Why is Great Boulder Saltbush Discovery Important for the Australian Gold Mining Industry? Great Boulder Resources Limited

L Lykeshares 1y Staff

Why is Great Boulder Saltbush Discovery Important for the Australian Gold Mining Industry?

Great Boulder Resources Strikes Gold: Promising Results from Saltbush Drilling at Side Well

In a significant development for the Australian gold mining industry, Great Boulder Resources (ASX: GBR) has announced the discovery of high-grade gold at its Saltbush prospect within the Side Well project near Meekatharra, Western Australia. This discovery marks a new chapter in the company’s exploration endeavors, shedding light on the potential of the region.

A New Era of Gold Discovery

The Saltbush prospect's recent drilling results have corroborated historical data, revealing high-grade gold. This exciting development follows a small maiden Reverse Circulation (RC) drilling program which confirmed high-grade gold close to a previous high-grade intersection in historic RC drilling near old workings. These results are promising, showcasing mineralization continuity and reinforcing the prospect's potential.

Impressive Drilling Outcomes

The drilling yielded impressive results:

A 9m strike at 5. 20g/t Au from 15m, including a 5m segment at 7.

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42g/t Au from 18m in hole 23SBRC002.
A 3m strike at 2. 54g/t Au from 36m in hole 23SBRC003.

These findings are adjacent to a historic intersection of 3m at 7. 42g/t Au from 14m in hole SJPRC002 drilled in 1986, highlighting the consistency of high-grade gold presence in the area.

Geological Insights

The geological setting of Saltbush is likened to the nearby Ironbark deposit, which boasts significant gold reserves. This similarity hints at the broader potential of the +14km Ironbark corridor, with Saltbush being just one of many untested prospects in the region.

Methodical Approach to Exploration

Great Boulder Resources embarked on a carefully planned drilling program at Saltbush, drilling 5 RC and 5 Air Core (AC) holes prior to Christmas 2023. The RC drilling covered a 160m strike length, aligning with historic shafts within the Saltbush prospect. This strategic approach is aimed at testing and confirming the mineralization’s extent and quality.

Advanced Exploration Techniques

The mineralization at Saltbush is associated with a mafic volcanic unit characterized by strong haematite and fuchsite alteration. This unit is distinguishable by its reduced chromium values, a notable feature in the exploration data.

The Road Ahead: Ongoing Exploration and Evaluation

With assays for 5 AC holes pending and the 2024 drilling program progressing well, Great Boulder is poised for more discoveries. The first assays from the ongoing program are expected in February. These continuous exploration efforts are essential in understanding the full potential of the Saltbush prospect.

Comprehensive Exploration Strategy

Great Boulder’s Managing Director, Andrew Paterson, expressed enthusiasm for the ongoing AC drilling program and the anticipation of new developments along the Ironbark corridor. The company's strategy includes a mix of drilling, field mapping, and heritage surveys, ensuring a thorough evaluation of the prospect.

Balancing Exploration with Due Diligence

While the initial results are promising, Great Boulder maintains a cautious approach. Historical exploration results from 1986, reported by Esso Exploration and Production Australia Inc, are used as a reference but are subject to validation under current standards. The company emphasizes the need for further exploration and evaluation to confirm these results under the JORC 2012 standards.

Implications and Future Prospects

This discovery at Saltbush could be a game-changer for Great Boulder Resources and the Australian gold mining sector. The confirmation of high-grade gold in a historically significant area not only boosts the company’s prospects but also highlights the untapped potential of the Side Well project area.

As Great Boulder Resources continues its exploration, the industry watches with keen interest, anticipating further updates and potential expansions of known gold reserves in Western Australia. This discovery underscores the enduring importance of gold in the region's economy and the potential for new mining opportunities.

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