Great Boulder shares rallied around 40% this month as the news of the company hitting a major sulphide mineralization at the Eastern Mafic Complex broke.
The company recently announced about their first assays from drilling work being conducted at the Easter Mafic complex. Located at the 130 km east from Laverton in WA, the site exhibit rich presence of nickel-copper-cobalt sulphide mineralization. The examination from the first two holes at the Zermatt hints towards the significant improvement in the nickel grade and tenor.
What Mt Venn holds for GBR
Great boulder believes that Mt Venn and Eastern Mafic complex are the rich source of copper-Nickel-cobalt magmatic system. During the gravity survey, Eastern Mafic indicated an underlying large stock of copper, cobalt sulphide mineralization and nickel. It is believed that the area around AEM conductor 22 has close to 100m below surface which could be extending to around 400m in strike. This finding translates into large chunk of Sulphide present in the area. The findings and progress matters because the company is exploring into the live system that can promise huge scale and apt geological benefit.
The late – time electromagnetic response suggested the presence of bedrock source. Investors took the share price since the theory is in line with the practical aspect. Add the grade to the massive size of the area, GBR might be on its way to have its hands on something significant. At its northern extension, there have been wide intervals of mineralization witnessed stretching to the strike length of 300 meters across the directions. The company is hopeful to complete the drilling at Mt Venn in next couple of weeks before restarting the work at the Eastern Mafic.
The stock price has gapped down today but held on to its crucial support level of $ 0.268. However, there was no exceptional spurt witnessed in the volume during the fall, suggesting the price movement might just be a profit taking event by the investors.
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