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Great Boulder Resources (“Great Boulder” or the “Company”) (ASX: GBR) is pleased to provide an update on recent RC drilling at the Side Well Gold Project (“Side Well”) near Meekatharra in Western Australia.
HIGHLIGHTS
- Assays have been received for the final six holes targeting gold mineralisation at Cervelo prospect on the east side of Mulga Bill. Highlights include:
- 4m @ 5.53g/t Au from 18m in 23MBRC038
- 6m @ 4.64g/t Au from 148m, including 4m @ 6.62g/t Au from 148m, in 23MBRC034
- 4m @ 3.24g/t Au from 153m, including 1m @ 8.27g/t Au from 153m, in 23MBRC035
- Diamond drilling program at Mulga Bill is completed, with core processing underway
- Further AC and RC campaigns will commence in July
Assay results have now been received for the final six RC holes targeting gold mineralisation at the newly discovered Cervelo target, located immediately east of Mulga Bill. These are the final results from the Phase 2 RC drilling program at Side Well.
Great Boulder’s Managing Director, Andrew Paterson commented:
“These six holes were targeting extensional mineralisation identified in our recent AC program as announced on April 27. We were looking for near-surface extensions of high-grade veins intersected at depth within the Mulga Bill HGV Zone.”
“Significantly, the intersection of 4m @ 5.53g/t Au from 18m on hole 23MBRC038 is our shallowest high-grade result at Mulga Bill since we started drilling in August 2020. This new zone of mineralisation lies outside the current mineral resource. Shallow mineralisation is particularly important in any potential mining scenario, as any near-surface ounces can provide early cashflow while pushing towards the bonanza grades deeper down.”
“While the holes further east didn’t intersect the same tenor of grade as we see in the HGV Zone, they have confirmed a broad mineralised corridor which was first identified in the AC drilling. We will continue testing this target with more RC holes in the next program.”
“Now that the diamond program is complete, we’ll finish logging and processing the core, then regroup in Perth for some mid-year training with the team before starting the next drilling programs in July.”
FIGURE 1: RECENT RC RESULTS AT MULGA BILL
Six RC holes were drilled in the Cervelo area immediately east of the Mulga Bill HGV Zone, testing positions down-dip from anomalous intersections, as announced in late April. Cervelo is a large target area which remains largely untested by RC drilling.
Hole 23MBRC038 (4m @ 5.38g/t Au from 18m) has intersected a new zone of gold mineralisation very close to surface and above the current 518koz Mineral Resource. The mineralised orientation remains unclear. The deeper part of this hole did not intersect west-dipping high-grade veins, and the shallow AC intersections further east may represent other subvertical lodes not previously identified. A diamond hole has since been completed on the same northing and assays will be released when available.
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This article includes content from Great Boulder Resources licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
GBR:AU
Jeffreys Find Gold Mine Gold Sales Exceed $100 Million
HIGHLIGHTS
- Stage One & Stage Two mining generates more than $100 million in gold sales.
- Auric has received a further $1.5 million interim cash distribution making the total received to date for Stage Two of $8.1 million. This is in addition to the $4.8 million received for Stage One.
- BML advises Stage Two on target to deliver $11-$12 million cash surplus for Auric.
- Stage Two gold sold passes 17,900 ounces.
- Latest gold sold at A$4,625 per ounce, for an average of A$4,024 per ounce.
- Remaining 60,000 tonne parcel to be milled in coming months.
Management Comment
Mr. Mark English, Managing Director:
“The first ore was shovelled at Jeffreys Find in May 2023. In just a couple of years this short-life mine has now generated more than $100 million in gold sales for the Project.
“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged that we would be selling gold at more than A$4,600 an ounce. By any measure it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. we are expecting millions more in cash over the next few months.
“For the 2024/25 period, Stage Two of the Project, we’ve produced more than 17,900 ounces of gold with more processing to come. Our partner BML is negotiating a toll milling agreement for a parcel of up 60,000 tonnes, which is currently on the ROM Pad at the mine site. When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been.
“Our JV agreement with BML Ventures stipulates that only after all the gold has been sold and all costs have been paid is the final surplus cash distribution paid.
“We’ve just received a further $1.5 million as an interim payment from BML which brings us to $8.1 million in total for Stage Two payments.
“BML has advised to expect an additional $3 million to $4 million in cash payments once the last of the gold is sold.
“Jeffreys Find Gold Mine has been a defining experience for Auric,” said Mr English.
Photo: The Goodbye Cut at Jeffreys Find Pit. Photo – 27 January 2025.
Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 17,901 ounces of gold has been sold from Stage Two mining at Jeffreys Find as of 21 February 2025.
Ore was milled in multiple campaigns at The Greenfields Mill, Coolgardie (Greenfields) and at the Three Mile Hill Plant, Coolgardie (Three Mile Hill) during 2024 and early 2025.
For Stage Two the highest gold price achieved was A$4,625 an ounce whilst the average price was A$4,024 per ounce.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
