREATBOULDER.COM.AU P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
ASX Announcement
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5 SEPTEMBER 2022
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| Over the northern extensions of the belt, sediments belonging to the Proterozoic Yerrida Basin | |
|---|---|
| unconformably overlie Archaean granite-greenstone terrain. Structurally, the belt takes the form of | |
| a syncline known as the Polelle syncline. Younger Archaean granitoids have intrusive contacts with | |
| the greenstone succession and have intersected several zones particularly in the Side Well area. | |
| Within the Side Well tenement group, a largely concealed portion of the north-north-easterly | |
| trending Greenstone Belt is defined, on the basis of drilling and airborne magnetic data, to underlie | |
| the area. The greenstone succession is interpreted to be tightly folded into a south plunging syncline | |
| and is cut by easterly trending Proterozoic dolerite dykes. | |
| There is little to no rock exposure at the Side Well prospect. This area is covered by alluvium and | |
| lacustrine clays, commonly up to 60 metres thick. | |
| Drill hole Information | A list of the drill hole coordinates, orientations and intersections reported in this announcement are |
| provided as an appended table. | |
| Data aggregation | Results were reported using cut-off levels relevant to the sample type. For composited samples |
| methods | significant intercepts were reported for grades greater than 0.1g/t Au with a maximum dilution of |
| 4m. For single metre splits, significant intercepts were reported for grades greater than 0.5g/t Au | |
| with a maximum dilution of 3m. | |
| A weighted average calculation was used to allow for bottom of hole composites that were less than | |
| the standard 4m and when intervals contain composited samples plus 1m split samples. | |
| 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 drilling was conducted using appropriate perpendicular orientations for interpreted |
| and intercept lengths | mineralisation. Stratigraphy appears to be steeply dipping to the west however mineralisation may |
| have a different orientation. | |
| Diagrams | Refer to figures in announcement. |
| Balanced reporting | It is not practical to report all historical exploration results from the Side Well project. Selected |
| historical intercepts have been re-reported by GBR to highlight the prospectivity of the region. Full | |
| drillhole details can be found in publicly available historical annual reports. | |
| Other substantive | Subsequent to Doray Minerals Limited exiting the project in 2015, private companies have held the |
| exploration data | ground with no significant work being undertaken. |
| Further work | Further work is discussed in the document. |
E: [email protected] GREATBOULDER.COM.AU ABN 70 611 695 955
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005