Great Boulder skyrocketed 204 per cent on Monday after initial drilling at its Mt Venn prospect in Western Australia intersected broad zones of shallow copper, nickel and cobalt over a 7.5km strike length.

Initial test results from nine drill holes at the prospect – which forms part of its Yamarna project east of Laverton in WA – included up to 4.3 per cent copper and 0.1 per cent cobalt.

The stock (ASX:GBR) hit a record high of 71c on Monday, finishing at 70c — more than triple Friday’s closing price. More than 15.8 million shares changed hands.

Great Boulder shares tripled on Monday. Source
Great Boulder shares tripled on Monday. Source

“Given that we are conducting scout drilling over a strike length of 7.5km, it is remarkable to have intersected such widths and grades from these initial holes,” Great Boulder managing director Stefan Murphy told investors.

“The potential at Mt Venn is becoming very apparent with knowledge gained from recent drilling and an improved understanding of the ore-forming systems further confirming the prospectivity of the project.”

The company completed 20 holes as part of a maiden drilling program.

Results from the remaining eleven holes are expected in two weeks.

Downhole electromagnetic surveys have begun ahead of its next phase of drilling next month.

Great Boulder has a market cap of $15.7 million.