Yamarna results hit Great Boulder
Investors have hit the sell button on the first drilling results from Great Boulder Resources’ newly acquired Yamarna project, but the company has hailed them as justification for its push to consolidate a vast landholding targeting copper and nickel in the remote Great Victoria Desert.
The explorer has picked up two additional projects near its Mt Venn copper-nickel discovery, 150km east of Laverton, in recent months.
One of them was Ausgold’s Yamarna project, 40km north of Mt Venn, which contains the Winchester prospect and is subject to an earn-in deal which could see Great Boulder take a 75 per cent stake by funding $500,000 in exploration over the next four years.
Great Boulder managing director Stefan Murphy was encouraged by results from initial drilling, which struck grades of more than one per cent copper at Winchester.
He also said the company was “closing in” on a higher-grade part of the Eastern Mafic ore system at Mt Venn after striking grades of more than 3.1 per cent copper and 0.6 per cent nickel at its Cortina prospect.
Great Boulder shares fell 1¢, or 5.3 per cent, to 18¢ yesterday, having climbed as high as 50¢ a year ago in a more buoyant market.
But the results came as good news for Ausgold, which has ceded management of the project to Great Boulder after formalising the joint venture to narrow its focus on the Katanning gold project in WA’s Great Southern.
Ausgold managing director Matthew Greentree said the company was looking forward to a biggerscale exploration campaign taking place at the project.