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Gold Juniors Embrace Shining Opportunity

COMMODITY CAPERS: Hump day arrived this week bringing with it a gold price of US$2,473.40 per ounce, giving gold producers and explorers alike something to smile about.

With his recently pinged right ear bandaged up for his arrival at the Republican Party love-in, prospective POTUS, Donald Trump could be given some credit for the spike in the most precious of metals’ pricing.

Gold has received quite a bit of attention of late, mainly due to a concerning rise in geopolitical tensions.

The concerns have resulted in renewed consolidation of its ‘safe haven’ status with it being a physical, relatively scarce asset that has historically held its value in times of global uncertainty.

Trump’s obfuscation over America’s support for The Ukraine in the Russia Ukarine war and his prior pacification of Russia – and by extension its leader Vladimir Putin – over the suspected Russian interference in his 2016 election have gold buyers forming queues around the world looking to shore up a secure store of value.

Gold has been on a healthy run, averaging about US$2,200 an ounce in the first half of 2024, up 15 per cent year-on-year due to strong demand from investors and even more from central banks.

Central bank buying has been at historic highs over the past two years, which has continued in 2024.

If you guessed China is the leading central bank gold purchaser, then you move one step away from The Chaser.

“China is the leading central bank gold purchaser in a move many see as part of the trend towards “de-dollarization” i.e countries distancing themselves from the USD as the global reserve currency,” Shaw and Partners noted in it’s the Research Monitor September Quarter 2024 report.

“Chinese consumers have flocked to gold as their confidence in investments like real estate or stocks, that have traditionally performed well, has faltered.”

The bean counters at the Office of the Chief Economist have forecast gold prices to remain elevated throughout 2024 and 2025, before easing slightly in 2026.

This, it said in the Department of Industry Science and Resources June 2024 Resources and Energy Quarterly rolled on the back of a year-on-year four per cent decrease in Australian gold production in the March quarter 2024, due to lower grades and disruptions from heavy rainfall.

“Production is forecast to grow over the outlook period as major new projects and expansions come online,” DISR said.

“Gold export earnings are expected to reach a record $33 billion in 2023 24, easing to around $31 billion in 2025–26 as prices gradually decline from record levels in Australian dollar terms.

Shaw and Partners identified that although the gold price climbed in 2023, funds raised by junior and intermediate gold companies continued to decline for the second consecutive year.

“Unlike major producers that self-fund their exploration, juniors heavily rely on capital markets to fund their programs,” Shaw and Partners said.

“In the past three years, junior companies accounted for more than 50 per cent of total exploration budgets.

“Constrictive market conditions for gold consequently reduced the exploration budgets in 2023 by 16 per cent YoY to US$5.9B with IR related exploration budgets declining 19 per cent YoY to US$2.5B, the lowest since 2020.”

This hasn’t stopped some juniors from making an impact.

 

Great Boulder Resources (ASX: GBR) has been busy of late at the company’s Side Well gold project near Meekatharra in Western Australia.

The company most recently announced having identified two new large, high-priority gold targets at the Side Well gold project via soil auger sampling.

The first is a 2.4 kilometres-long Ironbark-style target with peak gold values of 75ppb gold with the second being a 1.4km-long bismuth-molybdenum anomaly, displaying the same pathfinder elements as Mulga Bill, including bismuth assays up to 475 times background levels.

“We recently completed a program of wide-spaced surface sampling over the Side Well South area, extending coverage to the bottom of the Side Well project,” Great Boulder Resources managing director Andrew Paterson said.

“This data has confirmed mineralisation continues south through our tenements and the known hydrothermal system now covers more than 18 kilometres of strike.

“At Side Well South we’ve identified two new targets collectively spanning 3.8 kilometres of strike.”

The company had earlier completed aircore (AC) drilling at the project’s Mulga Bill North target that added definition to gold mineralisation approximately 500m north of the Mulga Bill resource envelope.

The company explained on announcing results that the program is part of an ongoing process it is carrying out to identify and define additional gold mineralisation to expand the existing 568,000 ounces gold Mulga Bill Mineral Resource.

Highlights include:

24SWAC214
12m at 2.61 grams per tonne gold from 88m, including 4m at 4.27g/t gold from 93m;

24SWAC216
4m at 5.03g/t gold from 84m and 3m at 2.31g/t gold from 112m;

24SWAC211
3m at 2.68g/t gold from 114m; and

24SWAC220
9m at 1.95g/t gold from 100m.

Earlier drilling at the northern end of Mulga Bill, resulted in Great Boulder claiming discovery of a new shallow high-grade vein extending approx. 150 metres north of the Side Well JORC Mineral Resource of 7.45 million tonnes at 2.8 grams per tonne gold for 668,000 ounces of gold.

Highlights from the recent campaign include:

24MBRC001
32 metres at 8.38 grams per tonne gold from 104m, including 18m at 13.76g/t gold from 104m;

24MBRC002
16m at 2.12g/t gold from 108m, including 4m at 5.68g/t gold from 108m; and

24SWAC194
26m at 3.31g/t gold from 88m, including 8m at 10.02g/t gold from 88m.

The new vein discovery at Mulga Bill extends into Mulga Bill North, where drilling has defined gold mineralisation over 1.5km of strike.

“This is an extremely exciting development at Mulga Bill, with the discovery of a thick high-grade vein immediately north of the current Mulga Bill resource,” Paterson said.

“Our drilling has defined it over 150 metres of strike, with indications that it could extend 350 metres or more.

“This new discovery connects the Mulga Bill and Mulga Bill North prospects.”

 

Mt Malcolm Mines (ASX: M2M) is making solid progress at the company’s Golden Crown gold prospect in Western Australia.

The company has carried out activities with the aim of establishing the feasibility of wet gravity processing at a nearby third-party plant while assessing the mineability of the shallow high-grade ore at the prospect.

A Reverse Circulation (RC) drilling program completed earlier this year outlined a well-defined mineralised area, which the company considers a solid foundation for robust maiden Mineral Resource Estimates.

The RC drilling produced the highest recorded intersection for Golden Crown of:

24GCRC060
6 metres at 24.46 gras per tonne gold, including a broad high-grade zone of 10m at 15.4g/t gold.

Other high-grade intercepts included:

24GCRC032
4m at 3.29g/t gold (20-24m);

24GCRC033
4m at 5.23g/t gold (22-26m);

24GCRC048
3m at 6.88g/t gold (0-3m); and

24GCRC059
4m at 4.43g/t gold (14-18m).

The drilling entailed 18 shallow grade control drillholes along three designated lines, within an area designated to support bulk sampling testwork that is hoped to demonstrate the economic viability of processing of upcoming bulk samples in the wet gravity plant, offering crucial insights into resource development potential.

“The primary objective of the Golden Crown bulk sampling work is to enhance our understanding of the ore’s geological properties, such as grade variance, metallurgical characteristics, and future mineability,” Mt Malcolm managing director Trevor Dixon said.

“This information is crucial for our future planning of efficient and cost-effective mining operations.

“The bulk samples will assist in verifying gold grade and continuity at Golden Crown whilst also evaluating the feasibility for any potential future mining operations that can provide a saleable gold product to the company.”

 

 

Great Boulder Resources Identifies New Side Well South Gold Targets

THE DRILL SERGENAT: Great Boulder Resources (ASX: GBR) has identified two new large, high-priority gold targets via soil geochemistry at the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources identified the targets from results of recent soil auger sampling at Side Well.

The first is a 2.4 kilometres-long Ironbark-style target with peak gold values of 75ppb gold with the second being a 1.4km-long bismuth-molybdenum anomaly, displaying the same pathfinder elements as Mulga Bill, including bismuth assays up to 475 times background levels.

“We recently completed a program of wide-spaced surface sampling over the Side Well South area, extending coverage to the bottom of the Side Well project,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“This data has confirmed mineralisation continues south through our tenements and the known hydrothermal system now covers more than 18 kilometres of strike.

“At Side Well South we’ve identified two new targets collectively spanning 3.8 kilometres of strike.

“This expands the known mineral system with the same pathfinder fingerprints as our earlier discoveries to the north.

“The surface anomalism has been getting stronger as we move south, so we’re excited to find these new targets and keen to drill them as soon as possible.

“A heritage survey is scheduled to start on July 22nd, and we’ll be drilling as soon as we receive approval.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Great Boulder Resources Scores Gold Hits in Mulga Bill North AC Drilling

THE DRILL SERGANT: Great Boulder Resources (ASX: GBR) reported results from aircore (AC) drilling undertaken at the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources completed the AC drilling at the Mulga Bill North target that has added definition to gold mineralisation approximately 500m north of the Mulga Bill resource envelope.

The company explained the program is part of an ongoing process it is carrying out to identify and define additional gold mineralisation to expand the existing 568,000 ounces gold Mulga Bill Mineral Resource.

Highlights include:

24SWAC214
12m at 2.61 grams per tonne gold from 88m, including 4m at 4.27g/t gold from 93m;

24SWAC216
4m at 5.03g/t gold from 84m and 3m at 2.31g/t gold from 112m;

24SWAC211
3m at 2.68g/t gold from 114m; and

24SWAC220
9m at 1.95g/t gold from 100m.

“We use AC drilling to identify pathfinder elements and gold anomalism, so intersecting high-grade mineralisation is always a great result,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“These results sit between 500m and 800m north of the Mulga Bill mineral resource.

“There is very little effective drilling between this area and the high-grade drill results we announced last month from drilling further south, which highlights the scale and potential of the Mulga Bill North area.

“We’re starting to see west-dipping high-grade veins, including the result in 24SWAC214…and we will be looking to extend these with further drilling.

“Another outcome from this program is the identification of a dacitic unit on the eastern margin of the drilling.

“This is significant because dacitic volcaniclastics host the high-grade mineralisation at Mulga Bill, suggesting we should extend our drilling further east.

“Meanwhile we have assays pending on 45 AC holes from Polelle, which is the first drilling we’ve completed there, and we’ll be drilling again soon at Saltbush and Mulga Bill North.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Great Boulder Resources managing director Andrew Paterson

Great Boulder Resources (ASX: GBR) released two encouraging drilling result announcements from the company’s Side Well gold project in Western Australia. Managing director Andrew Paterson visited Wally Graham of The Resources Roadhouse to provide some details.

Great Boulder Resources Extends Mulga Bill with New High-Grade Gold Vein Discovery

THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) reported on recent exploration activities completed at the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources carried out drilling at the northern end of Mulga Bill, from which it has claimed discovery of a new shallow high-grade vein extending approx. 150 metres north of the project’s current JORC Mineral Resource of 7.45 million tonnes at 2.8 grams per tonne gold for 668,000 ounces of gold.

Highlights from the recent campaign include:

24MBRC001
32 metres at 8.38 grams per tonne gold from 104m, including 18m at 13.76g/t gold from 104m;

24MBRC002
16m at 2.12g/t gold from 108m, including 4m at 5.68g/t gold from 108m; and

24SWAC194
26m at 3.31g/t gold from 88m, including 8m at 10.02g/t gold from 88m.

The new vein discovery at Mulga Bill extends into Mulga Bill North, where drilling has now defined gold mineralisation over 1.5km of strike.

“This is an extremely exciting development at Mulga Bill, with the discovery of a thick high-grade vein immediately north of the current Mulga Bill resource,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“Our drilling has defined it over 150 metres of strike, with indications that it could extend 350 metres or more.

“It appears to have the same orientation as high-grade veins previously discovered within the resource area and has the potential to be a significant extension to the Mulga Bill deposit.

“This new discovery connects the Mulga Bill and Mulga Bill North prospects.

“Mulga Bill North is 1,500 metres long and still relatively poorly drilled.

“It’s a big gold system and we definitely haven’t defined the full extent of it yet.

“The northern end of Mulga Bill is the shallowest part of the mineral resource, so any additional gold ounces defined in that area have good potential to enhance the economics of the project.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Great Boulder Resources Hits High-Grade Intersections at Saltbush Discovery

THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) experienced recent exploration results joy from the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources carried out air-core (AC) and reverse circulation (RC) drilling at the Saltbush prospect that defined shallow, high-grade gold mineralisation over a strike length of approx. 300 metres.

Highlights included:

24SWAC184
4 metres at 5.96 grams per tonne gold from 9m, and 6m at 2.37g/t gold from 19m;

24SBRC004
3m at 6.96g/t gold from 91m, including 1m at 16.25g/t gold from 91m;

24SBRC002
12m at 2.16g/t gold from 69m, including 4m at 3.94g/t gold from 75m; and

24SBRC003
3m at 5.25g/t gold from 27m.

“Saltbush is continuing to grow, and after only a small number of holes in two phases of drilling we have defined high-grade gold over 300 metres of strike,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“We have sufficient confidence in this prospect to say it’s the first discovery in all our new targets along the Ironbark Corridor.

“Saltbush appears to be plunging towards the north, a hypothesis supported by the strong surface geochemistry trending towards the northwest.

“Everything we’ve seen so far suggests this zone is an Ironbark analogue, with the mafic host unit within ultramafic country rock and the same geochemistry and alteration.

“In addition to those results, our first-pass AC drilling on broad surface anomalism north of Ironbark has intersected gold grades up to 0.55g/t gold, with anomalous gold results in multiple locations.

“Remember, this is AC drilling within the weathered profile so we’re not expecting ore grades in the first program.

“We are now planning follow-up drilling into all these targets.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Great Boulder Resources Hits High-Grade Gold in First Saltbush RC Drilling

THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) scored encouraging results from drilling carried out late 2023 at the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources carried out surveys over the 14 kilometres Ironbark corridor before commencing a drilling campaign entailing five Reverse Circulation (RC) and five aircore (AC) holes at the Saltbush prospect.

Assays received for the RC drilling have confirmed high-grade gold mineralisation at Saltbush, returning results that included:

23SBRC002
9 metres at 5.2 grams per tonne gold from 15m, including 5m at 7.42g/t gold from 18m; and

23SBRC003
3m at 2.54g/t gold from 36m.

The result in 23SBRC002 is adjacent to an intersection reported by a previous owner, Esso Exploration and Production Australia Inc in 1986.

Great Boulder said the drilling indicates a similar geological setting to the Ironbark deposit (100koz @ 3.3g/t gold) with Saltbush one of many untested prospects along the +14km Ironbark corridor.

“We have been looking forward to drilling the Saltbush prospect for a long time, since we first took rock chip samples there in October 2022 and then found the nearby Esso RC drilling recorded in an old annual report from 1986,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“As a result it’s exciting to get confirmation of high-grade, shallow gold mineralisation in our second hole.

“We now have an AC drilling program underway in the same area, with 5,000m planned before we take a break to compile results and plan the next stage of drill testing.

There are a lot of highly prospective targets along the Ironbark corridor so we’re anticipating a lot of ‘new’ news-flow in the coming months.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Great Boulder Resources Increases Side Well Mineral Resource

THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) released an updated Mineral Resource Estimate (MRE) for the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources reported the MRE to have substantially increased for the Mulga Bill and Ironbark deposits at Side Well, upping the total resource by 29 per cent, coming in at 1.45 million tonnes at 2.8 grams per tonne gold for 668,000 ounces of gold.

The MRE ross the Mulga Bill and Ironbark deposits that have been estimated at 6.5Mt at 2.7g/ gold for 568,000 ounces and 938,000 tonnes at 3.3g/t gold for 100,000 ounces respectively.

Mulga Bill North, where Great Boulder has had some drilling success of late, has not been included in this resource estimate.

The company noted that despite recent success at the 700m-long prospect there is still insufficient drilling to define an Inferred mineral resource, although it remains a target for ongoing drilling and subsequent resource estimation during 2024.

“This is an important step for Great Boulder, with a significant increase in contained ounces at Mulga Bill and Ironbark as well as the conversion of a large proportion of both deposits from the Inferred to Indicated JORC category,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“That means both deposits are defined with sufficient confidence to commence economic studies once the current inflationary cycle peaks and we can confidently predict future cost inputs.

“All our infill drilling at Mulga Bill this year has confirmed the geological model we used for the initial resource, which reflects the excellent technical work involved in understanding this exceptional orebody.

“Side Well sets itself apart as a shallow, high-grade greenfields deposit on the outskirts of an historic, operating gold field, which is almost unprecedented in the junior gold sector.

“We are now looking forward to commencing the first exploration on new targets within the Ironbark Corridor, starting with Saltbush.

“This is another important step towards our goal of defining the first of what could be several million ounces of gold in resource at Side Well.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Great Boulder Resources Drills 248g/t Gold Boost at Mulga Bill

THE DRILL SERGEANT: Great Boulder Resources reported on recent exploration activity at the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources announced recent results from RC drilling at Mulga Bill that included high-grade intersections, which the company said would be included in an updated Mineral Resource Estimate in October.

Highlights include:

23MBRC059
5m at 98.89 grams per tonne gold from 249m, including 1m at 248g/t gold from 249m and 1m at 229g/t gold from 251m;

23MBRC059
8m at 13.19g/t gold from 88m and 3m at 20.98g/t gold from 235m;

23MBRC064
5m at 9.92g/t gold from 94m, including 1m at 43g/t gold from 94m; and

23MBRC067
8m at 6.41g/t gold from 52m.

Great Boulder is currently awaiting assays for another 16 RC holes from this round of drilling.

“Recent RC drilling at Mulga Bill has intersected more sensational gold grades, with assays as high as 248g/t gold,” Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.

“There are also broad intersections showing good grade closer to surface, which are important in a potential mining scenario.

“As we finalise preparation for the pending Side Well resource update all of this data will inform the new model.

“I’m also very pleased to report that the first of two Aboriginal heritage surveys was [sic] completed on schedule at Ironbark South.

“The second is scheduled for mid to late October, after which we’ll be able to start testing new targets that have never been drilled before.

“This is an exciting and important step forward in our exploration program at Side Well.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

Great Boulder Resources Reports RC results from Mulga Bill

THE DRILL SERGEANT: Great Boulder Resources (ASX: GBR) reported assay results from the first phase of RC drilling at the Mulga Bill prospect, within the company’s Side Well gold project near Meekatharra in Western Australia.

Great Boulder Resources explained the results are standard fire assays including samples from hole 23MBRC006A that were initially assayed using the Photon assay technique, which it announced in March.

Full assays from hole 23MBRC006A which intersected visible gold include:

7 metres at 8.13 grams per tonne gold from 93m;
6m at 589.44g/t gold from 114m, including 1m at 3,160g/t gold from 114m and 1m at 366g/t gold from 115m; and
6m at 396.58g/t gold from 154m, including 1m at 2,250g/t gold from 158m and 1m at 94.4g/t gold from 159m.

Other results included:

23MBRC008
4m at 22.1g/t gold from 184m; and
19m at 12.83g/t gold from 229m, including 2m at 112.4g/t gold.

Great Boulder Resources managing director Andrew Paterson said in the company’s ASX announcement.
“These are extremely high-grade results, and while the spectacular visible gold intersections in 23MBRC006A have garnered plenty of attention it’s great to see the new deep high-grade zone in hole 23MBRC008.

“The Challenge Drilling RC rig will be back on site in the second week of April for a follow-up program at Mulga Bill and Ironbark.

“By that time, we will also have results coming through from the AC drill program within the six kilometres Mulga Bill corridor.

“The GBR field team is continuing its busy start to the year at Side Well, and we expect a consistent stream of news flow from ongoing programs over the months ahead.”