The Great Boulder Resources (ASX: GBR) share price is on a tear again today after the company announced new, “exceptional” gold grades.
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Great Boulder Resources Ltd (ASX: GBR) shares are on an extraordinary tear again today after the company announced that “exceptional gold grades” have been intersected at its Mulga Bill project. At the time of writing, the Great Boulder share price is trading a whopping 50.6% higher at 12.5 cents.
This follows yesterday’s rise of more than 80% for the company’s shares after separate gold intersection results were released to the market.
Great Boulder Resources is a relatively new Australian miner that’s focused on nickel, copper, cobalt and gold mining. Its current mining focus is on the lucrative Esperance Goldfields in Western Australia
Today’s surge in the Great Boulder share price comes after the company reported initial results from reverse circulation (RC) drilling at its Mulga Bill prospect within the Side Well Gold Project in Western Australia.
The company says that RC drilling undertaken beneath a high-grade air-core (AC) drilling intersection in one drilling hole returned an “extremely high-grade zone” of six metres at 31.2g/t Au from 130 metres deep, including one metre of 136g/t Au from 132 metres deep.
The results from a four-metre composite AC intersection have been re-assayed and returned a more accurate result of three metres at 34.5g/t Au from 32 metres deep. The updated result follows resampling in one-metre sample intervals.
Another RC hole the company drilled directly below the former intersected three metres of quartz veining with no significant gold assays. This intersection will be re-assayed to check for coarse gold. Meanwhile, a second RC hole drilled 50 metres to the north of this section intersected 14 metres at 2.62g/t Au from 88 metres deep, including four metres at 5.86g/t Au.
The remaining results from this 4,000m RC program are expected in the coming weeks.
Great Boulder managing director Andrew Paterson was clearly excited by the company’s drilling results, saying:
These are stunning results. We were initially excited with the AC result in hole 022 because it’s associated with quartz veining high in the weathering profile. That immediately draws comparison to the Wilber Lode at Andy Well. Resampling that intersection has returned even higher grades. To hit 6 metres at over an ounce per tonne below this zone that is a sensational result.
Coming on the back of our recent success at Whiteheads, these exceptional results from Mulga Bill validate our approach and the solid technical work we’ve been doing for the past two years.
Great Boulder share price snapshot
The Great Boulder share price has now risen a ridiculous 145% in one week, 257% over the past month and almost 300% over the past 12 months. The company has a market capitalisation of around $23 million.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.