Shares in Great Boulder Resources have tripled in value today after the company announced encouraging drilling results at Mt Venn, within its Yamarna copper-nickel-cobalt project east of Laverton.
The assay results indicate 4.3 per cent copper, 0.3 per cent nickel and up to 0.1 per cent cobalt over a 7.5-kilometre strike length that remains open in all directions.
The results are from the first nine holes of reverse-circulation drilling, with returns from the remaining 11 holes expected in two weeks.
The company’s share price has jumped 204 per cent to be trading at 70 cents following the news.
Great Boulder managing director Stefan Murphy said the initial drilling results were impressive.
“To achieve such intersections of cobalt, copper and nickel from the first nine holes is simply outstanding,” he said
“Given that we are conducting scout drilling over a strike length of 7.5km, it is remarkable to have intersected such widths and grades from these initial holes.”
Mr Murphy said further drilling had begun.
“As with any initial drilling program over such a vast area, it is a needle-in-a-haystack exercise,” he said
“The potential at Mt Venn is becoming very apparent, with knowledge gained from recent drilling and an improved understanding of the ore-forming systems further confirming the prospectivity of the project.
“We look forward to receiving the remaining results and have commenced down hole EM ahead of our next phase of targeted diamond and reverse-circulation drilling in December.”
Meanwhile Golden Mile Resources’ share price continues to rise after announcing encouraging drilling results at its Quicksilver nickel-cobalt-scandium project, located in the Wheatbelt.
The results show 1.24 per cent nickel at 44 metres and 0.08 per cent cobalt at 24 metres, with the share price at 90 cents today, up from 22 cents last Monday.
By Tayler Neale
