Dec 2, 2024

Great Boulder Resources Hits 8m @ 7.59g/t Au at Saltbush Prospect, Side Well Gold Project, Western Australia

Introduction:

Great Boulder Resources (ASX: GBR) has reported high-grade gold results from resource definition drilling at its Saltbush prospect within the Side Well Gold Project near Meekatharra, Western Australia, highlighted by 8m @ 7.59g/t Au from just 12m depth.

Drill Results:

‍8m @ 7.59g/t Au from 12m (including 5m @ 10.14g/t from 12m) (24SBRC037)‍
7m @ 5.72g/t Au from 52m (including 1m @ 34.40g/t Au from 54m) (24SBRC036)‍
7m @ 4.10g/t Au from 141m (24SBRC028)‍
4m @ 4.70g/t Au from 19m (including 2m @ 8.18g/t Au from 20m) (24SBRC031)‍
5m @ 2.86g/t Au from 41m (24SBRC038)

Project Overview:

The Side Well Gold Project is located near Meekatharra in Western Australia, a premier gold mining jurisdiction. The project currently hosts a Mineral Resource Estimate of 668,000oz at 2.8 g/t Au, with the Saltbush prospect representing a key growth target.

The project area includes the Saltbush deposit and Side Well South prospects, with mineralization controlled by a north-plunging, north-west striking tapering mafic unit. The property includes newly acquired Wanbanna joint venture tenements and benefits from excellent regional infrastructure.

Program Details:

The current program comprised 15 RC holes for 1,464m at Saltbush, primarily focused on infill drilling for resource estimation purposes. Drilling has confirmed mineralization extends beyond previous northern limits, with the system remaining open down-plunge. The program successfully utilized predictive modeling via Micromine Co-Pilot® for the first time to generate targets.

Understanding These Results:

The shallow, high-grade intersections demonstrate significant near-surface mineralization potential, particularly at the southern end of the deposit. The results confirm a consistent north-plunging mineralized system with predictable geometry.

The discovery of mineralization extending beyond the northern fence of drilling (7m @ 0.78g/t from 150m in 24MBRC039) indicates significant potential for resource growth along strike and down-plunge.

Management Commentary:

Andrew Paterson, Managing Director of Great Boulder Resources:

“We’re pleased to see further shallow, high-grade gold in this round of drilling at Saltbush. More importantly, we’ve confirmed the mineralisation plunges north underneath the northern-most fence of drill holes which means there is potential for a significant extension to the strike length of the Saltbush deposit.”

“Our initial holes from first-pass air-core drilling at Side Well South has confirmed gold mineralisation along strike north of the historic Golden Bracelet mine workings, and the AC rig has now returned to continue this program. We’re looking forward to more results from this area as we continue testing these highly prospective targets.”

“The RC rig has just finished a program at the northern end of Mulga Bill, so we’re also anticipating results from that drilling later in December.”

Next Steps & Catalysts:

RC drilling has just completed at Mulga Bill North and Mulga Bill, with results expected in December. Air-core drilling has resumed at Side Well South to continue testing prospective targets.

Metallurgical test work is underway examining gravity gold and cyanide leach recoveries, with results expected in early 2025. A mineral resource update has been deferred to 2025 to incorporate additional drilling results from Mulga Bill North and Side Well South discoveries.

Commodity Outlook:

Gold continues to maintain strong fundamentals in the current economic environment. The Meekatharra region represents an established gold mining district with excellent infrastructure and processing options, supporting potential future development scenarios.

Conclusion:

The latest drilling results from Saltbush demonstrate both high-grade near-surface mineralization and significant extension potential to the north. With ongoing exploration across multiple prospects and pending metallurgical results, Great Boulder is well-positioned to expand its current 668,000oz resource base at Side Well.

Australia

ASX

Gold

Nov 11, 2024