Great Boulder Resources Expands Side Well Gold Project with Strategic Tenement Acquisitions
GBR (GBR) Share Update September 2024 Monday 23rd
Great Boulder Resources Acquires Key Tenements to Boost Side Well Gold Project
Great Boulder Resources (ASX: GBR) has announced the acquisition of key tenements at the Side Well Gold Project, significantly enhancing their exploration potential in the Meekatharra region of Western Australia.
Instant Summary:
- Acquisition of eight high-priority tenements along the Ironbark Trend.
- Expansion includes 7km of strike south of Mulga Bill and 3.8km south of the Ironbark Trend.
- Control over more than 35km of contiguous strike at the Side Well Gold Project.
- Upcoming AC drilling on new targets at Side Well South.
- RC drilling results from Mulga Bill expected soon.
Strategic Expansion
Great Boulder Resources (GBR) has strategically acquired eight high-priority tenements along the Ironbark Trend, significantly expanding their flagship Side Well Gold Project near Meekatharra, Western Australia. This acquisition includes 7km of strike south of Mulga Bill and an additional 3.8km south of the Ironbark Trend, giving GBR control over more than 35km of contiguous strike.
Managing Director Andrew Paterson highlighted the importance of this acquisition, stating, 'This is a great acquisition for Great Boulder, giving us another 3.8km of strike immediately south of our new targets at Side Well South. This acquisition gives GBR more than 35km of contiguous tenure over the eastern half of the Meekatharra greenstone belt, with excellent potential to continue making new discoveries as we grow towards our million-ounce gold target.'
Upcoming Drilling Activities
GBR plans to commence air core (AC) drilling on new targets at Side Well South in the coming week. The company is also awaiting reverse circulation (RC) drilling results from resource drilling at Mulga Bill, which are expected shortly. These activities are part of GBR's balanced approach to new discovery opportunities and resource definition drilling, aiming for a resource update by the end of the year.
Acquisition Details
The acquisition involves an 80% interest in seven Prospecting Licences and one Exploration Licence from Mark Selga and Wanbanna Pty Ltd. The consideration for the acquisition is $80,000 plus $80,000 in GBR shares valued at a 5-day volume-weighted average price (VWAP). The tenements will be operated as a joint venture under the same terms and conditions as those acquired from Wanbanna in August 2023.
Exploration Potential
The newly acquired tenements cover the highly prospective mafic-ultramafic sequence hosting the 18km-long Ironbark Corridor to the north. This area has seen small-scale prospecting for many years, mainly limited to surface detecting and scraping for alluvial gold. Previous drilling within the tenements has primarily been shallow rotary air blast (RAB) or vacuum drilling, with limited air core (AC) and reverse circulation (RC) holes. Further validation of the data is required to establish which holes can be used for reporting to JORC 2012 standards.
Next Steps
The RC rig is currently drilling extensional holes within the Mulga Bill resource area. Once this work is completed, a first-pass AC program will commence at Side Well South, testing the two large geochemical anomalies recently identified with auger sampling.
The acquisition of these key tenements is expected to significantly enhance GBR's exploration potential at the Side Well Gold Project. By controlling more than 35km of contiguous strike, GBR is well-positioned to make new discoveries and move closer to their million-ounce gold target. This strategic expansion is likely to positively impact GBR's stock price as investors recognize the increased potential for resource growth and future discoveries.
Investor Reaction:
Analysts are likely to view this acquisition positively, as it strengthens GBR's position in the Meekatharra greenstone belt and enhances their exploration potential. The upcoming drilling activities and expected RC results from Mulga Bill will be closely watched by investors, as positive results could further boost investor confidence and stock performance.
Conclusion:
Investors should keep a close eye on GBR's upcoming drilling results and resource updates. The strategic acquisition of key tenements at the Side Well Gold Project positions GBR for significant growth and potential new discoveries. This is an exciting time for GBR and its investors as the company continues to advance its exploration efforts in Western Australia.