Great Boulder Resources Limited (ASX: GBR) is primarily into exploration, discovery of nickel-copper-cobalt and gold resources. Its portfolio of assets contains five exploration projects, located in the mineral camps of the Eastern Goldfields in Western Australia.
Today (i.e. 14 January 2019) Great Boulder released its quarterly activities and cash flow report for December quarter in which the company announced that the group will start drilling in four weeks to test higher-grade nickel target at depth at Mt Venn - Eastern Mafic nickel-copper-cobalt deposit within the Yamarna project in Western Australia. Post announcement, the share price of the company decreased by 3.704%.
At the Yamarna project, the eastern mafic intrusion originated at depth, report based on latest drilling and geophysics. These targets, however, will be tested in the upcoming drilling program. The newly discovered copper-nickel-cobalt system reported significant results which include 1.3% of copper, 0.2% of nickel, and 0.02% of cobalt at a depth of four meters. At a depth of 2.5 meters the results were 1.0% of copper, 0.1% of nickel, and 0.04% of cobalt and at a depth of 10 meters, the results were 0.5% of copper, 0.4% of nickel, and 0.04% of cobalt.
Elevated PGE intersection at the Ben Lomond and ML13 prospects provide valuable by-product results. The Metallurgical test work generates highly purified copper, nickel and cobalt products from Mt Venn.
The Winchester mineralization, on the other hand, displayed a significant increase in nickel content with many targets which are still to be tested. However, the first drilling holes from Winchester, located 40km north of the Yamarna Project, returned exceptional early results including 0.9% of copper, 0.3% of nickel, and 0.02% of cobalt at a depth of 13 meters, with 1.1% copper deposit, 0.7% nickel and 0.04% cobalt at a depth of 5 meter and 1.1% copper, 0.2% nickel and 0.01% cobalt at a depth of 7 meter.
The revised interpretation concluded that the Eastern Mafic ideally appears to have formed at depth. An intersection of the top of the intrusion has occurred from drilling till date, however, the main body of the intrusion is not yet tested.
Great Boulder is funded for its planned exploration, with $1.8m in cash at the end of the December quarter which includes R&D rebate of $827k received in December. Further, the company is going to receive WA Government EIS drilling grant of $150k in the March quarter on completion of drilling.
During the quarter 20,284,643 ordinary shares were released from the escrow. Additionally, during the quarter 1,250,000 performance rights lapsed and the grant of 500,000 new performance rights was approved at Great Boulder’s AGM on 5 November. The capital structure as of the reported date includes around 80.11 million ordinary fully paid shares.
Now, let us quickly look at the performance of Great Boulder Resources’ stock and the return it has posted over the last few months. The stock is currently trading at $0.130 with a substantial loss of 3.704% approximately during the day’s trade. The current market capitalization is approximately $10.81 million. The company posted a negative YTD return of 3.57% and significant negative returns of 68.97% and 38.64% over the last six months and three months respectively. It has a 52-week high price of $0.570 and a 52-week low of $0.125, with an average volume of 138,991.
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