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GREAT BOULDER RESOURCES LIMITED — Capital/Financing Update 2023
Dec 5, 2023
64967_rns_2023-12-05_189d8c15-d77a-4f47-bf18-158ce318e209.pdf
Capital/Financing Update
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Company Announcements Office
Australian Securities Exchange
6 December 2023
Update to “New gold projects double GBR’s Meekatharra footprint”
Great Boulder Resources Ltd ACN 611 695 955 ( Great Boulder ) would like to provide an update to its ASX announcement lodged 30 November 2023 to provide additional details for historical work completed on the Polelle and Wanganui projects in accordance with Listing Rule 5.7, FAQ 36 and the JORC Code. Great Boulder has also removed a reference a previous mineral resource defined by St Barbara at Wanganui, as this estimate was not JORC compliant at the time, as well as any specific exploration results from work completed prior to Castle’s ownership of the project. The Company wishes to retract all mention of results and conclusions from exploration work conducted on the Polelle and Wanganui projects prior to Castle Minerals Limited’s ownership, as the Company has been unable to comprehensively validate the information in the time available. The Company emphasises that investors should not place reliance on the retracted statements, as these results cannot currently be reported under the 2012 JORC Code.
Readers are advised to note the Cautionary Statement on page 1 of the amended announcement and read the announcement in full.
DMIRS WAMEX report ID’s are quoted in the JORC Table 1 Appendix for all historical exploration reports, and these can be freely accessed by the public at https://geoview.dmp.wa.gov.au/GeoView using the unique A-number for each report.
Your faithfully
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Andrew Paterson Managing Director
ASX Code: GBR Contact: Andrew Paterson, Managing Director P: +61 8 9321 6037 PO Box 677, West Perth 6872, Western Australia
E: [email protected] ABN 70 611 695 955
GREATBOULDER.COM.AU
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ASX Announcement
6 DECEMBER 2023
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NEW GOLD PROJECTS DOUBLE GBR’s MEEKATHARRA FOOTPRINT
HIGHLIGHTS
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GBR has signed a Heads of Agreement for an option to acquire 75% of Castle Minerals’ (ASX:CDT) Polelle and Wanganui Gold Projects at Meekatharra
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The large Polelle Project is located south of GBR’s flagship Side Well Project in a similar geological and structural setting and 7km from Westgold’s (ASX:WGX) Bluebird mill
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This acquisition doubles GBR’s footprint at Meekatharra to 384km[2]
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The Pollelle & Wanganui Projects have seen historical mining and previous work by Castle Minerals has established untested targets for immediate exploration
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High-grade intersections on the Wanganui Project require further drilling:
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3m @ 18.66g/t Au from 62m (CWRC012 – Main Lode)
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8m @ 4.10g/t Au from 66m (CWRC017 – Main Lode)
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10m @ 3.34g/t Au from 56m (CWRC015 – Main Lode)
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AC drilling on the Saltbush prospect south of Ironbark is expected to commence shortly
Great Boulder Resources (“ Great Boulder ” or the “ Company ”) (ASX: GBR ) is pleased to announce an option to explore two highly prospective gold projects close to the Company’s flagship Side Well Gold Project (“ Side Well ”) near Meekatharra in Western Australia.
Cautionary Statement
Exploration results contained within this release have been reported by the previous owners, Castle Minerals Limited. Further exploration and evaluation may reduce confidence in these results under the JORC 2012 standards. Nothing has come to the attention of Great Boulder or its competent person that cause them to question the accuracy or reliability of the previously reported drill results and work. The company has undertaken desktop evaluation of the work completed however has not comprehensively validated the results and therefore is not to be regarded as reporting, adopting or endorsing these results.
Great Boulder’s Managing Director, Andrew Paterson commented:
“We are excited by the potential we see in these two projects. Polelle has a similar geological setting within the Polelle Syncline to Side Well, and Castle have already identified several good targets that
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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need drilling. At Wanganui there are two small open pits where high-grade ore was mined from veins in the granodiorite, with high-grade intersections in previous drilling along strike.”
“This deal is in line with Great Boulder’s strategy of acquiring quality projects in the right geology. As one of the first companies in the area to negotiate a new cultural heritage and land access agreement with the Yugunga Nya People we can confidently expand our project area knowing we have the skills and relationships to explore efficiently and effectively.”
“We are expecting the final heritage report very shortly. Once we receive that report we can commence AC drilling on new targets within the Ironbark corridor, the first of which is Saltbush. The team are very keen to start testing these new targets with our last program for the year.”
Castle Minerals Managing Director, Stephen Stone, commented “With Castle’s focus on fasttracking its Kambale Graphite Project, aligning the Polelle and Wanganui Projects with the Side Well Project is the logical way forward. We have closely followed the impressive developments at Side Well and believe that combining these extensive and prospective projects substantially increases the opportunity to establish a critical mass of resources in this very under-explored eastern region of the prolific Meekatharra gold camp.”
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FIGURE 1: THE POLELLE AND WANGANUI PROJECTS ARE LOCATED SOUTH AND SOUTHWEST OF MEEKATHARRA
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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Regional Geology
The Polelle project sits 8km southwest of the Side Well gold project and 7km east of Westgold Bluebird Mine. The project straddles the core of the regional Polelle Syncline with mafic and felsic volcanic and sedimentary rocks of the Mt Farmer Group overlying the felsic, mafic and ultramafic units of the Luke Creek Group. The Luke Creek Group is host to the bulk of gold mineralisation within the Meekatharra area, including at Paddy’s Flat, Mulga Bill and Ironbark.
The Polelle project lies within a structural corridor of structurally condensed greenstone stratigraphy tapering between the significant granitic plutons of the Cullculli Suite on the western and eastern sides. The Norrie Pluton on the western side has a number of significant gold deposits on its northern, eastern and southern flanks. Due to the compressional effects of the flanking plutons, two regional shear zones trend through the project area, the Burnakura-Albury Heath Shear and the Mt Magnet-Meekatharra Shear Zone. These significant structures host multiple deposits along strike but are poorly tested within the project area.
The Wanganui project lies on the western side of the Mt Magnet-Meekatharra greenstone belt and covers the contact between the granite basement and mafic stratigraphy. Within the project postfolding granodiorite and tonalite north-south trending mylonite zones form at least 3 distinct parallel trends of gold mineralisation.
Previous Work
Polelle
The Mt Magnet-Meekatharra greenstone belt is host to several major gold camps across the Murchison Region with the Bluebird, Nannine and Burnakura camps all proximal to the project. Areas such as the Polelle project have typically been held in larger packages accompanying a known gold camp. Due to a historic focus on exploring the known production centres limited systematic exploration has been completed over the Polelle project. The existing drill database comprises AC, RAB and shallow RC drillholes with no holes testing below 100m. Drilling is significantly clustered with no widespread drill pattern testing for large hydrothermal systems. Several promising structural sites have never been tested by drilling.
Castle Minerals (“ Castle ”) has been progressively exploring the project since 2020. This exploration has included data review, detailed aeromagnetic and radiometric surveys, geochemical surveys and heritage surveys.
E: [email protected] 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
GREATBOULDER.COM.AU
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FIGURE 2: THE POLELLE PROJECT SITS WITHIN THE GREENSTONE BELT AND ADJACENT TO WGX’S BLUEBIRD MINE AND MILL.
E: [email protected] 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
GREATBOULDER.COM.AU
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FIGURE 3: GBR’S MEEKATHARRA PROJECTS OVER GSWA REGIONAL GEOLOGY
E: [email protected] 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
GREATBOULDER.COM.AU
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FIGURE 4: THE POLELLE PROJECT COVERS THE CORE OF THE SYNCLINE
Wanganui
The Wanganui project contains a number of small historic workings exploited during the early 1900’s and produced approximately 1,000oz Au (see JORC Table 1 section 2 below). Since then, a number of modern explorers have undertaken various exploration programs. Significant efforts were undertaken by Giralia, Dominion and St Barbara Ltd that defined mineralisation sufficient for St Barbara to develop two small pits in 2002 at Wanganui North and South (DMIRS WAMEX report A066033).
Only minor exploration has been completed at Wanganui since St Barbara finished mining the oxide pits and prior to Castle acquiring the tenement. Castle have progressed the tenement by flying aeromagnetic and radiometric surveys, geochemical sampling and RC drilling. 39 RC holes were
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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drilled by Castle testing areas beneath the existing pits and on the eastern lode beneath existing drilling. Significant gold mineralisation was intersected with results including:
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3m @ 18.66g/t Au from 62m (CWRC012 – Main Lode)
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8m @ 4.10g/t Au from 66m (CWRC017 – Main Lode)
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10m @ 3.34g/t Au from 56m (CWRC015 – Main Lode)
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3m @ 2.71g/t Au from 62m (CWRC010 – Main Lode).
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8m @ 3.25g/t Au from 43m (CWRC025 – East Lode)
(ASX:CDT announcement 19 August 2020: “High-grade gold confirmed beneath shallow pits”. ) Using this data Castle interpreted narrow, shallow-plunging high-grade shoots developed along north-south mylonite zones.
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FIGURE 5: HISTORIC MINING ACTIVITY AT WANGANUI EXPLOITED HIGH-GRADE SHOOTS WITHIN THE MONZOGRANITE. THE CONTACT WITH MAFICS TO THE SOUTHEAST ALSO NEEDS TO BE TESTED.
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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Key Targets
GBR geologists are currently compiling and assessing all previous exploration data over the new projects. A summary of priority targets will be announced once this process is complete.
Next Steps
The Company will compile all available data and prioritise key targets before commencing field work. Activity will be coordinated with existing priorities at Side Well including priority AC drill programs along the Ironbark corridor.
Initial exploration over the Polelle and Wanganui projects is likely to involve field mapping and ground truthing of priority targets as well as the collection of any available historical drill chips to expand the multi-element dataset.
Acquisition Terms
Great Boulder has a 12-month option to explore the Polelle and Wanganui projects (“ The Projects ”). Consideration for the option is $50,000 in GBR scrip valued at a 30-day VWAP prior to the execution date of the agreement, with a commitment to spend a minimum of $250,000 on exploration.
The Company may exercise the option and acquire a 75% interest in The Projects by paying Castle an additional $100,000 in scrip valued at a 30-day VWAP.
Great Boulder may also extend the option for an additional 12-month period by paying a second option fee of $100,000 in GBR scrip as well as a commitment to spend $400,000 during the second option period.
Upon exercising the option GBR and Castle will form a 75:25 contributing joint venture. If Castle elects not to contribute, their joint venture interest will dilute annually on a pro-rata basis. If the Castle joint venture interest drops below 10% it will automatically convert to a 1% net smelter royalty.
There is also a pre-existing 1% Gross Revenue Royalty over both projects which has been acquired by Castle.
Side Well Exploration Update
The Company is currently awaiting receipt of the final anthropology and archaeology report from the Yugunga Nya body corporate to confirm the findings of heritage surveys completed in September and October. Once this report is received an AC drilling program will commence.
The first prospect to be tested will be Saltbush, where a cluster of historic shafts have yielded rock chip assays up to 14.85g/t Au and three nearby RC holes drilled by Esso Exploration in 1986 returned a best result of 3m @ 7.42g/t Au from 14m (GBR announcement 23/2/2023). Since these holes were drilled there has been no work in the area prior to GBR.
E: [email protected] 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
GREATBOULDER.COM.AU
ASX Announcement
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This announcement has been approved by the Great Boulder Board.
For further information contact:
Andrew Paterson Managing Director Great Boulder Resources Limited [email protected] www.greatboulder.com.au
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Media Lucas Robinson Corporate Storytime +61 408 228 889 [email protected]
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Follow GBR on LinkedIn
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Follow GBR on Twitter
TABLE 1: SIDE WELL MINERAL RESOURCE SUMMARY, NOVEMBER 2023
| Deposit | Type | Category | Tonnes | Gradeg/t Au | Oz Au |
|---|---|---|---|---|---|
| Mulga Bill | Open Pit | Indicated | 1,667,000 | 3.1 | 169,000 |
| Inferred | 2,982,000 | 1.9 | 183,000 | ||
| Underground | Indicated | 733,000 | 3.5 | 83,000 | |
| Inferred | 1,130,000 | 3.6 | 132,000 | ||
| Subtotal Indicated | 2,399,000 | 3.3 | 252,000 | ||
| Subtotal Inferred | 4,112,000 | 2.4 | 316,000 | ||
| Ironbark | Open Pit | Indicated | 753,000 | 3.7 | 88,000 |
| Inferred | 186,000 | 1.9 | 11,000 | ||
| Total | 7,450,000 | 2.8 | 668,000 |
Reported at a cut-off grade of 0.5g/t gold for open pit and 1.0g/t for underground. Rounding errors may occur. There is no underground component (+150mbs) for Ironbark.
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FIGURE 6: SIDE WELL IS STRATEGICALLY LOCATED CLOSE TO EXISTING MINES AND INFRASTRUCTURE
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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6 DECEMBER 2023
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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.
In order to comply with Listing Rule 5.7 and the associated FAQ 36 (Announcements of material acquisitions – former owners’ Exploration Results) GBR has chosen to only report detailed results from drilling completed by Castle Minerals Ltd, the most recent former owner of the projects, despite the option agreement not being a material acquisition for Great Boulder. Castle’s drilling results from the Wanganui project quoted in the body of this announcement and in the JORC Table 1 below are taken from their ASX announcement dated 19/8/2020, which includes Castle’s Competent Person statement applicable to those results.
Details of earlier exploration programs by companies prior to Castle are summarised in the JORC Table 1, Section 2 below and referenced with the source WAMEX report A-number. These WAMEX reports can be accessed online at https://geoview.dmp.wa.gov.au/GeoView. Each WAMEX report includes a technical explanation of the work completed and results achieved. Great Boulder has chosen not to quote any results or conclusions from these phases of exploration as the Company has been unable to assess each dataset’s compliance relative to the 2012 JORC Code in the time available.
The information that relates to Mineral Resources was first reported by the Company in its announcement to the ASX on 17 November 2023. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not material changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
E: [email protected] 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
GREATBOULDER.COM.AU
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ABOUT GREAT BOULDER RESOURCES
Great Boulder is a mineral exploration company with a portfolio of highly prospective gold and base metals assets in Western Australia ranging from greenfields through to advanced exploration. The Company’s core focus is the Side Well Gold Project at Meekatharra in the Murchison gold field, where exploration has defined a Mineral Resource of 7.45Mt @ 2.8g/t Au for 668,000oz Au. The Company is also progressing early-stage exploration at 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.
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CAPITAL STRUCTURE
508M
SHARES ON ISSUE ASX:GBR
$29.4M
MARKET CAP At $0.058/sh
$2.5M CASH As at 30 Sep 2023
Nil
DEBT As at 30 Sep 2023
$1.3M LISTED INVESTMENT Cosmo Metals (ASX:CMO)
25.3M
UNLISTED OPTIONS
$35k
DAILY LIQUIDITY Average 30-day value traded
~31% TOP 20 OWNERSHIP
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Exploring WA Gold & Base Metal assets, located in proximity to operating mines & infrastructure
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Developing a significant high grade, large scale gold system at Side Well
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Technically focused exploration team with a strong track record of discovery
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Undertaking smart, innovative & systematic exploration
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Ongoing drilling at multiple projects providing consistent, material newsflow
E: [email protected] 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
GREATBOULDER.COM.AU
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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 | Castle Minerals Drilling at Wanganui: RC samples were collected into calico bags over 1m intervals using a cyclone splitter. 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 | Castle Minerals: RC Drilling using a standard 5.25 inch down hole hammer and face sampling bit. |
| Drill sample recovery | Castle Minerals: Sample recovery data is noted in geological comments as part of the logging process. Efforts were taken to ensure the cyclone was level and cleaned regularly during drilling. Driller paused on metre interval to allow the hole to clear of sample. It is unknown at this stage whether there is a relationship between sample weight and grade in RC drilling. |
| Logging | Castle Minerals: Drill chips were logged in detail over the entire hole at 1m intervals. Qualitative logging of samples includes lithology, colour, degree of oxidation and depth of water table. |
| Sub-sampling techniques and sample preparation |
Castle Minerals: 1m cyclone splits and 4m speared composite samples were taken in the field. Samples were pulverized so that each sample had a nominal 85% passing 75 microns. Samples weighing approximately 2kg - 3kg were collected which is an industry standard considered appropriate for homogenised distribution and grain size of the material sampled. A number of higher grade results were returned from the current programme suggesting there may be coarse gold present which will require additional sampling to verify. |
| Quality of assay data and laboratory tests |
Castle Minerals: The analytical technique used was fire-assay with an atomic-absorption finish (FA50/AAS) which is industry standard for gold. This is generally considered to be a total digestion |
| Verification of sampling and assaying |
Castle Minerals: Certified reference blank and analytical standards were inserted into the sample stream during field operations at a rate of 1 every 25 samples. No twinned drilling was undertaken |
| Data spacing and distribution |
Castle Minerals: Collar locations were selected and plotted relative to historic drill holes. Collars were typically spaced 20m apart and no collar was located closer than 12m from the nearest historic drill hole. The collar locations of all holes were located using a hand-held GPS (accurate to ±5m). RC drilling detailed in this report is from a number of prospects in the Wanganui Project. Each of the prospects has been previously drilled and the current drilling was designed to follow up the earlier drilling. Further drilling would be required before a Resource Estimation could be calculated |
| Orientation of data in relation to geological structure |
Castle Minerals: Drilling was orientated parallel to most historic drill holes and perpendicular to the interpreted strike of the mineralisation. No orientation-based sampling bias has been identified in the data based on the interpreted mineralised structures. |
| Sample security | Castle Minerals: Samples were delivered to the freight company depot by site personnel for transport to the laboratory. Samples submission sheets were sent separately to the laboratory and checked off once the samples were received used to track the progress of every batch of samples. |
| Audits or reviews | Castle Minerals: No independent auditing of the sampling procedures and data has been undertaken |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | Commentary |
|---|---|
| Mineral tenement and land tenure status |
Polelle: Tenements E51/1843, P51/3190,3191,3192,3193,3194,3195,3196,3197 and 3198 are all granted and lie approximately 15km south of Meekatharra. |
E: [email protected] 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
GREATBOULDER.COM.AU
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| P 51/3190, P51/3191, P51/3192, P 51/3195, P51/3197, P51/3198 have current applications for expenditure exemptions lodged. All other tenements are in good standing. Wanganui: The Project area is located approximately 35km southwest of Meekatharra in the Northern Goldfields, Western Australia. The tenement (E51/1703) is wholly owned by Castle Minerals. An application for expenditure exemption is in process for E51/1703. |
|
|---|---|
| Exploration done by other parties |
The information below is based on annual technical reports submitted to DMIRS and available through the online WAMEX portal:https://geoview.dmp.wa.gov.au/GeoView.Each report is identified by its unique A-number (e.g. Shell Company of Australia report A11039). The annual technical reports contain detailed context about the work completed and results achieved, including digital data for more recent reports. Polelle: The tenement area has had minimal historical prospecting and mining with only two shallow shafts and a few loam piles identified to date. During the 1970’s exploration in the district was directed toward discovery of nickel sulphide and volcanogenic massive sulphide (VMS) mineralisation. Exploration work included geological mapping, ground magnetics, rock chip sampling, ground IP across targets and percussion drill testing of targets. Most of the work was carried out on local grids and is difficult to accurately position on current maps. A11039, A13651-13654The Shell Company of Australia Metals Division 1974-1976 Shell explored the central part of the current tenement for copper - zinc base metal sulphide mineralisation. Work undertaken included geological mapping, rock chip sampling, soil geochemistry, ground geophysics, and percussion drilling. A33855Giralia Resources 1987-1989 Giralia focused their work along the Albury Heath Shear on the eastern side of the current tenement. Work included geological mapping and rock chip sampling. Soil sampling and close spaced RAB drilling on the Lordy Bore Prospect. A33275, A36539, A38334, A33366Sons Of Gwalia NL 1990 -1993 SOG acquired the tenement from Giralia and completed pattern shallow RAB geochemical sampling along the Albury Heath Shear using a local grid. At Lordy Bore a program of RC drilling was completed. A66860St. Barbara Mines Limited Polelle Project 2003 St. Barbara held a large project covering approximately 137 sq. km with work focusing on the Mulla Mulla Deposit. Within the current tenure the work was restricted to several holes on the far western boundary of the current tenure which appear to be the last holes drilled on each line as part of a regional program. A71007Elara Mining Limited 2005 Polelle Project Annual Report. The Elara tenement covered the Norrie Pluton just outside the western boundary of the tenement, but several regional lines of air core drilling finished within the current tenure. A total of 171 air core holes were drilled but only 7 holes were drilled on the current tenure. Drill samples were analysed for gold by graphite furnace AAS and Arsenic by flame AAS. A75321Jindalee Resources Limited Polelle Project Surrender Report 2007 The Jindalee tenement covered most the western half of the current tenure. Jindalee completed 15 rock chip samples, surface lag and soil sampling and the purchase of closed file aeromagnetic data, in addition 28 RAB and 2 air core holes were completed. Holes were drilled on lines spaced 1600m apart with holes spaced 100m apart. The holes were analysed for Au (ppb), Ag, Cu, Pb, Zn, Ni, and Co. Jindalee also explored the tenement for uranium. A88685T.E. Johnstone and Associates 2010 Tenure covered most of the eastern side of the current land holding. The soil and lag lines were collected from two traverses orientated perpendicular to the strike on the stratigraphy and located by GPS. The results do not appear to have been followed up. A92377Corporate and Resource Consultants 2012 |
E: [email protected] ABN 70 611 695 955
ASX Code: GBR P: +61 8 9321 6037
Contact: Andrew Paterson, Managing Director Level 1, 51 Colin St West Perth WA 6005
GREATBOULDER.COM.AU
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The ground held covered most of the eastern side of the current tenure. Work completed included collecting 1083, minus 80 mesh soil samples on a 1000m X 50m grid pattern and the sample sites were located by GPS. Samples were submitted to Genalysis for low level gold and a multi-element suite of elements. In addition, a consultant geologist was engaged to complete a geological interpretation and target map based on Landsat, aerial photography and aeromagnetic data. The consultant’s report identified 13 targets for gold as well as nickel and base metals, none of which appear to have been followed up.
A98086 Alchemy Resources 2013 Final Surrender Report
Alchemy held ground covering most of the western half of the current tenure. Work completed included rock chip sampling and 180-micron soil sampling on a 500m X 1000m pattern. Samples were analysed by ALS Au analysed by ICPMS with a 0.1 ppb detection limit with a 51-element suite by ICPAES, ICP MS.
Wanganui E51/1703:
The tenement covers a number historical gold mines that were worked during the turn of the 1900’s century. Table 2 tabulates historical production from available government records.
TABLE 2: WANGANUI HISTORICAL GOLD PRODUCTION
| GML | Name | Ore Treated (tons) | Gold Produced (oz) |
|---|---|---|---|
| 946/2455 | Keepit Dark | 50 | 42.9 |
| 330N | Granite King | 75 | 98.99 |
| 421N | Granite King | 33 | 24.01 |
| 785N/2456 | Queenslander | 54 | 70.47 |
| 343N | Referendum | 41 | 42.97 |
| 415N | Wanganui | 265 | 85.4 |
| 415N | Wanganui | 190 | 196.32 |
| 415N | Wanganui Gold MiningCo | 1,657 | 488 |
| Total | 1049.06 |
The area has been held by a number of explorers/ developers since the mid 1980’s. Details are provided below:
A24205 Endeavour Resources 1986 -1988
Between 1986 – 1988 Endeavour Resources and others completed several phases of soil sampling, bedrock drilling, RAB, and RC drilling.
A035065 Giralia Resources NL 1988
Giralia drilled 141 RC holes for 4896m between 1987 and 1988 and published a prefeasibility study including the Wanganui Main and Wanganui North deposits.
A031718 Dominion Gold Operations Pty 1990
Dominion purchased the Wanganui prospect in August 1988 from Giralia. Dominion reviewed Giralia’s data and produced a mining plan. Dominion commented that there was further potential at depth and along strike of the vein.
In 1989 Dominion undertook mapping, rock chip sampling and soil sampling, and drilled two core holes for metallurgical test work. The geochemistry covered an area 2250m long and 1250m wide using 100x50m grid and sampling the -80# soil fraction. No further work was undertaken.
A72236 St Barbara Mines Ltd 1988 -2003
St Barbara Mines Ltd, operators of the Bluebird Plant held the ground under various tenure between 1988 – 2003. The project was acquired from Dominion as part of the acquisition of Dominion’s Meekatharra operations. St Barbara completed extensive exploration over the leases completing RC and RAB drilling on the Main Wanganui Line of reef as well as shallow drill testing of the Eastern Lode as well as the Far Eastern Lode.
In 2002 St Barbara commenced open pit mining on the Wanganui North and South Deposits on the Main Wanganui Line. Available mine records are incomplete however production is believed to be 109,188 tonnes grading 1.62 g/t Au for 5,701oz between the two pits with the ore trucked to the Bluebird plant for treatment.
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
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| A75447Mercator Gold Limited 2006-2007 Mercator acquired the Bluebird project from St Barbara Mines sometime around 2006. Mercator recommenced mining open pits close to the plant but ran into difficulties and was placed into administration. Apart from a tenement review, no on ground exploration was completed on the Wanganui tenements. The tenements were surrendered in 2007. |
|
|---|---|
| Geology | Polelle: The tenement is located within the Meekatharra-Wydgee Greenstone Belt. Within the tenement area ultramafic, basalt, high Mg basalt, felsic volcanic and sediment have been mapped. Structurally the area is bound by the Albury Health shear to the east and Mt Magnet Shear to the west. A regional syncline has formed in the central part of the tenement. There are several North South and NNW striking faults cutting the stratigraphy. The company believes the area is prospective for shear-hosted gold mineralisation, volcanogenic massive sulfide and possibly SEDEX base metal mineralisation. Wanganui: Wanganui tenement largely resides on a Granodiorite/Tonalite pluton to the immediate west of the Meekatharra-Wydgee Greenstone Belt. The tenement is traversed by multiple, SSW-NNE trending, high angle, Quartz/Mylonite shears that have (from previous exploration and mining activities) demonstrated a capacity for localized, high to very high grade mesothermal lode mineralisation. |
| 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 methods |
Intercepts tabulated in Appendix 2 are based on a lower cut off of 0.3g/t Au and a maximum internal dilution of 1m < 0.3g/t Au No top assay cut was applied. No metal equivalents are used. |
| Relationship between mineralisation widths and intercept lengths |
All holes were drilled perpendicular to the interpreted orientation of known, mineralised structures. |
| Diagrams | Refer to figures in announcement. |
| Balanced reporting | It is not practical to report all historical exploration results from the Polelle/Wanganui 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 exploration data |
All relevant and material exploration data has been referred to in the body of the text or on accompanying figures. |
| Further work | Further work is discussed in the document. |
E: [email protected] 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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Appendix 2: Table of Drill Results from Wanganui
TABLE 3: COLLAR DETAILS & SIGNIFICANT INTERSECTIONS – CASTLE MINERALS
| Hole ID | Lode | East | North | RL | Depth | Dip | Azimuth | From | To | To | To | Interval | Interval | Au |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | (g/t) | |||||||||||
| CWRC001 | East | 625365 | 7035859 | 453 | 48 | -62 | 119 | 33 | 37 | 4 | 0.56 | |||
| CWRC002 | East | 625343 | 7035868 | 453 | 72 | -61 | 124 | 47 | 50 | 3 | 0.45 | |||
| CWRC003 | East | 625353 | 7035777 | 458 | 24 | -61 | 127 | 13 | 20 | 7 | 0.88 | |||
| Including | 15 | 19 | 4 | 1.21 | ||||||||||
| CWRC004 | East | 625331 | 7035780 | 462 | 42 | -61 | 123 | 29 | 35 | 6 | 0.87 | |||
| Including | 29 | 30 | 1 | 2.97 | ||||||||||
| CWRC005 | East | 625320 | 7035789 | 453 | 54 | -61 | 122 | 40 | 48 | 8 | 0.71 | |||
| 43 | 45 | 2 | 1.54 | |||||||||||
| CWRC006 | East | 625295 | 7035798 | 455 | 78 | -61 | 120 | 66 | 68 | 2 | 0.42 | |||
| CWRC007 | Far East | 625682 | 7035687 | 456 | 24 | -61 | 116 | 13 | 14 | 1 | 0.66 | |||
| CWRC008 | Far East | 625664 | 7035693 | 456 | 30 | -63 | 117 | NSI | ||||||
| CWRC009 | Far East | 625651 | 7035701 | 459 | 60 | -61 | 121 | NSI | ||||||
| CWRC010 | North | 624563 | 7035180 | 461 | 72 | -61 | 118 | 53 | 54 | 1 | 0.31 | |||
| 58 | 60 | 2 | 1.34 | |||||||||||
| 62 | 65 | 3 | 2.71 | |||||||||||
| Including | 63 | 65 | 2 | 4.76 | ||||||||||
| CWRC011 | North | 624543 | 7035140 | 462 | 78 | -61 | 115 | 63 | 69 | 6 | 0.43 | |||
| CWRC012 | North | 624546 | 7035114 | 462 | 72 | -61 | 116 | 62 | 66 | 4 | 14.10 | |||
| Including | 62 | 65 | 3 | 18.66 | ||||||||||
| Including | 63 | 64 | 1 | 31.76 | ||||||||||
| CWRC013 | North | 624523 | 7035122 | 462 | 96 | -63 | 117 | 68 | 85 | 17 | *0.33 | |||
| CWRC014 | South | 624376 | 7034721 | 457 | 72 | -62 | 114 | 57 | 64 | 7 | 0.39 | |||
| CWRC015 | South | 624368 | 7034698 | 455 | 72 | -62 | 113 | 4 | 8 | 4 | *0.83 | |||
| 56 | 66 | 10 | 3.34 | |||||||||||
| Including | 56 | 57 | 1 | 1.49 | ||||||||||
| And | 59 | 62 | 3 | 9.69 | ||||||||||
| Including | 59 | 60 | 1 | 17.20 | ||||||||||
| CWRC016 | South | 624354 | 7034705 | 446 | 90 | -61 | 110 | 72 | 79 | 7 | 0.58 | |||
| Including | 74 | 75 | 1 | 1.35 | ||||||||||
| CWRC017 | South | 624355 | 7034687 | 449 | 79 | -60 | 117 | 66 | 74 | 8 | 4.10 | |||
| Including | 66 | 73 | 7 | 4.62 | ||||||||||
| Including | 70 | 71 | 1 | 15.68 | ||||||||||
| CWRC018 | South | 624310 | 7034698 | 456 | 114 | -60 | 115 | 104 | 105 | 1 | 1.06 | |||
| CWRC019 | South | 624343 | 7034733 | 456 | 96 | -60 | 113 | 82 | 83 | 1 | 0.27 | |||
| 85 | 90 | 5 | 0.37 | |||||||||||
| CWRC020 | North | 624533 | 7035163 | 451 | 90 | -61 | 114 | 80 | 86 | 6 | 0.62 | |||
| Including | 81 | 82 | 1 | 1.22 | ||||||||||
| CWRC021 | East | 624992 | 7035039 | 458 | 24 | -58 | 121 | NSI | ||||||
| CWRC022 | East | 624976 | 7035046 | 459 | 42 | -59 | 116 | NSI | ||||||
| CWRC023 | East | 624961 | 7035063 | 453 | 60 | -60 | 108 | NSI | ||||||
| CWRC024 | East | 625145 | 7035340 | 454 | 36 | -60 | 117 | 8 | 12 | 4 | *1.61 | |||
| 21 | 27 | 6 | 0.83 | |||||||||||
| Including | 21 | 24 | 3 | 1.22 | ||||||||||
| CWRC025 | East | 625119 | 7035351 | 454 | 60 | -60 | 117 | 41 | 51 | 10 | 2.68 | |||
| Including | 43 | 51 | 8 | 3.25 |
ASX Code: GBR Contact: Andrew Paterson, Managing Director E: [email protected] P: +61 8 9321 6037 Level 1, 51 Colin St West Perth WA 6005 ABN 70 611 695 955
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| Including | 47 | 48 | 1 | 6.58 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CWRC026 | 625125 | 7035422 | 456 | 72 | -60 | 116 | 62 | 64 | 2 | 0.63 | |
| CWRC027 | East | 625176 | 7035450 | 453 | 54 | -60 | 116 | 36 | 44 | 8 | 0.88 |
| Including | 37 | 38 | 1 | 1.72 | |||||||
| And | 41 | 44 | 3 | 1.21 | |||||||
| CWRC028a | East | 625198 | 7035503 | 459 | 30 | -60 | 115 | Abandoned | |||
| CWRC029 | East | 625194 | 7035495 | 455 | 60 | -59 | 113 | 38 | 48 | 10 | 0.47 |
| CWRC030 | East | 625127 | 7035324 | 459 | 42 | -60 | 118 | 29 | 32 | 3 | 0.51 |
| CWRC031 | East | 625105 | 7035331 | 459 | 54 | -59 | 118 | 44 | 45 | 1 | 0.58 |
| 48 | 49 | 1 | 0.41 | ||||||||
| CWRC032 | East | 625586 | 7035490 | 461 | 36 | -60 | 116 | NSI | |||
| CWRC033 | East | 625566 | 7035498 | 461 | 48 | -60 | 117 | NSI | |||
| CWRC034 | Trend 1 | 626279 | 7035630 | 460 | 48 | -60 | 114 | NSI | |||
| CWRC035 | Trend 1 | 626257 | 7035633 | 457 | 72 | -60 | 109 | NSI | |||
| CWRC036 | Explo | 626721 | 7034245 | 455 | 30 | -60 | 102 | NSI | |||
| CWRC037 | Exp | 626739 | 7034247 | 463 | 30 | -60 | 102 | NSI | |||
| CWRC038 | Exp | 626753 | 7034248 | 457 | 30 | -60 | 102 | NSI | |||
| CWRC039 | Exp | 626713 | 7034248 | 459 | 30 | -60 | 100 | NSI |
Results report by Castle Minerals in ASX Announcement dated 19/08/2020. Intercepts listed comprise a lower cut-off of 0.3g/t Au and a maximum internal dilution of 1m less than 0.3g/t.
* indicates a composite sample. Collar coordinates are in GDA94 Zone 50 projection.
E: [email protected] 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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