Great Boulder Resources Ltd (ASX:GBR) continues to add strength to its nickel-copper position in the Yamarna region of Western Australia with the signing of an option over the Yamarna Nickel Project.
A binding option agreement with Ausgold Ltd (ASX:AUC) will see the companies form a joint venture covering the highly prospective nickel-copper project.
The project has potential to complement Great Boulder’s neighbouring Mt Venn and Eastern Mafic deposits, strengthening the combined economic prospects.
North of Mt Venn
Yamarna is 40 kilometres north of the Mt Venn copper-nickel-cobalt project and covers 300 square kilometres of prospective mafic-ultramafic intrusive complexes.
Great Boulder managing director Stefan Murphy said this project and recent option over the Mt Carlon project had the potential to play an important role in the company’s strategy to establish a substantial copper-nickel-cobalt operation.
“We have established extensive mineralisation across Mt Venn and the Eastern Mafic and while our exploration program is ongoing and still in its early phase, it is clear that this is a large mineralised province.
“Results at the Yamarna Nickel Project show that this area is also mineralised and has the potential to host higher-grade nickel which could blend with that at Mt Venn and the Eastern Mafic.”
The Yamarna project is near Great Boulder’s Mt Venn and Eastern Mafic projects.
Under the proposed JV terms, Great Boulder can earn up to 75% of the project by issuing Ausgold 1.5 million shares and spending $500,000 on exploration over four years.
READ: Great Boulder Resources increases landholding in prospective nickel-copper-cobalt territory
This agreement follows Great Boulder securing an option from Gold Road Resources (ASX:GOR) over the Mt Carlon project, which is 60 kilometres south of Mt Venn.
Ausgold drilling has intersected nickel-copper sulphide mineralisation at the Winchester prospect, which is considered one of the Yamarna project’s primary targets.
Strong previous results
Results from previous Winchester reverse circulation (RC) drilling include:
Attractive as blend for Mt Venn
The high nickel tenor of mineralisation intersected makes it particularly attractive as a blend for Mt Venn, as does its potential to host higher grade nickel sulphide.
Ausgold also identified numerous nickel-copper-cobalt and PGE targets from aircore drilling and EM surveys.
Portion of the Yamarna tenement showing EM targets and drilling campaigns.
Great Boulder will assess these as part of its proposed joint venture earn-in.
READ: Great Boulder Resources confirms nickel-copper-cobalt mineralisation at Eastern Mafic
Following completion of drilling at Eastern Mafic, Great Boulder will mobilise an RC drill rig to Winchester with two or three holes planned.
These will test the DHEM modelled conductor plate and interpreted down-dip extension of the copper-nickel bearing lens at the prospect.
Ausgold’s managing director Matthew Greentree said the farm-in agreement ensured the asset would be advanced by a committed explorer in the region through a well-funded exploration program.
