Great Boulder Resources (ASX: GBR) has firmed up exploration potential at its Mt Venn copper-nickel-cobalt project in Western Australia after a ground moving loop electromagnetic (EM) survey confirmed 12 new targets with drilling at the nearby Mt Venn discovery returning up to 3.6% copper.
The ground EM survey is 70% complete and has identified 15 targets to-date for follow-up along 6km of strike within the Eastern Mafic complex of the project.
Due to the results, the moving loop survey has been expanded to cover extensions to the targets with the survey planned to wind up within three weeks.
Great Boulder managing director Stefan Murphy said the strong EM response from the latest conductors was “highly promising” because they were consistent with a massive sulphide source.
Conductor plate modelling of the EM survey results is underway and once finished, Great Boulder will start drilling the new targets.
“The exploration work completed at the Eastern Mafic strongly supports our view that this area has the potential to be the source of extensive mineralisation already discovered immediately adjacent at Mt Venn,” Mr Murphy noted.
“With the survey now 70% completed and the recent A$2.5 million capital raising done, we are on the cusp of drilling these potentially company-making targets,” Mr Murphy said.
Mt Venn discovery
Meanwhile, at the Mt Venn discovery ongoing reverse circulation drilling has found the copper-nickel-cobalt mineralisation remains open in every direction.
Notable recent results include 21m at 0.6% copper, 0.2% nickel and 0.06% cobalt from 30m, 5m at 1% copper, 0.1% nickel and 0.03% cobalt from 150m and 9m at 0.5% copper, 0.2% nickel and 0.05% cobalt from 73.
Another 9.5m intersection comprised at 1% copper, 0.1% nickel and 0.02% cobalt from 178m and contained two higher-grade intervals of 1.6m at 3.6% copper and 2.6m at 1.2%.
By mid-day, shares in Great Boulder were up 1.69% to A$0.30.