This was posted by Proactive Great Boulder Resources extends...

This was posted by Proactive

Great Boulder Resources extends gold streak at Mulga Bill2021-06-01 12:01:00 The latest assays follow bonanza-grade results released in early May that prompted Great Boulder shares to hit a fresh 2.5-year high of 15 cents at the time. Two high grade, parallel lode structures are interpreted in the central Mulga Bill area. Great Boulder Resources Ltd (ASX:GBR) has uncovered more high-grade gold at one of the Side Well Gold Project’s most lucrative prospects.In April, the gold and base metal explorer kick-started a 29-hole reverse circulation (RC) drilling campaign at the WA gold asset’s Mulga Bill prospect.High-grade resultsThis program has yielded more strong results with assays from a further 13 holes including 16 metres at 5.52 g/t gold from 84 metres and 8 metres at 4.06 g/t from 132 metres within a 68-metre mineralised zone from 80 metres with an average of 2.05 g/t.Other highlights include:8 metres at 7.51 g/t from 68 metres; and 8 metres at 4.67g/t from 124 metres, including 4 metres at 8.52 g/t from 124 metres.These results follow up the previous assays that included a bonanza 6-metre intersection at 31.2 g/t gold from 130 metres, including 1-metre at 136 g/t from 132 metres.Crucially, these latest results point to two sub-parallel, high-grade gold lodes, which Great Boulder believes bear significant strike potential.“Strong continuity”Great Boulder’s managing director Andrew Paterson said: “These are more great results from Mulga Bill.“It’s particularly exciting that these hits line up with results from historic drilling, so we’re starting to see strong continuity on two lodes in the central area of the prospect.“There’s a lot of scope for more discoveries at Mulga Bill.”Initial findings spark share spikeAlthough the RC program at Side Well only kicked off two months ago, the initial findings from Mulga Bill have piqued investor interest.After emerging from a trading halt on May 5, Great Boulder unveiled its bonanza hits and saw shares spike as much as 80% to hit 15 cents per share during the session — a 2.5-year high at the time.At the time, Great Boulder’s managing director called the findings “stunning”.He said: “Coming on the back of our recent success at Whiteheads, these exceptional results from Mulga Bill validate our approach and the solid technical work we’ve been doing for the past two years.”Funded for further explorationMulga Bill’s latest high-grade gold results follow a $5.5 million fundraise to fuel further exploration at the ASX-lister’s Side Well and Whiteheads assets.In late May, the explorer executed a placement at 8 cents per share to raise the funds, taking Great Boulder’s bank balance to around $8.7 million.Essentially, the cash injection will fast-track exploration at the gold and nickel plays, as well as kick-start a maiden campaign at Great Boulder’s wholly-owned Wellington Base Metals Project.It means the explorer can also afford to better target the lode structures unveiled at Mulga Bill, which remain open at strike and along depth.At this stage, Great Boulder estimates the western lode could run over 600 metres of strike, while the eastern lode has apparent continuity over 500 metres.What’s next?Great Boulder expects assays for the remaining 13 RC holes drilled at Mulga Bill in the coming weeks.Ultimately, the explorer believes further results from the 4,000-metre program will confirm the continuity of the prospect’s high-grade gold lodes — areas that will likely become subject to detailed exploration in the future.In the meantime, Great Boulder is also conducting exploration at Side Well’s Matilda prospect.Currently, a 60-hole aircore campaign is underway to chase up a historical gold intersection unveiled a decade ago.The company is keeping busy with work at its assets in WA.Paterson said: “We have another RC program commencing soon at Whiteheads, and we’ll be back on the ground for more drilling at Side Well shortly after that.”