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Gold exploration firm Great Boulder Resources has signed an option agreement with Ausgold to earn 75% interest in the latter’s wholly owned Yamarna nickel project, located 125km north-east of Laverton in Western Australia (WA).

Under the terms of the agreement, once Great Boulder elects to exercise the option, it will acquire the aforementioned interest in the project by issuing 1.5 million shares and incurring an expenditure of at least $500,000 over a period of four years.

Once Great Boulder satisfies the minimum expenditure requirement, Ausgold will retain a 25% free-carried interest in the project through a decision to mine.

Ausgold managing director Matthew Greentree said: “The farm-in agreement with Great Boulder over the Yamarna project ensures the asset will be advanced by a committed explorer in the region through a well-funded exploration programme.”

The Perth-based company believes that this agreement will allow it to focus on its Katanning gold project, which is advancing towards mine development.

The Yamarna project, which is situated 40km north of Great Boulder’s Mt Venn Project, is made up of two exploration licences, namely E38/2129 and ELA 38/3311. The licences cover nearly 300km² of the northern Mt Venn Greenstone Belt.

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“We have established extensive mineralisation across Mt Venn and the Eastern Mafic.”

Great Boulder Resources managing director Stefan Murphy said: “We have established extensive mineralisation across Mt Venn and the Eastern Mafic and while our exploration programme is ongoing and still in its early phase, it is clear that this is a large mineralised province.

“The results at the Yamarna nickel project show that this area is also mineralised and has the potential to host higher-grade nickel which could blend with that at Mt Venn and the Eastern Mafic.”

Great Boulder is set to begin drilling on two electromagnetic (EM) targets at the Winchester prospect at the Yamarna project.

According to the company, significant copper and nickel mineralisation was intercepted during the initial drilling carried out by Ausgold at the Winchester prospect.