Great Boulder Resources Ltd (ASX:GBR) has been granted an extension to a Heads of Agreement (HoA) with Castle Minerals Ltd to acquire a 75% interest in and jointly explore the Polelle and Wanganui projects near Meekatharra in WA.
These projects are prospective for gold mineralisation and are close to the company’s 668,000-ounce at 2.8 g/t gold Side Well Project.
The revised agreement allows for an additional 12 months to test both areas prior to making a decision to acquire a joint venture interest.
Agreement with Castle
In November 2023, GBR signed a HoA with Castle Minerals Ltd over the Polelle and Wanganui areas, giving the company 12 months within which to conduct initial exploration and decide whether to acquire a joint venture interest. This allowed for a 12-month extension to the option period if required.
GBR’S Meekatharra region projects.
GBR’s exploration in 2024 was hampered by delays in completing heritage surveys to clear priority targets for initial drill testing and Castle has, therefore, agreed to GBR’s request to revise the HoA.
HoA revisions
The revisions to the HoA see the option period extended for an additional 12 months to November 30, 2025, and waiving of the second option fee of $100,000.
GBR has committed to a minimum cumulative exploration expenditure of $600,000 on the two projects during the full two-year term of the option.
All other material terms, including the option exercise fee of $100,000 payable in GBR shares, remain the same.
Heritage surveys next
Initial exploration by GBR, including regional mapping and assessment of previous auger sampling, generated several priority targets at Polelle.
Limited aircore drilling was undertaken during 2024, however, access was restricted due to a lack of previous heritage clearances.
The company has now requested heritage surveys which will allow these areas to be drill tested shortly.