Great Boulder Resources has secured an option from Ausgold over the latter’s Yamarna nickel project in Western Australia.
The signing of the agreement will see Great Boulder strengthen its nickel-copper portfolio in the Yamarna region of Western Australia. The Yamarna project is 40km north of Great Boulder’s Mt Venn copper-nickel-cobalt project.
Under the joint venture (JV) agreement, Great Boulder has the opportunity to earn up to 75 per cent of the Yamarna nickel project by selling 1.5 million of its shares to Ausgold and investing $500,000 on Yamarna’s exploration over four years.
Ausgold will retain a 25 per cent interest in the Yamarna once Great Boulder meets its minimum expenditure requirement.
Great Boulder managing director Stefan Murphy said, “We have established extensive mineralisation across Mt Venn and the Eastern Mafic, and while our exploration program is ongoing and still in its early phase, it is clear that this is a large mineralised province.
“The results at the Yamarna nickel project show that this area is also mineralised and has the potential to host higher-grade nickel, which could blend with that at Mt Venn and the Eastern Mafic.”
Great boulder will commence an RC drill rig to the Winchester prospect at Yamarna as soon as drilling is completed at the Eastern Mafic.
Ausgold managing director Matthew Greentree said that Yamarna would be advanced by Great Boulder’s well-funded exploration program.
“We are pleased that Great Boulder will commence exploration immediately by drilling two EM conductors within the Winchester prospect,” he said.
“This structure allows [Ausgold] to focus exploration funds on its 100 per cent-owned Katanning gold project, where the company continues to experience exploration success and is progressing towards a mine development.”
Ausgold’s previous drilling at the Winchester included 31 metres at 0.58 per cent copper and 0.35 per cent nickel from 29 metres.
The Yamarna nickel project is 125km northeast of Laverton in Western Australia.