In late August 2019 the Company announced the acquisition of an option to acquire a 75% interest in the Whiteheads Gold Project from Zebina Minerals Pty Ltd. Under the terms of the agreement, Great Boulder can earn a 75% interest in the project by spending $200,000 on exploration. The consideration for the option was a value of $100,000 and the consideration to exercise the option is a further $400,000, with both payments being 50% cash and 50% GBR shares.
The Whiteheads project consists of three Exploration Licences covering an area of approximately 230km2 between 45km and 70km north of Kalgoorlie. Whiteheads is an advanced gold project with numerous high-grade intersections in historic drilling, as well as several large, coherent gold-in-soil anomalies up to 6.5km long.
Subsequent to that announcement, in early September the Company announced an agreement with Mithril Resources Ltd to acquire an 80% interest in the adjacent Lignum Dam project in two stages: acquiring 51% by spending $400,000 on exploration over two years; and then moving to 80% by spending an additional $600,000 over the next two years. The agreement has a minimum commitment of $120,000 in expenditure if GBR elects not to proceed with the farm-in.
These two contiguous areas will be jointly known as the Whiteheads Project.
The Whiteheads project is a highly attractive area for gold exploration because, in spite of the amount of work done by previous explorers, its recent history has been one of fragmented ownership by multiple companies. As a result, Great Boulder has a unique opportunity to optimise the potential of Whiteheads as an advanced gold project with walk-up drill targets and multiple other untested surface gold anomalies
- 8m @ 7.19g/t Au from 74m in SL083 (Seven Leaders prospect)
- 23m @ 2.920g/t Au from 87m to EOH in SL068 (Seven Leaders)
- 7m @ 5.91g/t Au from 64m in LBRC013 (Lady Betty prospect)
- 3m @ 6.62g/t Au from 60m in LBRC007 (Lady Betty)
- 3m @ 11.90g/t Au from 75m in LBRC008 (Lady Betty).
Seven Leaders and Lady Betty are both on the Whiteheads mineralised corridor, a zone extending in a south-southeasterly direction for over 9km from the northern tenement boundary before disappearing under an area of transported cover, and characterized by multiple old gold shafts, high-grade drilling intersections such as those highlighted above, and a large coherent gold-in-soil anomaly stretching for over 6.5km at over 25ppb Au.
Previous drilling intersections at Whiteheads include:
Geologically the Whiteheads project straddles the terrane boundary between rocks of the Kalgoorlie Terrane to the west, and the Kurnalpi Terrane to the east. The presence of deep crustal structures such as this, as well as other large-scale structures striking north-northwest through the project, is significant for the potential for these features to act as a conduit for mineralising fluids, particularly for structurally-controlled gold deposits.
The map shown below shows the gold-in-soil geochemistry on the eastern portion of Whiteheads. The significant size of the Whiteheads mineralised corridor stands out, terminating under creek drainage at the south end, with the Arsenal trend another obvious target for drilling.