Great Boulder Resources Ltd's (ASX:GBR) shares have climbed 20% to $0.12 intra-day following the company receiving approvals to start exploration next week at the high prospective Mt Venn copper-nickel-cobalt prospect in Western Australia.
Mt Venn is part of the Yamarna Project near Laverton.
Great Boulder has now received its Mining Entry Permit and Consent to Mine from the Western Australian Minister for Aboriginal Affairs, allowing access to the Cosmo-Newbery Aboriginal Reserve.
This will be the first exploration undertaken at Mt Venn since the initial assays of up to 1.7% copper plus nickel and cobalt in March this year.
Stefan Murphy, managing director, said the company was very pleased to receive the final permits allowing exploration to commence at Mt Venn.
"While the permitting process has taken longer than anticipated, we are glad to now be mobilising crews to site ahead of our very promising exploration program at Mt Venn.
"The planning process has been extensive and the extra time allowed us to refine our approach to ensure we gather as much field data as possible during September, ahead of a reverse circulation program in October to test the EM conductors."
The recently-discovered Gruyere gold deposit by Gold Road Resources Ltd (ASX:GOR) and the Gold Fields Joint Venture is just 25 kilometres to the northeast of Great Boulder's tenements.
Multiple conductors build prospectivity
Mt Venn is a large prospect with multiple conductors along the 9 kilometre strike that have been identified from the XTEM survey.
The current exploration will define and prioritise targets drilling.
The Yamarna project is one of Great Boulder’s five exploration gold projects in the Eastern Goldfields of Western Australia.
It consists of six granted exploration licences and one granted prospecting license.
It is held in joint venture with EGMC and Great Boulder can earn a 75% interest in the project through a minimum expenditure of $2 million in exploration over five years.