Nov 6, 2024

Great Boulder Resources Hits 4m @ 6.46g/t Au at Mulga Bill, Side Well Gold Project, Western Australia

Introduction:

Great Boulder Resources (ASX: GBR) has reported significant gold intercepts from resource growth drilling at its Mulga Bill deposit within the Side Well Gold Project in Western Australia, highlighted by 4m at 6.46g/t Au from 88m. The results confirm subvertical gold mineralization extending up the western side of the deposit, outside the current resource.

Drill Results:

4m @ 6.46g/t Au from 88m (new Malvern Lode extension) [24MBRCD033]
19m @ 1.25g/t Au from 232m (including 5m @ 2.28g/t Au from 240m and 4m @ 2.75g/t Au from 247m) [24MBRC039]
6m @ 2.17g/t Au from 80m (including 2m @ 4.06g/t Au from 80m) [24MBRC036]‍
3m @ 3.07g/t Au from 76m [24MBRC034]

Project Overview:

The Side Well Gold Project is located near Meekatharra in Western Australia. It hosts a Mineral Resource Estimate of 668,000oz @ 2.8 g/t Au. The project represents a significant gold development opportunity with established infrastructure access in a well-known mining jurisdiction.

The Mulga Bill deposit is part of the larger Side Well project. It features a 50m-wide shear corridor containing subvertical, north-south striking lodes known as the Malvern Lodes, which are thought to represent an early intrusive-related mineralizing event.

Program Details:

The current drilling program comprised nine RC holes for 2,807m testing the Malvern Lodes at Mulga Bill. The program has confirmed a strike extension of approximately 350m to a previously defined lode system. Drilling has intersected a new area of gold mineralization which appears to be an extension to subvertical lodes previously defined further south. The results demonstrate potential to add ounces to the resource at relatively shallow depths with simple tabular lode-style geometry.

Understanding These Results:

The reported intersections represent significant extensions to the known mineralization at Mulga Bill, particularly along the western side of the deposit. The 19m intersection in 24MBRC039 is situated directly above a previously reported intersection approximately 200m down dip, confirming excellent structural continuity of this style of mineralization.

The new Malvern Lode position is interpreted from a combination of data including gold assays, geological logging, and alteration geochemistry. A coherent north-south zone of sericite alteration has been identified on the western side of the main mineralized zone, which is a key association with gold mineralization at Mulga Bill.

Management Commentary:

Andrew Paterson, Great Boulder's Managing Director, stated:

“These nine RC holes were designed to test subvertical Malvern Lodes on the western side of Mulga Bill and also at depth below the current resource. We’ve intersected a new area of gold mineralisation which appears to be an extension to subvertical lodes previously defined further south.”

“These results mean we will be able to add ounces to the resource at relatively shallow depths with simple tabular lode-style geometry.”

“This represents a strike extension to this lode of approximately 350m, which highlights the fact that Mulga Bill continues to surprise on the upside as we continue drilling.”

“The results have also increased gold grades in the supergene horizon in several areas, and extended the known Malvern lodes at depth in the “link zone” between Mulga Bill’s Central and HighGrade Vein areas with results including 19m @ 1.25g/t Au.”

Next Steps & Catalysts:

The RC rig has completed a small program of resource definition drilling at Saltbush and has returned to Mulga Bill North to continue drilling priority areas to support the estimation of an initial Inferred mineral resource in this area.

Future plans include a short resource definition program on the newly identified high-grade zones at Mulga Bill before moving to Side Well South for discovery-focused AC drilling. A small program of shallow RC holes is being planned to test the new Malvern Lode position. Results are also expected from first-pass AC drilling in the Side Well South area in the coming weeks.

Commodity Outlook:

Gold continues to maintain strong fundamentals as a safe-haven asset. The Meekatharra region of Western Australia represents a premier mining jurisdiction with established infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest results from Mulga Bill demonstrate potential to expand the current resource base at the Side Well Gold Project. With mineralization remaining open and multiple targets still to be tested, the project continues to show characteristics of a gold system with growth potential. The upcoming maiden resource estimate for Mulga Bill North and ongoing exploration at Side Well South represent key catalysts for Great Boulder Resources in the near term.

Sources:

GBR Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 21, 2024