ASX Announcement 25 July 2017 Quarterly Report to 30 June 2017 Yamarna (Mt Venn) - Copper-Nickel-Cobalt ▪ Technical review completed at the Mt Venn Copper-Nickel-Cobalt prospect within the Yamarna Project in WA. ▪ Preparations underway to follow-up maiden drill result of 1.7% copper (plus nickel and cobalt) and additional targets generated in the technical review. ▪ Heritage survey completed and clearance received to undertake exploration activities at Mt Venn. ▪ Logging of the maiden hole confirmed copper-nickel mineralisation is associated with sulphides with no evidence of carbonaceous sediments. ▪ A ground-based EM and aircore geochemistry programme has now been designed and is ready to implement ▪ Application lodged for Entry Permits to the Cosmo-Newberry Aboriginal Reserve to enable exploration to commence. Tarmoola - Gold ▪ Initial aircore drill programme completed at Tarmoola, identifying multiple granite intrusion phases. ▪ Regolith profile mapped from new drilling and included in an updated gravity inversion model. ▪ Updated gravity inversion model received and being used to interpret granitoid intrusions that may represent intrusion related gold systems. ▪ Surface mapping scheduled to commence in the first week of August. Results will be incorporated into the new geological model and used to plan next phase of drilling at Tarmoola, scheduled for the September quarter. Corporate ▪ Great Boulder continues to carefully manage its corporate and project expenditure, with $4.3m in cash at the end of the quarter. ▪ Post quarter end, 11,028,132 ordinary fully paid shares and 8,483,178 unlisted options were released from escrow on 7 July 2017. ▪ No new securities have been issued during the quarter. Total ordinary shares on issue remain at 68,394,000 and 38,086,750 unlisted options. ASX Code: GBR Capital Structure Ordinary Shares: 68.4m Unlisted Options: 38.1m Unvested Performance Rights: 2m Current Share Price: 12₵ Market Capitalisation: A$8.2m Cash: A$4.3m Debt: Nil Board of Directors Greg Hall Non-Executive Chairman Stefan Murphy Managing Director Murray Black Non-Executive Director Melanie Leighton Non-Executive Director Substantial Shareholders Exploration Capital Partners: 5.2% Directors: 9.7% Key Advisors: 7.8% Projects Yamarna Tarmoola Jundee South Balagundi Broadwood Key Points
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ASX Announcement Quarterly Report to 30 June 2017 · 2018-05-14 · ASX Announcement 25 July 2017 Quarterly Report to 30 June 2017 Yamarna (Mt Venn) - Copper-Nickel-Cobalt Technical
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ASX Announcement
25 July 2017
Quarterly Report to 30 June 2017
Yamarna (Mt Venn) - Copper-Nickel-Cobalt
▪ Technical review completed at the Mt Venn Copper-Nickel-Cobalt
prospect within the Yamarna Project in WA.
▪ Preparations underway to follow-up maiden drill result of 1.7%
copper (plus nickel and cobalt) and additional targets generated in
the technical review.
▪ Heritage survey completed and clearance received to undertake
exploration activities at Mt Venn.
▪ Logging of the maiden hole confirmed copper-nickel mineralisation
is associated with sulphides with no evidence of carbonaceous
sediments.
▪ A ground-based EM and aircore geochemistry programme has now
been designed and is ready to implement
▪ Application lodged for Entry Permits to the Cosmo-Newberry
Aboriginal Reserve to enable exploration to commence.
Tarmoola - Gold
▪ Initial aircore drill programme completed at Tarmoola, identifying
multiple granite intrusion phases.
▪ Regolith profile mapped from new drilling and included in an
updated gravity inversion model.
▪ Updated gravity inversion model received and being used to
interpret granitoid intrusions that may represent intrusion related
gold systems.
▪ Surface mapping scheduled to commence in the first week of
August. Results will be incorporated into the new geological model
and used to plan next phase of drilling at Tarmoola, scheduled for
the September quarter.
Corporate
▪ Great Boulder continues to carefully manage its corporate and
project expenditure, with $4.3m in cash at the end of the quarter.
▪ Post quarter end, 11,028,132 ordinary fully paid shares and
8,483,178 unlisted options were released from escrow on 7 July
2017.
▪ No new securities have been issued during the quarter. Total
ordinary shares on issue remain at 68,394,000 and 38,086,750
unlisted options.
ASX Code: GBR
Capital Structure
Ordinary Shares: 68.4m
Unlisted Options: 38.1m
Unvested Performance Rights: 2m
Current Share Price: 12₵
Market Capitalisation: A$8.2m
Cash: A$4.3m
Debt: Nil
Board of Directors
Greg Hall
Non-Executive Chairman
Stefan Murphy
Managing Director
Murray Black
Non-Executive Director
Melanie Leighton
Non-Executive Director
Substantial Shareholders
Exploration Capital Partners: 5.2%
Directors: 9.7%
Key Advisors: 7.8%
Projects
Yamarna
Tarmoola
Jundee South
Balagundi
Broadwood
Key Points
ASX Announcement
25 July, 2017
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Yamarna
Technical Review & Exploration Plan
An independent technical review of the Mt Venn igneous complex was commissioned to better
understand the formation and architecture of the layered mafic intrusion, source and introduction of
sulphur into the system, and generate targets of likely nickel-copper sulphide accumulation.
The review was undertaken in conjunction with data compilation and assessment of previous
exploration results near the Mt Venn prospect. Great Boulder geologists logged Gold Road hole
15GYWB0004 which was situated on the edge of the large EM anomaly and which had been
previously sampled and assayed, returning grades of +1.7% Cu. The geological logging confirmed
the copper-nickel mineralisation is associated with primary sulphides. Importantly for EM planning
and targeting, there was no evidence in the drill hole of carbonaceous or graphitic shales that may
produce spurious results.
The technical review and data compilation has now been completed for Mt Venn and has been
incorporated in the design of the upcoming exploration programme.
Great Boulder has engaged Newexco to design and implement a ground-based EM (moving loop)
survey. The XTEM data already available at Mt Venn was used to assist in planning the location
and size of the survey, with six initial areas targeted for the EM survey (Figure 1).
An aircore geochemical programme has also been planned to cover the entire Mt Venn intrusion
(Figure 1). The primary purpose of the drilling is to map the geochemical distribution of nickel and
copper throughout the intrusion and to identify zones of metal depletion and enrichment.
Mapping nickel-copper depletion in the intrusion is an indicator of a sulphur-saturated system that
has potentially ‘stripped’ the metals from the magma to form massive sulphide deposits. The
geochemistry will be used in conjunction with the ground EM to identify and prioritise targets for
follow-up RC and diamond drilling.
It is anticipated that the EM and geochemistry programmes will take approximately 4-6 weeks to
complete after receiving entry permits, with RC drilling to commence on priority targets soon after.
Heritage Survey & Entry Permits
A Heritage survey was completed in early June, covering the entire 9km-long Mt Venn intrusive
complex as well as a large intrusion immediately east of the Mt Venn complex. A total of 195km of
tracks were surveyed and cleared as part of Great Boulder’s plan to undertake ground-based EM
and drilling activities.
The exploration program will commence once Great Boulder receives its Aboriginal Reserve entry
permit. The entry permit is currently in place for E38/2320 (acquired from Gold Road) and a permit
application is currently being assessed for the Yamarna JV tenements.
Since the last market update on 28 June, Great Boulder has been informed that a decision on the
Aboriginal Reserve entry permit has been deferred pending additional information being provided
to the Aboriginal Land Trust (ALT). This information has been provided and we await confirmation
from the ALT that our application has been considered by the committee and a recommendation
made to the Minister.
Once Great Boulder receives its entry permit, the ground EM and aircore geochemistry
programmes are ready to commence immediately, pending drill rig and EM crew availability.
Exploration Activities
ASX Announcement
25 July, 2017
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Figure 1. Ground based moving loop EM survey and aircore drilling locations (magnetic image right, XTEM image left)
Zone From (m) To (m) Interval (m) Cu (%) Ni (%) Co (ppm)
The Mt Venn intrusion appears to be formed by multiple magma phases which have slightly
different chemistry, including the timing and differences in how sulphur has been incorporated into
the magma to form the nickel-copper sulphide minerals.
In addition to the main Mt Venn complex, a mafic complex comprising several mafic-ultramafic
units within a granitoid country rock is located immediately southeast of Mt Venn. Multi-element
analysis from historical drilling has identified nickel-copper depletion in mafic units, suggesting a
sulphur saturation event has occured. Great Boulder has received heritage clearance to undertake
exploration over the eastern mafic complex and will assess plans for this area once exploration
commences at Mt Venn.
Figure 3. Updated geological map following collation of previous exploration and re-processed geophysics
Mt Venn Igneous Complex
Eastern Mafic Complex
ASX Announcement
25 July, 2017
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Tarmoola
During the quarter, Great Boulder completed a 67 hole (1,950m) scout AC geochem drilling
program at its Tarmoola gold project, located 40km northwest of Leonora in WA. Given the large
tenement holding, the drilling was wide spaced, designed with the purpose of gathering as much
information on the underlying geology, specifically:
1. Map the regolith profile to understand to the amount of transported cover and validate the
auger geochemistry undertaken in November-December 2016;
2. Provide end of hold geology and geochemistry to differentiate granite intrusions and map
the granite-greenstone contact; and
3. Provide additional data to generate a more detailed, constrained gravity inversion model.
The drilling showed a very distinct
stripped regolith profile to the east
where basalts and dolerites dominate
the greenstone sequence with little to
no weathering profile. West of the
outcropping greenstone is dominated
by extensive and variable depth
transported alluvium and colluvium
which has shed off the eastern
outcropping area and also been
transported south west along more
deeply incised paleochannels. A large
greenstone sequence that wraps
around the north and west of the
dominant Raeside batholith also
contains zones of outcrop with minimal
weathering profile.
Given the relatively shallow drilling,
particularly over the outcropping and
sub-cropping greenstone, sequence,
Great Boulder completed all priority 1
and 2 planned holes, with the exception
of holes in the southwest where difficult
drilling conditions were encountered
through a large drainage system.
End-of-hole samples were collected for
multi-element analysis and assessed
for different granite intrusion phases
and potential alteration signatures. This
data was also utilised in updating the
gravity inversion model which has
identified key structures and additional
granite intrusions under cover that have
not yet been tested (figure 4 and 5).
Figure 4. GBR aircore drilling and all historical drilling over gravity image with gravity inversion contours showing interpreted granite intrusions
ASX Announcement
25 July, 2017
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During the September quarter, Great Boulder will undertake an extensive field mapping exercise to
integrate with its gravity and geochem data to generate a predictive geological model for intrusion
related gold mineralisation. It is anticipated the mapping will be completed in August with a
subsequent phase 2 aircore programme in September-October.
Jundee South
Final multi-element data was received for the 3,712m RC programme completed at Jundee South
during the March quarter. The results showed strong sodic alteration in and around the
porphyries, along with Mo-W-Bi pathfinder anomalism. Moderate to strong sericite alteration was
identified in the dolerites and sediments with associated As-Sb pathfinder anomalism. This
alteration signature is consistent with what would be expected for a hydrothermal system within the
Jundee mine sequence.
Given the drilling results showed strong evidence of a hydrothermal system within the Jundee
South tenement, Great Boulder will next undertake detailed field mapping of the Jundee mine
sequence to identify possible controlling structures and construct a predictive geological model for
gold mineralisation.
During the quarter, Great Boulder applied for an extension of term for the Jundee South
Exploration Lease which was granted for a further one year (until 28 July 2018). Field mapping is
scheduled to commence in August (immediately after Tarmoola), and a decision on the next phase
of drilling will be made once the geological model has been updated.
NE Bounding Fault
Significant Gold Bearing NW Structures
Potential NW Structures
Granite Intrusion with Density Contrast
GBR Aircore Drilling
Figure 5. Oblique view of Tarmoola gravity inversion model, showing known NW mineralised structures and potential repetitions of these structures further south.
Tarmoola Fault
Ursus Fault
ASX Announcement
25 July, 2017
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Other Projects
No field activities were undertaken at Balagundi or Broadwood during the quarter.
At Balagundi the Company continues to compile all historical drilling and assay data and continues
to assess exploration and development options.
At Broadwood, a programme of work application has been made for an auger geochemical
programme. As the project is located in close proximity to Kalgoorlie with various land use
requirements, the approvals process is proving extremely complex. Great Boulder has recently
received consent for various conditions associated with the Broadwood tenements to allow
exploration to proceed and now awaits formal approval of its programme of works.
Jundee Mine
Elliots
Area 7
Figure 6. Regional map showing the Jundee gold mine, satellite deposits and geology in relation to GBR’s Jundee South Project. Insert is the solid geology interpretation recent RC drill hole locations and traces.
ASX Announcement
25 July, 2017
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At the end of the March quarter Great Boulder had $4.3m in cash.
The following changes occurred to the issued capital of Great Boulder subsequent to the release of
the March 2017 quarterly report:
• Release of 11,028,132 ordinary fully paid shares and 8,483,178 unlisted options from
escrow on 7 July 2017.
The issued share capital of the Company at the date of this report is:
Class of Securities Issued Capital
Ordinary fully paid shares 68,394,000
• Quoted on the ASX 48,109,357
• Escrowed (18 Nov. 2018) 20,284,643
Unlisted Options (exercisable at $0.20 and expire 18 Nov. 2020) 38,086,750
Unlisted Performance Rights 2,000,000
Competent Person’s Statement
Exploration information in this Announcement is based upon work undertaken by Stefan Murphy whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Stefan Murphy has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Stefan Murphy is Managing Director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Forward Looking Statements
This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.
The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.
The exploration results contained in this report were previously reported by the Company in its announcements released to ASX and listed below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company’s previous announcement.
▪ Copper-Nickel-Cobalt Intersected at Yamarna (29 March 2017) http://www.asx.com.au/asxpdf/20170329/pdf/43h3td4shxd1p5.pdf
▪ Drilling to Commence at Tarmoola and Jundee South Results (21 April 2017) http://www.asx.com.au/asxpdf/20170421/pdf/43hn2lxh24bx01.pdf