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Great Boulder Resources commences drilling for gold at Jundee South

Drill results are expected to be received by mid-late March.

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16 ounces of gold nuggets were recovered in the drilling area

Great Boulder Resources (ASX:GBR) has commenced a drilling program at its 100% owned Jundee South gold project in Western Australia’s Eastern Goldfields.

The initial reverse circulation drilling program of 3,200 metres will target the priority area from which more than 16 ounces of gold nuggets were recently recovered at surface.

Jundee South borders Northern Star Resources’ (ASX:NST) Jundee gold mine and is interpreted to contain the same key geological structures.

The current program will test 500 metres of the 3.8 kilometres of Jundee mine sequence interpreted to extend through the Jundee South project.

Stefan Murphy, managing director, commented: “We have ticked all the boxes ahead of a maiden drilling program.”


Background

Great Boulder listed on the ASX in November 2016 after raising $6.1 million.

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 6+ 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.


Jundee South project

The Jundee South project lies within the northern portion of the Yandal greenstone belt.

This drilling program is focused on identifying primary lode gold mineralisation, however results will also be used to improve the company’s geological understanding to assist in planning further drilling.

Drilling is expected to take 2-3 weeks to complete, with first results expected by mid-late March.

As with much of the Eastern Goldfields, Jundee South has been adversely impacted by recent weather conditions and the timetable to complete this program will depend on favourable weather persisting.


Analysis

With more than 16 ounces of gold nuggets recovered over a strong geochemical anomaly at Jundee South, drilling results will be highly anticipated.

In addition, this area hosts the key geological structures which control the mineralisation at a neighbouring world-class mine.

Northern Star’s continued exploration success next door at Jundee bodes well for this next round of drilling at Jundee South.

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

Great Boulder shares are up 35% year to date, currently priced at $0.17.

Quick facts: Great Boulder Resources Ltd

Price: 0.045 AUD

ASX:GBR
Market: ASX
Market Cap: $8.46 m
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