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Great Boulder Resources drills out large scale gold anomaly

The Tarmoola project is showing similarities to nearby gold mines.

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Stefan Murphy, managing director, Great Boulder Resources

Great Boulder Resources (ASX:GBR) has completed a total of 983 auger samples covering 149 square kilometres within the Tarmoola gold project located 40 kilometres from Leonora, Western Australia.

The detailed geochemistry program has identified multiple kilometre-scale gold and pathfinder anomalies.

It has confirmed and defined the same anomalous trend from the regional data, while also identifying several new anomalies.

A gravity survey is scheduled for early February to define priority targets ahead of planned drill testing late in the current March quarter.

Stefan Murphy, managing director, commented: “Tarmoola has always been a very attractive project given its regional setting and scale potential, given its location in the heart of the world-class Leonora-Agnew gold belt which hosts several multimillion ounce deposits.”


Background

Great Boulder listed on the ASX on November 18, 2016 after raising $6.1 million through the issue of 30.7 million shares priced at $0.20.

The company has a portfolio of five exploration gold projects in the Eastern Goldfields of Western Australia:

- Balagundi: Significant historical workings and high grade drill intersections;

- Jundee South: 10 kilometres along strike from the 7+ million ounce Jundee gold mine;

- Tarmoola: Large-scale regional geochemical anomaly near operating gold mines;

- Broadwood: Interpreted to host extension to nearby Kalgoorlie Super Pit; and

- Yamarna: Underexplored belt near recent 6 million ounce gold discovery with gold and nickel-copper potential.


Tarmoola

The Tarmoola project is located 10 kilometres from Saracen Mineral Holdings’ (ASX:SAR) operating King of the Hills gold mine and 30 kilometres from its Thunderbox gold mine.

Great Boulder is currently earning up to a 75% interest in the Tarmoola project by funding a $1.4 million exploration program over five years.

The gold and pathfinder assemblage is consistent with intrusion related gold deposits and shows similarities to Saracen’s neighbouring King of the Hills and Thunderbox mines.

The results of the auger geochemistry show strong and coincident gold-arsenic-bismuth-tellurium anomalies with silver also along the contact margin over several kilometres.


Analysis

The auger program continues to unveil the potential of the Tarmoola project, which has all the hallmarks of a large-scale greenfields gold opportunity.

Early work had identified the granite-greenstone contact to be much more extensive than previously thought, which has now been confirmed by this geochemical program.

The pathfinder assemblage is important as it provides strong indicators required for a hydrothermal gold system at Tarmoola.

Given the size of the Tarmoola project and the number of targets already generated, the gravity survey planned for next month will assist in defining the key targets for intrusion-related gold deposits.

Combining the geochemical, gravity and magnetic data sets will enable Great Boulder to rank these targets and prioritise drilling.

With five gold projects, Great Boulder remains leveraged to exploration based news flow from multiple sources.

Quick facts: Great Boulder Resources Ltd

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