Great Boulder Resources Ltd (ASX:GBR) has acquired 100% of a 61 square kilometre exploration licence at Gnaweeda, just 10 kilometres east of the Side Well Gold Project near Meekatharra in Western Australia.
This new ground also abuts Meeka Metals Ltd (ASX:MEK)’s tenure to the north.
The company paid $10,000 plus a 1% gross revenue royalty to Empire Resources Ltd (ASX:ERL) for the interest in E51/1995, which Empire deems as non-core.
Low-cost, low-risk
“This acquisition within 10 kilometres of Side Well and at the southern end of Meeka Metals’ project is an opportunistic addition to Great Boulder’s portfolio,” Great Boulder’s managing director Andrew Paterson said.
“It sits over the southern end of the Gnaweeda greenstone belt and straddles the same Proterozoic dyke that cuts through Mulga Bill.
“There appears to be a thin blanket of alluvial cover obscuring the underlying geology and very little previous exploration has been conducted.
"I think both factors play to our strengths, given Great Boulder’s success at the Mulga Bill deposit and our refined technique for exploring this type of terrain.
“The $10,000 acquisition cost makes this a low-risk entry into a mineralised greenstone belt that is currently producing some extremely exciting drill results at Meeka Metal’s St Anne’s project to the north.”
What’s next for GBR
Great Boulder’s exploration team will collate and assess any historic exploration data available on the DMIRS WAMEX database.
The company will also conduct and complete field reconnaissance and regolith mapping prior to starting initial geochemical exploration programs.
GBR’s core focus is to advance the Whiteheads and Side Well gold projects while progressing initial exploration at the earlier stage Wellington Base Metal Project in an emerging MVT province.