GBR Ready For Deep Drilling Campaign For Testing Of High-Grade Nickel

GREAT BOULDER RESOURCES LIMITED (ASX:GBR) is a mineral exploration company. The company is into the business of exploration of minerals. They also discover and search to locate the availability of nickel-copper-cobalt and gold resources within the areas of Eastern Goldfields Region. The company is currently working on five exploration projects. These are situated in the mineral camps of the Eastern Goldfields. The company’s exploration campaigns helped them to discover the Mt Venn Ni-Cu-Co prospect and the highly prospective Eastern Mafic Complex within the Yamarna Terrane.

GBR started its in-depth drilling campaigns to test high-grade nickel targets in core of Eastern Mafic intrusion. The company flagged for starting a deep drilling program at the Eastern Mafic nickel-copper-cobalt deposit. Primarily, has been done post completing a revised geological interpretation in view of updated drilling as well as geophysical results. The company is aiming deeper drilling to test the core of the Eastern Mafic intrusion, as conduit system and primary target for high-grade nickel sulphide have been indicated to be present in said area. The drilling will be likely to start in the new year; and GBR will conduct testing for near-surface extensions of mineralization. This will help evaluating potential for the open pit mineralization at Eastern Mafic, and is expected to add the mineralization of shallow sulphide at the adjacent Mt Venn deposit as well. The group also aims to have shallow drilling to further explore extension of sulphides intersected at Cortina and Zermatt prospects.

The key highlights summarized below:

1. The recent work is an updated model based on latest drilling. The drilling has generated a more specific interpretation of the Eastern Mafic complex within the Yamarna project in WA.
2. Further modelling of the Eastern Mafic geometry is an indication that it originated at depth rather than along the surface structures to the south-east.
3. The previously-defined feeder zone is a discrete magma chambers formed along pre-existing structures.
4. The discrete magma pulses have been spotted over several kilometres with distinct nickel tenor associations.
5. Areas, where high-tenor nickel sulphides have been found previously while drilling, will now be drilled to greater depths. This will target basal accumulations of massive nickel sulphide.
6. GBR was awarded EIS drilling grant by the Government of Western Australia. This will help the company to focus on the core of the Eastern Mafic intrusion.

In conclusion, it can be said that the drilling till date has only intersected the top of the intrusion, leaving the main body of the intrusion untested and unexplored. Eastern Mafic has been formed from depth rather and not along the previously described feeder structure.

The company has successfully raised $2.5 million in May 2018 via a share placement at 27 cents per share. It has also maintained a tight capital structure with only 80.1 million ordinary shares on issue, $3.7 million cash as at June 30, 2018, with no debts. The stock has been experiencing a downward trend with a YTD performance of – 51.61%. The scrip has shown a negative return of -21.05% over the last one month. Currently, it is trading at $0.135, as at December 11, 2018, down 10%.

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