Great Boulder Resources Ltd (ASX:GBR) has surged 75 per cent after receiving shallow high-grade gold results of up to 4 metres at 17.71 g/t gold from Mulga Bill prospect which forms part of the Side Well Gold Project near Meekatharra in Western Australia.
A total of 44 aircore holes were drilled for 3,892 metres with an average depth of 88 metres aiming to test bedrock lithologies, infilling gaps in previous drilling data and testing supergene gold within the weathered horizon.
The best result 4-metre result from this program was within a broader zone of 16 metres at 4.98 g/t from 28 metres in hole 21MBAC022, which is 100 metres south of historic hole MNAC0454 (5 metres at 6.69 g/t from 110 metres) drilled by Doray Minerals in 2011.
"Highest-grade aircore intersection"
Managing director Andrew Paterson said: “This is the highest-grade aircore intersection recorded to date at Mulga Bill.
“It’s always encouraging to see such high grades relatively close to surface - I’m also pleased to see that this drilling is adding confidence to our primary target zones at depth."
Shares skyrocket
Investors have responded positively to the results with shares as much as 75 per cent intra-day to 7.1 cents on volume of more than 38 million.
Paterson said: “With such a big supergene gold footprint spread across 3.7 kilometres of strike, we’ve drilled 10,000 metres of aircore at Mulga Bill to enhance our understanding of the geology and the mineralised trends.
“These results essentially distil the 3.7-kilometre prospect into a series of more discrete targets suitable for RC drilling.
“We’re ready and excited to test some of these in the next program”.
Drilling to assist knowledge of geology
Importantly, the aircore drilling is also being used to refine the company’s understanding of bedrock geology and the controls on primary mineralisation at Mulga Bill.
Great Boulder is utilising the assays for gold and associated pathfinder elements to define target zones of primary gold mineralisation at depth which will be tested in an upcoming RC drill program.
A reverse circulation drilling program at Mulga Bill is scheduled for late March or early April aiming to follow-up significant drilling results, and target primary gold zones and strike extensions.