Maiden RC Results Show Promise For Side Well Gold Project
Great Boulder Resources [ASX: GBR] is pleased to update the market on assays from the first five RC holes at the Side Well gold project near Meekatharra in Western Australia.
The best result from these five holes is 7m @ 3.35g/t Aufrom 122m, including 3m @ 6.13g/t Au, within a broad zone of lower grade mineralisation containing 72m @ 0.62g/t Aufrom 72m.
Positive observations in logging from other holes drilled 300m to 400m to the southwest support the interpreted northeast trend to mineralised zones within an overall corridor striking north-south.
Deep weathering within this corridor indicates potential for Mulga Bill to be part of a large system. In a regional sense this system is thought to correlate with the Gabanintha Shear.
Assays have been taken for 1m intervals in zones with visible alteration and quartz veining and the balance of each hole assayed on 4m composite intervals. Individual 1m samples will now be submitted for assay on all anomalous 4m composites.
Meanwhile, GBR’s consulting geophysicist has reprocessed the heli-TEM survey data acquired by Doray Minerals in early 2013. Conductivity contours, particularly at depths between 50 to 150m below surface, show a strong spatial correlation with known mineralisation at Mulga Bill. This correlation provides a useful targeting tool for other areas within the project.
Zones of conductivity are typically caused by naturally occurring features including sulphide minerals, hyper-saline groundwater or graphitic (black) shale. Groundwater in the Meekatharra area is fresh and there are no known black shales within the Side Well stratigraphy.
Disseminated pyrite is logged in recent air-core holes drilled to the south of Mulga Bill. If assays show the pyrite zones are associated with gold mineralisation, other unexplained areas of high conductivity will be tested in future drilling programmes.
“These results from our first few holes are very encouraging,” Managing Director Andrew Paterson said. “We are looking forward to receiving the rest of the RC assays”.
“The conductivity slices from the heli-TEM survey are extremely encouraging, as we have observed increased conductivity around the Mulga Bill gold occurrence. There are other accumulations of enhanced conductivity defining two linear north-south trends that extend throughout the entire tenement package.”
“The two RC and AC drilling programs, auger sampling program and EM interpretation have generated a lot of new information at Side Well. I’m looking forward to generating the next phase of drill targets.”
