The Great Boulder Resources Ltd (ASX: GBR) share price is accelerating on Thursday. This comes after the Australian miner released its drilling results at the Mulga Bill prospect within the Side Well Project.
At the time of writing, the Great Boulder share price is up a sizeable 68.6% to 14.5 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.87% to 7,745 points.
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What were the results?
In today's statement, Great Boulder revealed the initial results from its third phase of reverse circulation (RC) drilling at the site in Western Australia.
The first assays returned significant grades of gold across 6 holes at the site. They are as follows:
- 14-metre intercept at 36.12 grams per tonne (g/t) of gold (Au) from a depth of 91 metres, including 3 metres at 149.89g/t Au from 91 metres (21MBRC034);
- 6-metre intercept at 24.33g/t Au from a depth of 132 metres, including 4 metres at 34.86g/t Au from 134 metres (21MBRC034); and
- 2-metre intercept at 9.61g/t Au from a depth of 100 metres (21MBRC036).
The bonanza results are the highest grades ever recorded at the Side Well Project and seem to have had a positive effect on the Great Boulder share price.
In total, 15 RC holes were drilled as part of the program. Nine holes remain to be evaluated and reported. The findings are expected in the next fortnight.
In addition, diamond drilling was completed in mid-August, with those results anticipated in October.
RC drilling is ongoing at Mulga Bill and air-core (AC) drilling is due to start at the Whiteheads Gold Project in Western Australia later this month.
Management commentary
Managing director Andrew Paterson commented on the results which are driving the Great Boulder share price:
These results demonstrate the high-grade potential at Mulga Bill. We're learning more about the potential of this project with every drill program.
Given its location, size and the results we've seen to date I think Mulga Bill has the potential to have a plus million-ounce gold endowment.
These holes were drilled at the start of July, indicating assay results are currently taking 8 weeks to report. We have over 4,000 samples in the pipeline which we'll be reporting as soon as results are available.
About the Great Boulder share price
Over the past 12 months, Great Boulder shares have posted gains of around 190% for investors. The Great Boulder share price is closing in on its multi-year high of 15 cents reached in late May 2021.
Great Boulder has a market capitalisation of roughly $44.4 million, with approximately 355 million shares outstanding.
