ASX Code: GBR. Developing a Large Copper- Nickel-Cobalt System in Western Australia

Transcription

1 ASX Code: GBR Developing a Large Copper- Nickel-Cobalt System in Western Australia November 2018

2 Important Information Purpose of presentation: This presentation has been prepared by Limited (ACN ) (GBR). It is intended for the sole purpose of providing high-level background information on GBR, its projects and its proposed operations. This presentation is not investment advice and should not be relied upon to make any investment decision. Nature of presentation: This presentation is not a prospectus, product disclosure statement or other investment disclosure document, and the level of disclosure in this presentation is less that such disclosure documents. It does not purport to contain all of the information that a prospective investor may require to make an evaluation of GBR or its business activities and nothing in this presentation is, or is intended to be, a recommendation to invest in GBR. GBR does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. No offer: This presentation does not make or contain any offer of securities or any other offer to invest in GBR to any person. Potential investors should consider GBR s Prospectus dated 12 September 2016 (Prospectus), available on its website, and GBR s announcements to ASX. Professional advice: Recipients of this presentation should consider seeking appropriate professional financial, taxation and legal advice in reviewing the presentation and all other information with respect to GBR and evaluating its business, financial performance and operations. Forward-looking statements: This presentation contains forward-looking statements which may be predictive in nature and incorporate an element of uncertainty or risk, such as intends, may, could, believes, estimates, targets or expects. These statements are based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this presentation, expected to take place, but there cannot be any guarantee that such will occur as anticipated, or at all, given that many of the events are outside GBR s control. The stated events may differ materially from results ultimately achieved. Accordingly, neither GBR nor any of its directors, employees, contractors or advisors make any warranty or assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur. Further, other than as required by law, GBR may not update or revise any forward-looking statement if events subsequently occur or information subsequently becomes available that affects the original forward-looking statement. Disclaimer: Neither GBR nor its officers, employees, contractors or advisers make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in this presentation. Nothing contained in this presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. GBR excludes all warranties that can be excluded by law. Except for statutory liability which cannot be excluded, GBR, its officers, employees, contractors and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Proprietary information and copyright: This presentation and the information it contains is proprietary to GBR. GBR holds the copyright in this paper. Except as permitted under the Copyright Act 1968 (Cth), this paper or any part thereof may not be reproduced without its written permission. Exploration Results: The information in this presentation concerning exploration results on GBR s projects is contained in ASX announcements available on its website, GBR confirms that it is not aware of any new information concerning exploration results that materially affects the information included in its ASX announcements. Hannan Street in The Exchange Hotel is in the centre, with the Palace Hotel on the right. 2

3 Corporate Overview Board of Directors Greg Hall Stefan Murphy Murray Black Melanie Leighton Key Advisors John Beeson Non Exec Chairman Managing Director Non Exec Director Non Exec Director Chief Structural Geologist Capital Structure Share Price (16/11/18) $0.15/share Total Shares on issue 80.1m Escrow shares (19 November 2018) 20.0m Tradeable shares 60.1m Unlisted Options 35.6m Performance Rights 2.0m Scott Halley Yamarna Project: Chief Geochemist Copper-nickel-cobalt discovery at Mt Venn and the Eastern Mafic deposits Emerging large scale project aligned with growing demand for EV and battery metals Tight capital structure with only 80.1m shares on issue Strong leverage to exploration success: $9.6m enterprise value 15 per share) Market capitalisation (15 per share) $12.0m Cash (30/9/18) $2.4m Debt Nil Enterprise Value $9.6m Shareholders Black International 4.2% Exploration Capital Partners 4.0% Directors 9.4% Key Advisors 7.6% 3

4 Projects Overview Yamarna The Yamarna Project comprises the Mt Venn and adjacent Eastern Mafic copper-nickel-cobalt deposits Located 25km west of the Gruyere gold project and 130km north-east of Laverton in WA Extensive copper-nickel-cobalt mineralisation defined at Mt Venn complex copper rich part of the system Maiden drill program at the Eastern Mafic just completed, identifying a new and very large sulphide intrusion more nickel rich part of the system Metallurgical testwork advanced on producing copper concentrate and cobalt-nickel products for the battery market Access to new power and water infrastructure recently installed by third party Tarmoola Located in the heart of the Leonora gold district 2km high grade gold trend identified Drilling to target high grade gold to commence shortly Jundee South 10km along strike from the Jundee Gold Mine Mapping and sampling completed with targets identified along the Jundee mine sequence Drilling planned on new gold targets 4

5 Yamarna Region First mover advantage in an emerging Cu-Ni-Co belt Great Boulder has consolidated a dominant land position in the emerging Yamarna copper-nickel-cobalt belt Project acquisitions to complement Great Boulder s Yamarna Project (Mt Venn and Eastern Mafic) will strengthen the combined economic prospects Mt Venn is the most advanced project with over 13,700 metres of drilling completed Recently completed maiden drill program at the Eastern Mafic discovered a second copper-nickel-cobalt system on the Yamarna Project Winchester is an advanced project with previous drilling intersecting wide nickel-copper sulphide mineralisation Mt Carlon hosts mafic-ultramafic intrusions over several kilometres, also prospective for copper-nickel sulphide mineralisation 5

6 Yamarna Project Infrastructure Great Central Road ~ 210km from Laverton Gruyere Gold Mine Bore field and high voltage powerline Borefield and powerline construction Mt Venn Eastern Mafic Gas pipeline and White Cliffs Road ~150km from Laverton Drill rigs at the Eastern Mafic 6

7 Yamarna Project Large-scale copper-nickel-cobalt (sulphide) project Advanced Mt Venn discovery: Central deposit has mineralisation defined over 1km of strike and open in all directions Wide, shallow, sulphide lenses amenable to large scale open-pit mining Copper dominant part of the system Recent Eastern Mafic discovery: Located next to Mt Venn (7km) Copper-nickel-cobalt sulphide deposit but more nickel rich part of the system Maiden drill program defined the feeder and neck of the intrusion as most prospective Gravity image showing Mt Venn and Eastern Mafic complexes Great Boulder holds a 75% interest and is operator of the Yamarna Project Joint Venture 7

8 Mt Venn Mt Venn Discovery Discovery made in first drilling campaign, October 2017 Multiple, broad lenses of shallow copper-nickel-cobalt sulphide mineralisation intersected. Significant results include 1 : 48m at 0.8% Cu, 0.2% Ni, 0.07% Co from 103m 61m at 0.5% Cu, 0.1% Ni, 0.05% Co from 86m 26.2m at 0.5% Cu, 0.2% Ni, 0.06% Co from 12m 17MVDD003 Basal contact with interstitial chalcopyrite and pyrrhotite within very coarse-grained gabbro (108m) 18m at 0.8% Cu, 0.1% Ni, 0.02% Co from 187m 18m at 0.7% Cu, 0.2% Ni, 0.05% Co from 92m 4.4m at 1.7% Cu from 142.4m Sulphide mineralisation extends to surface with very little weathering or oxide cap Amenable to large-scale open pit mining 1. All intersections are reported as down-hole 17MVRCD008 Semi-massive and stringer pyrrhotite with chalcopyrite (113m) 8

9 Mt Venn Mt Venn Extensional Drilling Down-hole EM survey used to locate sulphide lenses as conductor plates, achieving very high drill hole success rates Significant results from 2018 drilling include: 44m at 0.5% Cu, 0.2% Ni, 0.06% Co from 153m 27m at 0.6% Cu, 0.2% Ni, 0.05% Co from 43m 20m at 0.6% Cu, 0.1% Ni, 0.02% Co from 141m 14m at 0.6% Cu, 0.2% Ni, 0.05% Co from 236m 9.5m at 1.0% Cu from 178m Assay results show Mt Venn is copper dominant and has very consistent grade Potential resource size and grade to be assessed and infill drill program designed to generate maiden JORC Resource 9

10 Mt Venn Cross sections Mineralisation is now well defined by drilling in the central zone Extensions to the north and south show mineralisation is continuous and remains open Drilling has only tested mineralisation amenable to open pit mining (maximum depth of 260m below surface) 10

11 Eastern Mafic A new copper-nickel-cobalt discovery Zermatt Cortina Higher nickel grade and tenor Airborne EM identified multiple, strong conductors that indicated a bedrock source Ground EM survey identified over 40 strong conductors within the intrusion and along the interpreted feeder structure to the south ML13 Maiden RC and diamond drill program completed in October, successfully discovering coppernickel-cobalt sulphide mineralisation Low-tenor nickel or barren sulphide cooked by granite intrusions Ben Lomond Airborne EM over magnetic image showing target intrusion (white) Higher nickel grades and tenor (nickel in 100% sulphide) intersected in the neck of the intrusion and feeder structure Primary Target for high grade nickel sulphide with several untested conductors Low-tenor nickel or barren sulphide outside of the intrusion and where altered by granite intrusions 11

12 Eastern Mafic Maiden drilling program First drill holes into the Eastern Mafic intersected extensive mineralisation The best results to date come from the feeder structure and neck of the intrusion Significant results include: 4m at 1.3% Cu, 0.2% Ni, 0.02% Co 2.5m at 1.0% Cu, 0.1% Ni, 0.04% Co 7.1m at 0.7% Cu, 0.2% Ni, 0.04% Co 10m at 0.5% Cu, 0.4% Ni, 0.04% Co 5m at 0.3% Cu, 0.4% Ni, 0.03% Co 33m at 0.2% Cu, 0.3% Ni, 0.04% Co First significant PGE intersections at ML13 (0.64g/t) and Ben Lomond (0.15g/t) prospects 12

13 Eastern Mafic Unlocking higher grade nickel Three distinct sulphide phases have been identified at the Eastern Mafic, with high-tenor nickel sulphide found along the feeder zone and neck of the intrusion This supports Great Boulder s view that the Eastern Mafic is closer to the source of high-grade nickel Mt Venn only has a single phase of low-tenor nickel but is more copper and cobalt rich than the Eastern Mafic Exploration will focus along the 6km feeder zone and neck of the intrusion, targeting basal accumulations of higher grade nickel sulphide Many conductors along the feeder and intrusion neck remain untested Higher tenor nickel is an important feed into the proposed leach circuit as it reduces capital and operating costs 13

14 Winchester Project Advanced Ni-Co bolt-on Project Great Boulder has secured an option to form a joint venture with Ausgold Limited (ASX: AUC) over the Winchester project, located 40km north of Mt Venn Winchester is an advanced project that hosts known copper-nickel mineralisation with high tenor nickel sulphide, making it an attractive blend for Mt Venn Great Boulder recently completed two RC holes, intersecting significant mineralisation, including: 13m at 0.9% Cu, 0.3% Ni, 0.02% Co 7m at 1.1% Cu, 0.2% Ni, 0.01% Co These results show continuity of mineralisation prom previous drilling that remains open. Significant previous assay results include: 0.6% Cu, 0.3% Ni 0.6% Cu, 0.2% Ni, and 0.02% Co 0.5% Cu, 0.2% Ni, and 0.02% Co 14

15 Winchester Project Large exploration position In addition to mineralisation drilled at Winchester, several more airborne EM targets have been identified Great Boulder is assessing these targets and designing follow-up drill programs to be implemented once the formal joint venture with Ausgold is executed 15

16 Metallurgy Testwork Unique solution to produce in-demand metals Sample collected from diamond drill hole 17MVDD002, containing low tenor nickel sulphide from Mt Venn Ore Crush / Grind Moderate to low hardness and grindability (Bond Work index of 12.8 kwh/t) Copper can be selectively floated to produce a saleable copper concentrate with no deleterious elements Nickel and cobalt (+/- Cu) are recovered into a sulphide concentrate which is leached to recover metals into solution Atmospheric and pressure leaching options have been tested with high extractions of greater than 90% achieved High purity nickel and cobalt recovered into products suitable for the battery sector Copper Rougher Flotation Copper Cleaner Flotation Copper Concentrate Nickel & Cobalt Products Tail Cu Product Nickel/Cobalt +/- Cu Flotation Ni-Co-Cu Leaching Copper Recovery Nickel/Cobalt Recovery Tailings Residue Effluent High grade copper sulphide produced Simplified Flowsheet for Mt Venn Metallurgical Testwork (17MVDD002) 16

17 Metallurgy Testwork Mt Venn Products Nickel Sulphide Copper Sulphide Cobalt Sulphate 42% Ni 46% Cu 29% Co Proof of concept that Mt Venn sulphide can be successfully leached to produce high value products Optimisation tests underway to improve leach efficiency nickel sulphate tests yet to be completed Sample is from a single drill hole at Mt Venn containing low metal tenor sulphide Additional mineralised domains will be sampled to produce a representative sample for testwork 17

18 Regional Consolidation Mt Carlon Project Great Boulder has secured an option to acquire the Mt Carlon project from Gold Road Limited (ASX: GOR), located just 60km south of the Mt Venn Mt Carlon potentially hosts a large mafic intrusion, prospective for copper-nickel-cobalt mineralisation An extensive ultramafic unit has been mapped over 7km adjacent to the mafic intrusion target, also considered prospective for sulphide mineralisation Historical aircore drilling in the ultramafic identified elevated levels of nickel and copper Mt Carlon s potential is also enhanced as it is located immediately west of the Yamarna shear zone, in a similar geological setting and within trucking distance to Mt Venn 18

19 Key Investment Takeaways Yamarna Project Developing a large copper-nickel-cobalt system Multiple, well defined lenses of near surface sulphide mineralisation at the Mt Venn deposit Maiden drill program at adjacent Eastern Mafic discovered sulphide mineralisation over several kilometres with significant exploration potential Mt Venn represents copper rich and Eastern Mafic the more nickel rich part of the system Shallow sulphide mineralisation amenable to open pit mining Positive metallurgy results producing copper, nickel and cobalt products for the battery and EV markets Exploration to focus on high grade nickel lenses at the Eastern Mafic and resource definition drilling at Mt Venn ahead of economic studies First mover advantage using proprietary knowledge Strategy to establish a substantial copper-nickel-cobalt operation through consolidation of prospective projects within trucking distance to the Yamarna Project Highly-leveraged to exploration success Only 80.1 million shares on issue (market cap: A$12.0m at 15 per share) 19

20 greatboulder.com.au Level 1, 768 Canning Highway Applecross, 6153 Western Australia