Great Boulder raises $7m cash to drive Mulga Bill gold exploration

Investors have highlighted their support for Great Boulder’s push to carry out high-impact exploration at its Side Well gold project by backing a $7m placement.

The company received cornerstone support from high-quality domestic and offshore natural resource funds including Lion Selection Group and Dutch-based Commodity Discovery Fund for the placement priced at 11c per share.

The news comes just days after the company reported visible gold in diamond core at Mulga Bill.

Proceeds from the placement, which takes Great Boulder Resources’ (ASX:GBR) cash balance up to circa $9.1m, will be used for high impact exploration and drilling campaigns at the Side Well project near Meekatharra, Western Australia.

Funds will also be used to execute a maiden exploration program at the Wellington Base Metal Project in the Earaheedy Basin and drilling at the Whiteheads gold project.

“Having announced our first high-grade intersection in May 2021, the Mulga Bill prospect at Side Well is now over 6km long and is displaying the hallmarks of a multi-million ounce project,” managing director Andrew Paterson said.

“The placement positions the company with a strong balance sheet to accelerate exploration and drilling programs at Side Well to advance the Mulga Bill prospect towards resource definition, test high priority geophysical targets and follow up high priority regional targets defined by recent AC drilling.”

Exploration drilling

Great Boulder plans to carry out exploration to extend significant high-grade, shallow gold mineralisation identified to date at the +6km long Mulga Bill prospect.

It will also drill test geophysical targets that were generated by electromagnetic, 3D induced polarisation and gravity surveys, and follow-up on reverse circulation drilling at multiple high priority regional targets.

This article was developed in collaboration with Great Boulder Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.