Great Boulder Resources ('Great Boulder' or the 'Company') (ASX: GBR) is pleased to provide an update on the Polelle Gold Project ('Polelle') near Meekatharra in Western Australia. Great Boulder is currently exploring Polelle under an agreement with Castle Minerals Ltd (ASX:CDT) which gives GBR an option to acquire 75% of the project.

Great Boulder's Managing Director, Andrew Paterson commented: 'The targeting techniques we've used successfully at Side Well have highlighted some exciting targets with the same pathfinder geochemistry as our Mulga Bill and Ironbark deposits. This assessment is on the back of earlier sampling and target generation by Castle Minerals.' 'Because Polelle has had so little drilling many of these targets have never been tested. One example is a 4km-long zone with both Ironbark-type and Mulga Bill-type pathfinder elements that runs parallel to the mineralised Albury Heath shear. This coincidence of geochemical anomalism over a structural feeder zone is an exciting target and we're looking forward to drilling it.' 'We think our experience at Side Well has given us the secret sauce for finding gold around Meekatharra, so it will be exciting to test those theories in a new area.'

Prior to Great Boulder's participation in the Polelle Project, Castle Minerals Ltd ('Castle') collected approximately 3,000 auger samples and 1,000 soil samples using an 80m sample spacing on 400m lines, infilled in some areas to 40m by 200m. All samples were assayed using an aqua regia digest followed by ICP-MS analysis. This work was reported by Castle in ASX announcements on 28/4/2020 and 12/1/2021. Subsequent analysis of Castle's sampling data by Sugden Geoscience defined a large number of targets for drilling (internal CDT reports, September 2021 and May 2022). The Sugden work also compared the Polelle geochemistry to Side Well based upon early exploration results reported from Mulga Bill by GBR, particularly GBR's early reliance on bismuth as a stable pathfinder element with a strong correlation to gold mineralisation.

In May 2022 Castle conducted a heritage survey over priority target areas on the eastern side of Polelle in preparation for an AC drilling program. With Castle's strategic focus shifting to their Kambale graphite project in Ghana, the drilling was never completed. Recent work by Great Boulder along the Ironbark Corridor at Side Well has led to a more sophisticated targeting approach, using combined assays for gold with silver, bismuth, copper, molybdenum and tungsten (Au-Ag-Bi-Cu-Mo-W) to target intrusive-related Mulga Bill-style gold mineralisation, and gold with arsenic and antimony (Au-As-Sb) to target orogenic Ironbark-style gold mineralisation. This model appears to have been validated by initial drilling at the Saltbush prospect, which intersected 9m @ 5.20g/t Au from 15m in the second RC hole in the same mafic-ultramafic lithological setting as Ironbark

Wanganui Project

At Wanganui at least 3 mineralised shear zones have been delineated by previous drilling, and aeromagnetic and geochemical interpretation indicates good potential for parallel structures. To date only one of these shears has been mined in the modern era: St Barbara Mines produced 329,146t @ 1.62g/t Au for 5,701oz from the Wanganui North and Wanganui South pits (WAMEX report A066033). Relatively shallow, high-grade drill intersections remain to be tested at depth with the potential to delineate shallow oxide resources. The granitoid-mafic contact in the southeastern area

Next Steps

Great Boulder will commence a limited program of AC drilling within the heritage clearances completed by Castle in 2022. In parallel with this, the Company has lodged a heritage survey request with the Yugunga Nya Traditional Owners to clear access to other priority targets at Polelle. GBR's geologists will finish field reconnaissance and mapping over the southern part of the Polelle project as time permits and assess the suitability of this area for auger sampling.

The Company is also continuing field assessment and target generation for the Wanganui Project, situated approximately 18km west of Polelle. More information about this work will be provided in due course. AC drilling is ongoing at Side Well, with the rig currently testing geochemical targets between 2km and 4km north of Ironbark. The rig will soon move south to test the new target recently discovered in outcrop 400m north-northeast of Saltbush (ASX announcement 26/2/2024) and complete additional drilling around the Saltbush prospect.

Contact:

Andrew Paterson

Managing Director Great

Boulder Resources Limited

Email: admin@greatboulder.com.au

Media

Lucas Robinson

Tel: +61 408 228 889

COMPETENT PERSON'S STATEMENT

Exploration information in this Announcement is based upon work undertaken by Mr Andrew Paterson who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Paterson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Paterson is an employee of Great Boulder Resources and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. In order to comply with Listing Rule 5.7 and the associated FAQ 36 (Announcements of material acquisitions - former owners' Exploration Results) GBR has chosen to only report detailed results from drilling completed by Castle Minerals LtdDetails of earlier exploration programs by companies prior to Castle are summarised in the JORC Table 1, Section 2 below and referenced with the source WAMEX report A-number. These WAMEX reports can be accessed online at https://geoview.dmp.wa.gov.au/GeoView. Each WAMEX report includes a technical explanation of the work completed and results achieved. Great Boulder has chosen not to quote any results or conclusions from these phases of exploration as the Company has been unable to assess each dataset's compliance relative to the 2012 JORC Code in the time available. Additional information on each phase of historic exploration prior to Castle's tenure is provided in the JORC Table 1 in GBR's ASX announcement of 30 November 2023. The information that relates to Mineral Resources was first reported by the Company in its announcement to the ASX on 17 November 2023. The Company is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not material changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement

(C) 2024 Electronic News Publishing, source ENP Newswire