Great Boulder exercises option to lift Side Well Gold Project stake to 75%

Great Boulder Resources Ltd (ASX:GBR) has exercised its option to acquire a 75% interest in the Side Well Gold Project in Western Australia from Zebina Minerals Pty Ltd. Under the terms of an agreement signed in July 2020, Great Boulder had a two-year option to explore Side Well before deciding to acquire a 75% interest in the project.  The company has decided to exercise this option 12 months early after the Side Well project produced bonanza-grade gold results earlier this year. “Exciting early-stage project” Great Boulder managing director Andrew Paterson said: “With the first anniversary of our Side Well agreement approaching it makes sense to exercise the option now rather extend into a second year. “Mulga Bill is the most exciting early-stage gold project I’ve seen. It has all the hallmarks of a big gold system. “We’ve already hit high-grade intervals of up to 31 g/t, so it’s ticking all the right boxes. “Drilling is ongoing, and we will continue our current aggressive exploration program for the remainder of 2021.” Joint venture project As per the agreement, Great Boulder will pay total consideration of $350,000 to Zebina comprising cash and scrip consideration on a 50:50 basis to exercise the option to acquire a 75% interest in Side Well. The company’s early pursual of the option negates the requirement for Great Boulder to pay $100,000 to extend the option for a second year. Consequently, Side Well will now become a joint venture project with Zebina, a private company owned by successful Kalgoorlie prospector and businessman Scott Wilson. Zebina’s 25% interest will remain free carried up until a decision to mine. Extend high-grade lode Great Boulder has completed its phase 2 reverse circulation (RC) drilling at the Mulga Bill prospect and the company has now commenced another round of aircore (AC) drilling. The drilling is designed to define and extend the high-grade lode positions 800 metres north of previous RC drilling. In addition, two fences of regional AC holes are also planned to test the southern end of Mulga Bill, up to 1.2 kilometres south of previous coverage. - Ephrems Joseph