Great Boulder Resources (ASX:GBR) shares have leapt higher in morning trade following first assays from the Mt Venn prospect, which is part of the company's Yamarna project, located 130 kilometres east of Laverton in Western Australia.
Adding interest - Mt Venn has drawn comparisons to the Nova EM Conductor.
While it is only early days, for scale comparison, the original Nova-Bollinger discovery was drilled over a coincident magnetic, soil and EM anomaly of a similar scale to the Mt Venn prospect.
Yamarna will now feature much more predominately in the Great Boulder portfolio, as the first hole returned grades of up to 1.7% copper, 0.2% nickel and 528ppm cobalt.
The hole has drilled by Gold Road Resources (ASX:GOR) in Exploration Licence E38/2320, which Great Boulder recently acquired through the Yamarna Joint Venture.
Stefan Murphy, managing director for Great Boulder, said the combination of the strong initial assays and the conductor showed Mt Venn is a highly promising target.
"We now recognise that this sulphide mineralisation is the source of the large conductor and that there is another very similar conductor just 2 kilometres away."
Great Boulder last traded 27% higher in morning trade at $0.19 per share, with over one million shares changing hands.
Great Boulder is earning an initial 75% interest in the Yamarna JV through the expenditure of $2 million over 5 years.
The Licence acquired from Gold Road borders the Yamarna JV’s tenements.
Importantly, the hole is drilled on the eastern edge of a significant EM conductor.
The conductor straddles the border between the recently acquired Licence and the original Yamarna JV tenements.
The centre of the conductor, which returned the strongest EM response, is located 450 metres south of the drill hole within the original Yamarna JVs tenements.
With the acquisition of E38/2320, Great Boulder now holds 9 kilometres of the prospective horizon of the Mt Venn Igneous complex.
By identifying the source of the EM conductors and their association with certain magnetic trends in the Mt Venn Complex, the company has made a critical advancement in its understanding of the mineralised system.
This allows Great Boulder to apply the knowledge throughout the greater Yamarna Project.
While the discovery is still in its infancy, the tenor of mineralisation on the edge of the conductor and the potential strike and plunge extents remain highly encouraging.
Following the completion of a ground EM survey to better define the conductor plates will be drilling.
Field reconnaissance, mapping and soil sampling will also be undertaken to assess the extent of the mineralised system.
Great Boulder held $5.5 million in cash at the end of December 2016.
More news on the horizon
The newly minted Great Boulder is a very active explorer.
At the Jundee South project, drilling has been completed with assays pending.
The project is 10 kilometres along strike from the +7 million ounce Jundee Gold Mine, and contains the Jundee mine host rocks.
At the Tarmoola project, the ground gravity survey has now been completed, with data currently being integrated and processed with a larger data set acquired from a third party.