The project is adjacent to Westgold Resources’ (ASX:WGX) Murchison Gold Operations and south of the Andy Well Gold Mine.
This richly endowed area has produced nearly four million ounces of gold, with over 2.7 million ounces remaining in current resources.
Side Well sits within the Meekatharra Gold Field, an area with a gold endowment of almost seven million ounces.
Previous drilling by Doray Minerals prior to the closure of the nearby Andy Well mine produced a number of high-grade intersections, including 3 metres at 35.5 g/t gold from 76 metres at Matilda Prospect and 5 metres at 6.69 g/t gold from 110 metres at Mulga Bill Prospect.
Much of the Mulga Bill prospect, including the most prospective area, has only been drilled on sections 400 metres apart - leaving ample room for a significant discovery.
Great Boulder managing director Andrew Paterson said the transaction is a significant step forward for the company’s gold exploration strategy.
He added “Side Well is owned by Zebina Minerals Pty Ltd, a private company owned by Kalgoorlie based prospector Scott Wilson, who originally pegged Andy Well in 1988 and joint ventured it with Doray Minerals.
“The parallels between Andy Well and Side Well are compelling, in terms of their history as well as their geological setting.
“Side Well is a rare combination of high-grade gold intersections on a big tenement a stone’s throw from a multi-million-ounce gold field.
Side Well drill coverage over GSWA 1:500,000 geology
“We have gold hits of 10m @ 3.41g/t and 14m @ 5.30g/t on drill fences 400m apart, without a single hole in between them.
“20 years ago, when WMC were exploring the area they walked away from Andy Well when it was at a similar stage. Ten years later Doray came in and drilled out over 800,000 ounces.
“The history of the Meekatharra field demonstrates this area keeps on giving.
“Westgold are mining underground at Paddy’s Flat, right in the historic centre of the field. We’re looking forward to getting a rig on the ground as soon as possible.”
- Approvals for drilling at Mulga Bill have already been submitted, and these should be granted in the coming month;
- Reverse circulation drilling will target extensions to the known zones of high-grade mineralisation;
- Fences of air-core drilling will be used to infill the 400-metre gaps in coverage, using the supergene dispersion blanket (gold+copper) to window in on the mineralised corridor;
- Soil sampling orientation surveys will investigate whether particular soil grainsize fractions and assay techniques provide better results for future soils work;
- The HeliTEM data will be purchased and re-processed to assist with the regional structural interpretation;
- A high-resolution magnetic survey will be considered for the Jones Well area; and
- Further drilling pending results of the initial drilling and/or geochemical sampling programs.