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Great Boulder Resources’ shares surge after drilling wide sulphide zones at Mt Venn

The drilling program has been extended from 18 holes to 23 holes.

a map of western australia
Assay results expected by mid-November

Great Boulder Resources Ltd (ASX:GBR) has intersected visible sulphide mineralisation at the Mt Venn copper-nickel-cobalt prospect within its Yamarna Project east of Laverton in Western Australia.

The company’s shares were trading circa 24% higher intra-day, at $0.235.

Great Boulder has drilled a total of nine reverse circulation holes at Mt Venn to-date.

The initial focus has been the northern electromagnetic conductor trend, where seven holes have been drilled.

Presence of visible chalcopyrite

Six of the seven holes drilled into the modelled electromagnetic plates have intersected sulphide mineralisation over varying widths up to 40 metres.

Sulphide mineralisation is prominent along the entire conductor trend, showing a highly sulphur-saturated system.

The visually-logged sulphide mineralogy is pyrrhotite dominant with chalcopyrite (copper-sulphide mineral).

This is consistent with the previously-reported hole drilled at Mt Venn by Gold Road (ASX:GOR), which intersected 1.7% copper plus nickel and cobalt.

It is also considered promising that no carbonaceous sediments or graphitic units have been encountered in the drilling.

Drilling program extended

All holes are being cased for downhole electromagnetic survey which will be used with the assay data to improve the modelling.

Given the extensive sulphide mineralisation encountered to-date, the program has been extended from a total of 18 holes to as many as 23 holes.

The additional holes have been planned to test the strike and dip extent of the mineralisation.

Based on current drilling rates, the program is expected to be completed in a fortnight from now.

Planning for Phase 2 drilling (including diamond drilling) will commence once final assay results are returned in mid-November.

Quick facts: Great Boulder Resources Ltd

Price: 0.026 AUD

ASX:GBR
Market: ASX
Market Cap: $3.47 m
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