Tarmoola early exploration returns grades of up to 24g/t ...

ASX Announcement 19 September, 2017

Tarmoola early exploration returns grades of up to 24g/t gold on key structures

In light of these outstanding results, Great Boulder will proceed immediately with an extensive soil sampling program followed by maiden RC drilling

Great Boulder Resources (ASX: GBR) is pleased to announce extremely promising results from its first surface sampling and mapping program at the Tarmoola project, located 40km north-west of Leonora in WA.

The program returned a series of high-grade results from surface samples. It also identified the regionally significant Ursus Fault, which is considered a key gold bearing structure at the +2Moz King of the Hills gold mine. The Ursus fault was mapped extending over 3km within the Tarmoola project, and the high-grade gold results were coincident with the Marionette shear zone, interpreted as a splay off the Ursus Fault.

The Tarmoola Project is located in the heart of the West Australian Eastern Goldfields, with the +9Moz Gwalia mine located 40km south, +2Moz King of the Hills mine located 10km to the east and +3Moz Thunderbox mine located 40km north.

Over 80 surface samples were collected along the eastern outcropping margin of the Tarmoola project. The surface samples were collected from outcropping rock and quartz veins as well as historical workings.

A significant zone of high grade mineralisation has been delineated over a 2km strike length, predominantly in quartz veins within the historical Marionette workings. The mineralisation sits along a northwest splay of the Ursus Fault (Marionette shear zone) and intersects a series of north striking dolerite sills and dykes within the host basalt.

Significant rock chip results include:

• 23.9g/t Au: Quartz vein in historical workings

• 17.3g/t Au: Quartz vein in historical workings

• 12.7g/t Au: Mafic schist and quartz veining in a small working

• 9.1g/t Au: Hematitic shaft spoil and quartz veining

Gold mineralisation appears restricted to within 500m of the Ursus Fault and along the northwest trending Marionette shear zone (Figure 1). Wide-spaced aircore has previously been drilled along the Ursus fault, however this has been largely ineffective as the holes were not orientated to test the fault and were shallow due to bedrock cropping out at surface.

Great Boulder will now undertake detailed soil sampling to define the extent of mineralisation ahead of a maiden RC drill program to test the key structures around the Ursus and Marionette shear zones. A list of significant assay results and sample locations are provided in Table 1.

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Figure 1. Updated geological map. Inset shows new field mapping with grab samples showing the mineralised trend along the Marionette shear zone

Sample ID Easting Northing Au (g/t) Description

TMRK0048 308541 6836117 23.90 Quartz from workings

TMRK0051 308655 6835653 17.30 Quartz from shaft

TMRK0068 309483 6834635 12.70 Mafic schist and quartz veining in small working

TMRK0052 309045 6835985 9.06 Hematitic shaft spoil and quartz

TMRK0043 308458 6836256 4.78 Quartz and rock chips from shaft


TMRK0045 308480 6836332 3.43 Quartz scratchings


TMRK0037 309227 6836716 2.43 Quartz veining





TMRK0041 306086 6847021 0.48 Quartz and felsic saprolite from shaft

TMRK0044 308463 6836333 0.46 Schistose porphyry from shaft

Table 1. Significant rock chip samples

+ 1g/t Au + 0.5g/t Au + 0.1g/t Au - 0.1g/t Au

2km

Ursus Fault Marionette Shear

+ 3g/t Au + 1g/t Au + 0.5g/t Au + 0.1g/t Au - 0.1g/t Au

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Great Boulder Managing Director Stefan Murphy said: “These results are outstanding and highlight the significant potential of Tarmoola.

“While surface grab samples are only indicative, the identified trend along a structural corridor, with high gold grades and close proximity to a major gold-bearing structure is very encouraging.

“Limited previous exploration appears to have been largely ineffective due to shallow aircore drilling into outcropping bedrock. The Marionette shear zone has no modern drilling and is effectively untested. Our exploration effort at Tarmoola will now focus on the Ursus -Marionette shear zones and surrounding area, initially with a detailed soil sampling program to pin point the mineralised trends, then with follow-up RC drilling. We hope to have the soil sampling completed by early October and drilling by November.”

Mineralisation and Targeting

Historical gold workings are limited to the Marionette group where a number of small scale diggings are aligned along the NW-SE striking Marionette shear zone. The shear zone and narrow quartz veins dip 20-30° to the SW, and strike for 700m and potentially link with a similarly oriented reef and shear zone over 1km along strike to the SE. Sampling of in situ quartz veining and material on the Marionette mullock heaps returned a number of gold assay results above 1g/t Au, up to 23.9g/t Au. Surprisingly no drilling has been completed in the hanging wall of the Marionette shear, meaning they are completely unexplored.

There is a shallow group of mines 600m to the east which returned 9.06g/t Au, and on the north side of the Ursus Fault is another significant rock chip sample of a quartz reef next to the NE-striking dolerite which returned 2.43g/t Au. These results are all within 500m of the Ursus Fault and are most likely sited on shear zones splaying off the Ursus Fault.

Figure 2. Fact map showing sample location and grades (Au g/t)

500m

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There is significant potential for gold mineralisation within the greenstone package. In particular the intersection of favourable, reactive rocks (dolerite, interflow sediments containing BIF, granitoids) with the Ursus Fault. Intersections between the Ursus Fault and other oriented structures are also priority targets, such as the junction between the Ursus Fault and Marionette shear zone.

The next phase of exploration will be soil sampling of an approximate 2km x 2km area of outcrop to better define mineralised trends. It is anticipated that this sampling will be undertaken in late September ahead of a maiden RC drill programme in November.

Geology and Prospectivity Mapping

The field mapping and sampling was initiated due to results from Great Boulder’s previous auger and gravity programs. Auger geochemistry identified broad zones of mineralisation over the eastern tenements, coincident with the historical Marionette workings, while the gravity survey highlighted a series of prospective intrusions (outcropping and buried) that appear consistent with the extension of the Ursus Fault within the Tarmoola tenements.

Gravity Anomaly 3

1km

Figure 3. Target area (red) around the Ursus and

Marionette structures

Figure 4.

Solid geology map (left)

and RTP 1VD magnetic

image (right), showing

intrusion contours from

the gravity inversion

modelling and location of

surface samples

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Figure 5. Regional Geology showing Ursus Fault

Extensive outcrop along the eastern Tarmoola tenements makes the area amenable to field

mapping and targeted sampling. During 2011 Saint Barbara Mines completed wide spaced

aircore drilling along the interpreted Ursus Fault. However, most holes intersected a

stripped regolith profile and were very shallow (most less than 10m) and not orientated to

intersect the key structures.

Mapping has shown the western granite-mafic contact is intrusive, low strain and with no

observed outcropping alteration or mineralisation. East of the contact the greenstones are

dominated by fresh pillowed basalt with infrequent ponded dolerite sills as well as dolerite

dykes. Interflow sediments of chert and iron formation are rare and tend to be restricted to

the east.

Dolerite and gabbro sills intrude the interflow sediments. A variety of felsic to intermediate

dykes and stocks intrude the mafic volcanics. The two largest stocks are the Victory Corner

Well granodiorite and Mt Stirling granite intrusions.

The largest structure in the project is the

western continuation of the Ursus Fault,

which trends WNW-ESE across the belt.

The Ursus marks a significant change in

orientation of geology and structures.

North of the fault they trend NE-SW,

where in the south they trend N-S to NNE-

SSW. In addition, a large antiform, cored

by gabbro and interflow sediments, is

present on the north side and missing

from the south side.

The Ursus Fault is a 100m wide zone of

shear foliated mafic rocks (dolerite,

gabbro, basalt and felsic intrusions) as

well as quartz veining. Outcrops show

evidence for both sinistral and dextral

strike-slip movement, however much of

the fault is covered by an active alluvial

channel. There is no offset of the western

granite-mafic contact suggesting the

granite intruded after the bulk of the

movement had occurred.

Figure 4 (previous page) also shows the location of gravity anomalies interpreted as buried

felsic intrusions. Two of these anomalies coincide with, or are adjacent to, the Ursus Fault

suggesting there may be felsic intrusions interacting with the fault.

The third anomaly is located away from the Ursus Fault and coincides with a large area of

siliceous and pale altered basalts. The alteration is of similar dimension to the gravity

anomaly. This area is sited in the hinge region of a major NNE-plunging antiform, is

sandwiched between two NW-SE striking inferred faults and has a small outcrop of felsic

porphyry in the centre of the anomaly.

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Competent Person’s Statement- Exploration Results

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, nickel, cobalt, 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.

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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 comprised of rock chip samples

of either outcrop, sub crop or float/lag material, collected

at various location based on prospective geology.

Samples taken were typically between 1-2kg.

The samples were pulverised at the laboratory, with a 50g

sample analysed by industry standard fire assay with

atomic absorption, and also multi element analysis via 4

acid digest 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.

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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 geological data was recorded for the rock chip

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.

Rock chip samples were collected from outcrop, sub crop

or float/lag.

All samples were dry.

No field duplicates were taken. Samples taken were

typically between 1-2kg rock chip samples and the entire

samples 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, 50g

charge for fire assay and ICP-AES (ALS method;

Au-ICP22), and fire assay and AAS (ALS method;

Au-AA26) for ore grade analysis (>10ppm Au).

A 4 acid digest and ICP-MS (ALS method; MS-

ME61) was used for the multi elements.

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

• 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, 50g

charge for fire assay and ICP-AES (ALS method;

Au-ICP22), and fire assay and AAS (ALS method;

Au-AA26) for ore grade analysis (>10ppm Au).

A 4 acid digest and ICP-MS (ALS method; MS-

ME61) was used for the multi elements.

•

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acceptable levels of accuracy (ie lack of bias)

and precision have been established.

• 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.

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

comprised of rock chip samples of either outcrop, sub

crop or float/lag material, collected at various locations

based on prospective geology and is considered

reconnaissance in nature.

• The spacing and location of data is currently only being

considered for exploration purposes.

• No composite sampling has been applied.

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 poly weave bags with the ID number clearly

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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.

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.

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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

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 rock chip 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.

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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

clear statement to this effect (eg ‘down

hole length, true width not known’).

No mineralisation widths are reported.

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-proceeding 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.

Tarmoola early exploration returns grades of up to 24g/t ...

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