asx announcement mt venn emerges as a major copper …marionette shear, interpreted as a splay off...

ASX Announcement

24 January 2018

Quarterly Report to 31 December 2017

Mt Venn emerges as a major copper-nickel-cobalt discovery

Yamarna: Mt Venn Copper-Nickel-Cobalt Discovery

▪ Phase 1 RC drilling in October discovered significant copper-nickel-

cobalt sulphide mineralisation at the Mt Venn prospect within the

Yamarna Project, WA

▪ Initial assays of up to 4.3% copper and 0.1% cobalt confirm the

potential of the Mt Venn mineralised system

▪ Wide zones of mineralisation intersected, including:

48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m downhole




▪ Phase 2 RC and initial diamond drilling completed in late December

First diamond holes returned massive, semi-massive and

stringer sulphide mineralisation over wide intersections of +70m

Coarse grained sulphide mineralisation with distinct copper

(chalcopyrite) and nickel-cobalt (pyrrhotite) zones

Assay results due imminently (refer to page 5)

Tarmoola

▪ Soil sampling completed which identified two strong gold anomalies

associated with the Marionette and Ursus shear zones

Corporate

▪ $3.4m in cash at the end of the quarter

▪ 2,081,857 options were exercised in the quarter, raising $416,000

▪ Preliminary EIS co-funded drilling grant of $108,000 and Research

and Development refund of $155,000 received during the quarter

ASX Code: GBR

Capital Structure

Ordinary Shares: 70.5m

Unlisted Options: 36.0m

Unvested Performance Rights: 2m

Current Share Price: 28₵

Market Capitalisation: A$19.7m

Cash: A$3.4m

Debt: Nil

Board of Directors

Greg Hall

Non-Executive Chairman

Stefan Murphy

Managing Director

Murray Black

Non-Executive Director

Melanie Leighton

Non-Executive Director

Projects

Yamarna – Mt Venn

Tarmoola

Jundee South

Balagundi

Broadwood

ASX Announcement

24 January 2018

2

Yamarna – Mt Venn

PHASE 1 RC

During October, Great Boulder completed its maiden RC drilling program at Mt Venn with a total of

20 reconnaissance RC holes drilled (2,868m). The drilling targeted conductors identified from a

ground-based EM survey, successfully discovering a significant new copper-nickel-cobalt sulphide

system at Mt Venn. Drilling intersected wide zones of shallow sulphide mineralisation over an

extensive strike length and open in all directions. Significant assay results from the maiden RC drill

program include:

17MVRC001

− 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m (downhole)

• including 2m at 1.0% Cu and 1m at 4.3% Cu

17MVRC007



17MVRC015



• including 6m at 0.7% Cu, 0.3% Ni and 0.10% Co

17MVRC017


− 16m at 0.6% Cu, 0.1% Ni and 0.04% Co from 62m (downhole)


Mineralisation is typically wide and steeply dipping to the east. There is also very little cover or

weathering profile, with fresh sulphide ore extending to surface along the central zone where the

bulk of the mineralisation has been intersected to date.

Mineralisation is copper-dominant, with distinct nickel-cobalt rich zones. Copper grades up to 4.3%

have been returned within the more chalcopyrite-rich copper zones. Copper mineralisation is

intermingled with a more nickel-cobalt rich pyrrhotite phase. The nickel and cobalt grades up to

0.3% Ni and 0.1% Co respectively within the massive sulphide zones and are much higher than

anticipated based on previous drilling.

Two holes were also drilled north of the EM survey area to test a zinc, lead and silver aircore

anomaly. 17MVRC004 was drilled under the main zinc-lead aircore anomaly and returned a highly

encouraging 2m at 2.1% Zn from 58m.

A downhole EM (DHEM) survey was completed on the available Phase 1 RC drill holes, with the

objective of identifying off-hole conductors along the main mineralised trend and to better constrain

the EM plate modelling. The results from the RC drilling and DHEM survey confirm the steep dipping,

wide nature of sulphide mineralisation at Mt Venn. These results were used to design the Phase 2

RC and initial diamond drilling program.

Exploration Activities

ASX Announcement

24 January 2018

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DIAMOND DRILLING & PHASE 2 RC

The Phase 2 RC and initial diamond drilling programs commenced in December. The drilling

focused on strike and dip extensions to the central mineralised zone as well as testing downhole EM

(DHEM) and magnetic targets along the broader Mt Venn trend.

Visual logs of the RC and diamond drilling confirm the mineralised system at Mt Venn is extremely

large. Drilling, EM and magnetic modelling have also confirmed the western magnetic trend

represents a strike extensive pyrrhotite-rich sulphide horizon which hosts copper-nickel-cobalt

mineralisation. Continuous sulphide mineralisation in the central zone has now been delineated

over 500m with multiple parallel zones of mineralisation.

Diamond drilling has provided valuable information on the size, orientation and formation of

mineralisation at Mt Venn. The separate copper and nickel-cobalt zonation seen in the RC assay

results is clearly visible in the drill core as chalcopyrite (copper) and pyrrhotite (nickel-cobalt)

mineralisation.

Diamond holes 17MVRCD008 and 018 were drilled as diamond tails off existing RC holes, targeting

DHEM conductor plates. Both diamond tails intersected sulphide mineralisation associated with the

western magnetic trend, confirming Mt Venn hosts a mineralised system over several kilometres.

Mt Venn mineralised trend based on recent diamond and RC drilling. Central zone is becoming more defined but drilling along the north and south extensions remains sparse and open

Central Zone – Previously reported drill results (red) and significant new sulphide intercepts (orange) over RTP 1VD magnetics

ASX Announcement

24 January 2018

4

Diamond holes 17MVDD001 and 003 were drilled into the central zone, confirming strike continuity

and DHEM plate modelling. 17MVDD002 was designed as a wide diameter HQ metallurgical hole,

drilled from surface and planned to intersect the same wide copper and nickel-cobalt zones

previously intersected in RC drilling. Diamond holes 17MVDD001, 002 and 003 all intersected wide

zones of massive pyrrhotite, associated with nickel-cobalt mineralisation. Chalcopyrite typically

occurs as stringer, blebby and disseminated sulphide within the pyrrhotite but more concentrated

around the margins of the pyrrhotite or within structures.

17MVDD002 – Stringer chalcopyrite and

pyrrhotite mineralisation (109m)

17MVDD003 – Western copper zone with interstitial chalcopyrite

and pyrrhotite within very coarse-grained gabbro (108m)

•

17MVDD001 – Massive pyrrhotite with chalcopyrite at

105m downhole

•

17MVRCD008 – Semi-massive and stringer pyrrhotite with

chalcopyrite at 113m downhole

ASX Announcement

24 January 2018

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RC drilling intersected several offset and parallel mineralised zones striking northeast, with more

copper-bearing chalcopyrite-rich zones occurring along these structures and at the margins of the

massive pyrrhotite mineralisation. Having parallel zones of mineralisation is considered important

because it improves the overall metal endowment per vertical metre. Drilling has also shown good

continuity of mineralisation, which remains open in all directions.

ASSAYS AND METALLURGY

The slow assay turnaround has been caused by delays in the preparation and digest stage at the

laboratory, due primarily to the presence of large amounts of massive pyrrhotite in the samples.

Pyrrhotite from Mt Venn is very reactive, oxidising readily during preparation and exposure to air.

The conventional four-acid digest used for this assay method was altered to slow down the reaction.

The amended four-acid digest (replacing hydrochloric acid with hydrobromic acid) had to undergo

QAQC tests for certification, which in turn delayed the results. While a delay in assay turnaround

time is unfortunate, it is important that proper QAQC protocol is maintained during the process. All

samples are currently being processed in Perth with final assay results now expected in the first

week of February.

Once assay results are received for the metallurgical drill hole, several composite samples will be

made to test the extraction of separate copper and nickel-cobalt concentrates. Copper appears to

be predominantly hosted within chalcopyrite, while the nickel and cobalt is predominantly hosted in

pyrrhotite with minor pentlandite and pyrite. The pyrrhotite mineralisation at Mt Venn has proven to

be quite unique, containing relatively high amounts of nickel and cobalt and readily oxidises under

atmospheric conditions. This is highly favourable for the project because it shows the pyrrhotite may

be amenable to low-cost atmospheric leach. Tests will also be conducted to determine the ability to

process the nickel-cobalt concentrate into nickel and cobalt sulphate products, which are in strong

demand from the battery sector. Further information on the metallurgy test program will be provided

once the flow sheet is finalised.

NEXT STEPS

Drilling activities in the March quarter of 2018

will focus on the western Mt Venn trend north

of the east-west bounding fault that appears to

mark the southern extent of mineralisation.

Drilling on the central zone will focus on dip and

strike extensions of known mineralisation.

Drilling will also be undertaken along the 4.5km

western magnetic trend as we understand

more about the mineralised system, particularly

the remobilization of copper-bearing

chalcopyrite along structures and the margins

of the massive pyrrhotite zone.

A gravity survey over the Mt Venn intrusion,

including the Eastern mafic complex, will be

completed early in the New Year. A surface

geochemistry program and geological mapping

will be undertaken in conjunction with the

gravity survey to identify intrusions considered

more prospective for nickel sulphide

mineralisation to complement the western

copper-rich zone.

Mt Venn Igneous Complex

Eastern Mafic Complex

Great Boulder’s Yamarna project showing Mt Venn and Eastern Mafic Complexes

ASX Announcement

24 January 2018

6

Tarmoola

During the quarter, Great Boulder completed a soil sampling program at the Tarmoola project,

located 40km north-west of Leonora in WA.

The program targeted 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.

A total of 1,022 soil samples were collected over a 200m x 25m grid, covering the prospective

Ursus-Marionette structures. The 25m spaced samples were composited into 100m lengths and

then assayed for gold and a suite of pathfinder elements consistent with hydrothermal gold

mineralisation. Zones of anomalous gold were then split back to their original 25m samples to

better define the soil anomaly for RC drill hole design. 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. A maiden RC drill program is anticipated to commence in late Q1.

Tarmoola soil sampling showing gold results over geology map

ASX Announcement

24 January 2018

7

Jundee South

During the September quarter, Great Boulder completed a field mapping and surface sampling

program at Jundee South. Following a review of the data, Great Boulder is in the process of

designing a close-spaced auger geochemistry program for more detailed target generation ahead

of a drilling program. It is anticipated the auger program will be completed in Q1 with the drill

program in Q2 following receipt of auger results and Heritage clearance.

Other Projects

No field activities were undertaken at Balagundi or Broadwood during the quarter.

At the end of the December quarter Great Boulder had $3.4m in cash.

The following changes occurred to the issued capital of Great Boulder during the December 2017

quarter:

• Exercise of 2,081,857 options and allotment of shares

The issued share capital of the Company at 31 December 2017 is:

Class of Securities Issued Capital

Ordinary fully paid shares 70,475,857

• Quoted on the ASX 50,191,214

• Escrowed (18 Nov. 2018) 20,284,643

Unlisted Options (exercisable at $0.20 and expire 18 Nov. 2020) 36,004,893

Unlisted Performance Rights 2,000,000

Corporate

ASX Announcement

24 January 2018

8

Competent Person’s Statement

Exploration information in this Announcement is based upon work undertaken by Stefan Murphy whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Stefan Murphy has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Stefan Murphy is Managing Director of Great Boulder and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Forward Looking Statements

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved.

The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

The exploration results contained in this report were previously reported by the Company in its announcements released to ASX and listed below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company’s previous announcement.

▪ Copper-Nickel-Cobalt Discovery at Mt Venn (13 November 2017) https://www.asx.com.au/asxpdf/20171113/pdf/43p557mpvc9jwy.pdf

▪ Further Copper-Nickel-Cobalt Intersected at Mt Venn (27 November 2017) https://www.asx.com.au/asxpdf/20171127/pdf/43pln1nlwp92z8.pdf

▪ Diamond Drilling Extends Mineralisation at Mt Venn (5 December 2017) https://www.asx.com.au/asxpdf/20171205/pdf/43pwrp02kbmg6s.pdf

▪ More Wide Zones of Mineralisation Intersected at Mt Venn (14 December 2017) https://www.asx.com.au/asxpdf/20171214/pdf/43q50q8r5gm03t.pdf

▪ RC Drilling Extends Central Mineralised Zone at Mt Venn (21 December 2017) https://www.asx.com.au/asxpdf/20171221/pdf/43qc1w5fm7k07n.pdf

https://www.asx.com.au/asxpdf/20171113/pdf/43p557mpvc9jwy.pdf

https://www.asx.com.au/asxpdf/20171127/pdf/43pln1nlwp92z8.pdf

https://www.asx.com.au/asxpdf/20171205/pdf/43pwrp02kbmg6s.pdf

https://www.asx.com.au/asxpdf/20171214/pdf/43q50q8r5gm03t.pdf

https://www.asx.com.au/asxpdf/20171221/pdf/43qc1w5fm7k07n.pdf

ASX Announcement

24 January 2018

9

Appendix- JORC Code, 2012 Edition Table 1

The following table relates to activities undertaken at Great Boulder’s Tarmoola projects.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling

techniques

• Nature and quality of sampling (eg cut

channels, random chips, or specific

specialised industry standard measurement

tools appropriate to the minerals under

investigation, such as down hole gamma

sondes, or handheld XRF instruments, etc).

These examples should not be taken as

limiting the broad meaning of sampling.

• Include reference to measures taken to

ensure sample representivity and the

appropriate calibration of any

measurement tools or systems used.

• Aspects of the determination of

mineralisation that are Material to the

Public Report.

• In cases where ‘industry standard’ work has

been done this would be relatively simple

(eg ‘reverse circulation drilling was used to

obtain 1 m samples from which 3 kg was

pulverised to produce a 30 g charge for fire

assay’). In other cases more explanation

may be required, such as where there is

coarse gold that has inherent sampling

problems. Unusual commodities or

mineralisation types (eg submarine

nodules) may warrant disclosure of detailed

information.

The reported results are of a focused soil programme.

The soil samples were collected at a spacing of 25m on

lines spaced 200m apart. Composite samples were

created along-line in lots of 4; with a quarter of each

original sample put into a composite bag. This provided

an initial 100m x 200m soil spacing. Upon receipt of

preliminary results an area of prospectivity was defined.

Within this area the initial 25m spaced samples were

submitted for analysis. This provided a 25m x 200m grid

within the area of prospectivity. These samples typically

weighed 0.1-0.3kg, averaging 0.2kg.

The samples were pulverised at the laboratory, with a 25g

sample digested via Aqua Regia followed by mass

spectroscopy.

The sampling techniques used are deemed appropriate

for the style of exploration.

Drilling

techniques

• Drill type (eg core, reverse circulation, open-

hole hammer, rotary air blast, auger,

Bangka, sonic, etc) and details (eg core

diameter, triple or standard tube, depth of

diamond tails, face-sampling bit or other

type, whether core is oriented and if so, by

what method, etc).

Not applicable as no drilling was undertaken.

Drill sample

recovery

• Method of recording and assessing core and

chip sample recoveries and results assessed.

• Measures taken to maximise sample

recovery and ensure representative nature

of the samples.

• Whether a relationship exists between

sample recovery and grade and whether

sample bias may have occurred due to

No drilling was undertaken during the field mapping

campaign.

No quantitative analysis of samples weights or condition

has been undertaken.

ASX Announcement

24 January 2018

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preferential loss/gain of fine/coarse

material.

Logging • Whether core and chip samples have been

geologically and geotechnically logged to a

level of detail to support appropriate

Mineral Resource estimation, mining

studies and metallurgical studies.

• Whether logging is qualitative or

quantitative in nature. Core (or costean,

channel, etc) photography.

• The total length and percentage of the

relevant intersections logged.

Qualitative moister, grainsize, hardness, colour and

sample comment was recorded for each soil sample.

Sub-sampling

techniques

and sample

preparation

• If core, whether cut or sawn and whether

quarter, half or all core taken.

• If non-core, whether riffled, tube sampled,

rotary split, etc and whether sampled wet or

dry.

• For all sample types, the nature, quality and

appropriateness of the sample preparation

technique.

• Quality control procedures adopted for all

sub-sampling stages to maximise

representivity of samples.

• Measures taken to ensure that the sampling

is representative of the in situ material

collected, including for instance results for

field duplicate/second-half sampling.

• Whether sample sizes are appropriate to

the grain size of the material being sampled.


campaign.

All soil samples were dry. No field duplicates were taken.

Samples taken were typically between 0.1-0.3kg (soil)

with the entire sample pulverised.

All samples were submitted to ALS Minerals (Kalgoorlie)

for analyses. The sample preparation included:

Samples were weighed and pulverised such that

a minimum of 85% passed 75um (as per ALS

standards).

Analysis was undertaken for gold using a 25g

sample for digest via Aqua Regia and ICP-MS

(ALS method: Au-TL43), with multi element

analysis from the Aqua Regia digest and ICP-MS

(ALS method; ME-MS43).

Sample collection, size and analytical methods are

deemed appropriate for the style of exploration.

Quality of

assay data

and

laboratory

tests

• The nature, quality and appropriateness of

the assaying and laboratory procedures

used and whether the technique is

considered partial or total.

• For geophysical tools, spectrometers,

handheld XRF instruments, etc, the

parameters used in determining the

analysis including instrument make and

model, reading times, calibrations factors

applied and their derivation, etc.

• Nature of quality control procedures

adopted (eg standards, blanks, duplicates,

external laboratory checks) and whether

acceptable levels of accuracy (ie lack of bias)

and precision have been established.

• All samples were assayed by industry standard methods

through commercial laboratories in Australia (ALS

Minerals, Kalgoorlie).

• Typical analysis methods used;

Analysis was undertaken for gold using a 25g

sample for digest via Aqua Regia and ICP-MS

(ALS method: Au-TL43), with multi element

anlysis from the aqua regia digest and ICP-MS

(ALS method; ME-MS43).

• The analytical laboratories provided their own routine

quality controls within their own practices. No

significant issues were noted.

• Great Boulder did not submit any additional standards,

blanks or duplicates due to the preliminary nature of the

exploration method.

ASX Announcement

24 January 2018

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Verification of

sampling and

assaying

• The verification of significant intersections

by either independent or alternative

company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry

procedures, data verification, data storage

(physical and electronic) protocols.

• Discuss any adjustment to assay data.

• No verification of sampling and assaying has been

undertaken in this field sampling programme.

• Great Boulder has strict procedures for data capture,

flow and data storage, and validation.

• Limited adjustments were made to returned assay data;

values returned lower than detection level were set to

the methodology’s detection level, and this was flagged

by code in the database.

Location of

data points

• Accuracy and quality of surveys used to

locate drill holes (collar and down-hole

surveys), trenches, mine workings and other

locations used in Mineral Resource

estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic

control.

• Sample locations were collected using a hand held GPS

as was deemed acceptable for the nature of this

programme.

• The MGA94 UTM zone 51 coordinate system was used

for all undertakings.

Data spacing

and

distribution

• Data spacing for reporting of Exploration

Results.

• Whether the data spacing and distribution

is sufficient to establish the degree of

geological and grade continuity appropriate

for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications

applied.

• Whether sample compositing has been

applied.

• As detailed in Table 1 of this report, reported results are

from a focused soil programme and is considered

reconnaissance in nature.

• The spacing and location of data is currently only being

considered for exploration purposes.

• Sample compositing was applied to the soil programme

in areas outside a defined area of prospectivity. These

samples were composited along-line in lots of 4, and

provided a nominal 100m x 200m spacing.

Orientation of

data in

relation to

geological

structure

• Whether the orientation of sampling

achieves unbiased sampling of possible

structures and the extent to which this is

known, considering the deposit type.

• If the relationship between the drilling

orientation and the orientation of key

mineralised structures is considered to have

introduced a sampling bias, this should be

assessed and reported if material.

The orientation and relationship of sampling to

underlying structures or mineralisation is unknown and

is considered reconnaissance in nature.


campaign.

Sample

security

• The measures taken to ensure sample

security.

Field samples were collected by Great Boulder in labelled

and secure ploy weave bags with the ID number clearly

visible. The sample bag is secured such that no sample

material can spill out.

Audits or

reviews

• The results of any audits or reviews of

sampling techniques and data.

None completed.

ASX Announcement

24 January 2018

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary

Mineral

tenement and

land tenure

status

• Type, reference name/number, location

and ownership including agreements or

material issues with third parties such as

joint ventures, partnerships, overriding

royalties, native title interests, historical

sites, wilderness or national park and

environmental settings.

• The security of the tenure held at the

time of reporting along with any known

impediments to obtaining a license to

operate in the area.

Great Boulder Resource Ltd (GBR) is comprised of

several projects with associated tenements;

Tarmoola Project tenements and details;

Exploration licences E37/1241, E37/1242, and

prospecting licences P37/8667, P37/8668, P37/8669,

P37/8670, P37/8671, P37/8672, P37/7673,

P37/8674, P37/8675, P37/8676, P37/8677,

P37/8678, P37/8679, P37/8680, P37/8681,

P37/8682, P37/8683, P37/8684, P37/8685 where,

GBR has executed a JV agreement to earn 75%

interest through exploration expenditure of

$1,400,000 AUD over five years. Following

satisfaction of the minimum expenditure

commitment by GBR, EGMC (current tenement

owner) will have the right to contribute to

expenditure in the project at its 25% interest level or

choose to convert to a 2% Net Smelter Royalty (NSR).

Should EGMC choose to convert its remaining interest

into a 2% NSR, then GBR will have a 100% interest in

the project.

Exploration

done by other

parties

• Acknowledgment and appraisal of

exploration by other parties.

Previous explorers included:

1990’s - 2000’s. Saracen Metals Pty Ltd

compiled results from previous explorers

drilling on the northern ELs near Randle’s

Find.

2000’s. Jubilee Mines NL conducted soil

sampling on the western side of the

Robbie’s Well Pluton. Agnew Gold Mining

Company Pty Ltd (Goldfield) undertook

limited drilling on the northern portions of

project, as well as soil sampling.

2010-2011 T.E Johnston & Associated Pty

Ltd conducted limited soil along the

eastern margin of Robbie’s Well Pluton.

2011. St Barbara Ltd conducted a small,

focused aircore drilling along the eastern

margin of the Robbie’s Well Pluton.

Regional soil sampling has been

undertaken by the Geological Survey of

WA.

Geology • Deposit type, geological setting and style

of mineralisation.

Greenstone sequences with a km-scale internal

granitoid and a number of discrete dioritic to tonalitic

stocks known to be associates with regional gold

mineralisation (e.g. Tarmoola/King of the Hills)

The project contains the northern extension to the

regional granite-greenstone terrain contact with a

ASX Announcement

24 January 2018

13

similar geological setting as Tarmoola/King of the Hills

and Gwalia.

Drill hole

Information

• A summary of all information material to

the understanding of the exploration

results including a tabulation of the

following information for all Material drill

holes:

o easting and northing of the drill hole

collar

o elevation or RL (Reduced Level – elevation

above sea level in metres) of the drill hole

collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

• If the exclusion of this information is

justified on the basis that the information

is not Material and this exclusion does not

detract from the understanding of the

report, the Competent Person should

clearly explain why this is the case.

The location and context of the soil sampling is

provided in grid images in the main report body.

No drilling results are reported.

Data

aggregation

methods

• In reporting Exploration Results,

weighting averaging techniques,

maximum and/or minimum grade

truncations (eg cutting of high grades)

and cut-off grades are usually Material

and should be stated.

• Where aggregate intercepts incorporate

short lengths of high grade results and

longer lengths of low grade results, the

procedure used for such aggregation

should be stated and some typical

examples of such aggregations should be

shown in detail.

• The assumptions used for any reporting

of metal equivalent values should be

clearly stated.

No weight averaging techniques, aggregation

methods or grade truncations were applied to these

exploration results.

No metal equivalents are used.

Relationship

between

mineralisation

widths and

intercept

lengths

• These relationships are particularly

important in the reporting of Exploration

Results.

• If the geometry of the mineralisation with

respect to the drill hole angle is known, its

nature should be reported.

• If it is not known and only the down hole

lengths are reported, there should be a

No mineralisation widths are reported.

ASX Announcement

24 January 2018

14

clear statement to this effect (eg ‘down

hole length, true width not known’).

Diagrams • Appropriate maps and sections (with

scales) and tabulations of intercepts

should be included for any significant

discovery being reported These should

include, but not be limited to a plan view

of drill hole collar locations and

appropriate sectional views.

Refer to figures in announcement.

Balanced

reporting

• Where comprehensive reporting of all

Exploration Results is not practicable,

representative reporting of both low and

high grades and/or widths should be

practiced to avoid misleading reporting of

Exploration Results.

Any contours in diagrams are provided to define areas

of relative “moderate” and “high” anomalous

element areas.

Other

substantive

exploration

data

• Other exploration data, if meaningful and

material, should be reported including

(but not limited to): geological

observations; geophysical survey results;

geochemical survey results; bulk samples

– size and method of treatment;

metallurgical test results; bulk density,

groundwater, geotechnical and rock

characteristics; potential deleterious or

contaminating substances.

Great Boulder recently undertook surface mapping of

select portions of the project. This was also

supported by recent re-processing of open source

magnetic data, and also recently acquired (surface)

gravity data. These were used to assist the

reinterpretation of the underlying project geology.

Refer to document for images and context.

Further work • The nature and scale of planned further

work (eg tests for lateral extensions or

depth extensions or large-scale step-out

drilling).

• Diagrams clearly highlighting the areas of

possible extensions, including the main

geological interpretations and future

drilling areas, provided this information is

not commercially sensitive.

Potential work across the project may include

detailed additional geological mapping and surface

sampling ahead of potential confirmatory or

exploratory drilling.

ASX Announcement

24 January 2018

15

Appendix 2 – Tenement Schedule

In line with obligations under ASX Listing Rule 5.3.3, Great Boulder provides the following information relating to its mining tenement

holdings as at 30 September 2017.

Project Tenement Number Status % Held % Earning

Changes during the Quarter

Balagundi M25/194 Granted - 75%

Broadwood P26/4009 Granted - 75%

Broadwood P26/4010 Application - 75%






Jundee South E53/1101 Granted 100% -

Tarmoola E37/1241 Granted - 75%

Tarmoola E37/1242 Granted - 75%

Tarmoola P37/8667 Granted - 75%


















Tarmoola P37/8685 Granted - 75% Tarmoola P37/8935 Granted 100% -

Yamarna E38/2320 Granted - 75%






Yamarna P38/4178 Granted - 75%

ASX Announcement

24 January 2018

16

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Great Boulder Resources Ltd

ABN Quarter ended (“current quarter”)

70611695955 31 December 2017

Consolidated statement of cash flows Current quarter

$A’000

Year to date

(...6..months)

$A’000

1. Cash flows from operating activities

1.1 Receipts from customers

1.2 Payments for

(827) (1,060) (a) exploration & evaluation

(b) development

(c) production

(d) staff costs (73) (146)

(e) administration and corporate costs (96) (187)

1.3 Dividends received (see note 3)

1.4 Interest received 6 54

1.5 Interest and other costs of finance paid

1.6 EIS Co Funding 108 108

1.7 Research and development refunds 155 155

1.8 Other (provide details if material) GST (88) (93)

1.9 Net cash from / (used in) operating

activities

(815) (1169)

ASX Announcement

24 January 2018

17


$A’000

Year to date

(...6..months)

$A’000

2. Cash flows from investing activities

(58) (58)

2.1 Payments to acquire:

(a) property, plant and equipment

(b) tenements (see item 10) (Lease

payment)

(c) investments

(d) other non-current assets

2.2 Proceeds from the disposal of:

(a) property, plant and equipment

(b) tenements (see item 10)

(c) investments

(d) other non-current assets

2.3 Cash flows from loans to other entities

2.4 Dividends received (see note 3)

2.5 Other (provide details if material)

2.6 Net cash from / (used in) investing

activities

(58) (58)

3. Cash flows from financing activities

3.1 Proceeds from issues of shares

3.2 Proceeds from issue of convertible

notes

3.3 Proceeds from exercise of share

options

416 416

3.4 Transaction costs related to issues of

shares, convertible notes or options

3.5 Proceeds from borrowings

3.6 Repayment of borrowings

3.7 Transaction costs related to loans and

borrowings

3.8 Dividends paid

3.9 Other (provide details if material)

Seed capital refunds

3.10 Net cash from / (used in) financing

activities

416 416

ASX Announcement

24 January 2018

18


$A’000

Year to date

(...6..months)

$A’000

4. Net increase / (decrease) in cash and

cash equivalents for the period

3,902 4,256

4.1 Cash and cash equivalents at

beginning of period

4.2 Net cash from / (used in) operating

activities (item 1.9 above)

(815) (1,169)

4.3 Net cash from / (used in) investing


(58) (58)

4.4 Net cash from / (used in) financing


416 416

4.5 Effect of movement in exchange rates

on cash held

4.6 Cash and cash equivalents at end of

period

3,445 3,445

5. Reconciliation of cash and cash

equivalents

at the end of the quarter (as shown in

the consolidated statement of cash

flows) to the related items in the

accounts

Current quarter

$A’000

Previous quarter

$A’000

5.1 Bank balances 372 727

5.2 Call deposits 3,073 3,529

5.3 Bank overdrafts

5.4 Other (provide details)

5.5 Cash and cash equivalents at end of

quarter (should equal item 4.6

above)

3,445 4,256

ASX Announcement

24 January 2018

19

6. Payments to directors of the entity and their associates Current quarter

$A'000

6.1 Aggregate amount of payments to these parties included in

item 1.2

371

6.2 Aggregate amount of cash flow from loans to these parties

included in item 2.3

6.3 Include below any explanation necessary to understand the transactions included in

items 6.1 and 6.2

Directors salaries, superannuation and payment for drilling services at commercial rates

7. Payments to related entities of the entity and their

associates

Current quarter

$A'000

7.1 Aggregate amount of payments to these parties included in

item 1.2

7.2 Aggregate amount of cash flow from loans to these parties

included in item 2.3

7.3 Include below any explanation necessary to understand the transactions included in

items 7.1 and 7.2

8. Financing facilities available

Add notes as necessary for an

understanding of the position

Total facility

amount at quarter

end

$A’000

Amount drawn at

quarter end

$A’000

8.1 Loan facilities

8.2 Credit standby arrangements

8.3 Other (please specify)

8.4 Include below a description of each facility above, including the lender, interest rate

and whether it is secured or unsecured. If any additional facilities have been

entered into or are proposed to be entered into after quarter end, include details of

those facilities as well.

ASX Announcement

24 January 2018

20

9. Estimated cash outflows for next quarter $A’000

9.1 Exploration and evaluation 1,195

9.2 Development -

9.3 Production -

9.4 Staff costs 84

9.5 Administration and corporate costs 76

9.6 Other (provide details if material) -

9.7 Total estimated cash outflows 1,355

10. Changes in

tenements

(items 2.1(b) and

2.2(b) above)

Tenement

reference

and

location

Nature of interest Interest at

beginning

of quarter

Interest

at end of

quarter

10.1 Interests in mining

tenements and

petroleum

tenements lapsed,

relinquished or

reduced

10.2 Interests in mining

tenements and

petroleum

tenements acquired

or increased

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Sign here: Date: 23 January 2018

(Company Secretary)

Print name: John Sendziuk

ASX Announcement

24 January 2018

21

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have

been financed for the past quarter and the effect on its cash position. An entity that wishes to

disclose additional information is encouraged to do so, in a note or notes included in or

attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards,

the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral

Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report

has been prepared in accordance with other accounting standards agreed by ASX pursuant to

Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash

flows from investing activities, depending on the accounting policy of the entity.

asx announcement mt venn emerges as a major copper …marionette shear, interpreted as a splay off...

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