Under the Tarmoola Joint Venture Agreement, the Company has the right to earn a 75% interest in the Tarmoola Project by funding exploration expenditure of $1,400,000 over a 5 year period.
Historically overlooked, the land was pegged by EGMC as a conceptual large-scale gold project highlighted by a large regional geochemical pathfinder anomaly which also incorporates the King of the Hills and Sons of Gwalia gold deposits. The Tarmoola Project lies in the same geological setting as these deposits, being a northern extension to a regional granite-greenstone terrane contact.
Early regional geological interpretation had thought the tenements over which the project is located to be predominated by granite; however field reconnaissance and recent desktop work shows the lease to contain a large component of greenstone.
Importantly, the Tarmoola Project contains some 15 kilometres of previously unrecognised prospective strike extent, centrally located along the main granite-greenstone contact. This contact hosts (on nearby tenements) the Gwalia, King of the Hills and Bannockburn gold deposits.
Great Boulder Resources have recently completed a close spaced soil sampling program to target an area of outcropping greenstone where previous mapping and surface sampling identified a 2km trend of high grade gold rock chips associated with the Ursus Fault and Marionette shear, interpreted as a splay off the Ursus Fault. The Ursus fault is a regionally significant structure which is considered a key gold bearing structure at the +2Moz King of the Hills gold mine.
These infill soil results have highlighted two zones of anomalous gold that will be RC drill tested.
The first target is at the intersection of the Ursus and Marionette shear and extending into the hangingwall where elevated gold in soil (peak 76ppb Au) and rock chips (peak 23.9g/t Au) have been returned. Elevated arsenic occurs along the Ursus Fault, indicating the presence of a hydrothermal fluid pathway.
Target 2 has a very coherent gold in soil anomaly for approximately 1km along the Marionette shear zone, with a peak grade of 158ppb Au return on the southernmost line making the target open to the south. Target 2 also has a strong geochemical pathfinder association, making it a priority target.