- Great Boulder Resources (GBR) begins drilling at its Mt Venn prospect within the Yamarna base metals project in Western Australia
- The six-hole reverse circulation program is part of GBR’s planned spin-out its Yamarna assets into new entity Cosmo Metals
- The program is planned to infill and extend known mineralisation, with assays expected post Cosmo’s anticipated first trading day on January 27
- Managing Director Andrew Paterson says the program has been designed to provide momentum for the new company shortly after listing
- Shares have been trading 3.8 per cent higher at 13.5 cents
Great Boulder Resources (GBR) has begun drilling at its Mt Venn prospect within the Yamarna base metals project in Western Australia.
A six-hole reverse circulation drilling program is planned to infill and extend known copper-nickel-cobalt sulphide mineralisation, with a focus on possible areas of higher-grade copper mineralisation.
The company expects the drilling to be completed in one week.
In September, the company announced plans to spin-out its Yamarna Copper-Nickel Cobalt Project and re-list the asset as battery-focused entity Cosmo Metals.
This small drilling program is part of the demerging process, with Cosmo to commence trading on the ASX on January 27, and assay results expected by mid-February.
Managing Director, Andrew Paterson said the program has been designed to provide momentum for the new company upon listing.
“We are expecting strong demand for shares in the Cosmo IPO, and we’re looking forward to working with the new board and technical team to advance the Yamarna assets rapidly next year,” he said.
Shares were trading 3.8 per cent higher at 13.5 cents at 10:09am AEDT.