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Thursday, November 05, 2009

Extensive gold mineralisation discovered by South Boulder Mines at Terminator
by Proactive Investors

South Boulder Mines (ASX: STB) has followed up a request for a trading halt, with recent aircore drilling at the Terminator Prospect returning high gold grades of up to 22.10 g/t over 2 metres.

In addition, there was a broad zone of gold mineralisation intersected including 64m @ 1.24 g/t from surface.

The market liked the news considerably, as the stock re-commenced trading and was bid higher on the announcement.

Terminator gold prospect is within the Duketon project. The program has confirmed the potential for a significant gold system identified from the initial discovery hole, TBAC111 (37m @ 2.18g/t Au from 1m).

Mineralisation is currently well defined over a 400m strike, and interestingly is open in all directions and occurs within a broader anomalous zone over 3km.

Numerous holes have finished in gold mineralisation: 64m @ 1.24 g/t from surface; including 12m @ 4.13g/t from surface; 28m @ 2.68 g/t from 52m; including 8m @ 7.40g/t from 72m; 6m @ 7.84 g/t from 48m including 2m @ 22.10 g/t from 52m.

Approximately 60% of results from Terminator Program are still outstanding.

Further gold results from Thompsons Bore are to follow.

The Duketon Belt contains highly prospective geological sequences and mineralised structures. Promisingly, for STB investors, there has been very little systematic drilling within the South Boulder Duketon Gold project to date.

The plus 1.5 million ounce Moolart Well Gold Project is currently being developed by Regis Resources Ltd (ASX: RRL). Once operational this will be only mining operation in the Duketon Belt.