Stocks of the Hour: Great Boulder Resources, Kingwest Resources, Tamboran Resources

Company News

by Abbey Phillipps

Great Boulder Resources (ASX:GBR) today announced new drilling results from the Side Well Gold Project in Western Australia. Great Boulder’s Managing Director, Andrew Paterson commented: “This spectacular result is the highest-grade intersection and the highest individual gold assay drilled to date at Side Well. “It demonstrates that we’ve not yet closed off this high-grade vein area, which sits in the northern end of Mulga Bill containing many of the highest-grade intersections in the project. Shares are trading 13.4 per cent higher at 11 cents.

Kingwest Resources  (ASX:KWR) today announced that infill drilling completed by BML at the Selkirk Deposit has further confirmed the high-grade nature of the gold mineralisation. The Selkirk Deposit is a discrete gold project in the Menzies Gold Project with a Mineral Resource Estimate (MRE) of 11,500 oz. The MRE remains open at depth. The infill drilling was required prior to completing an updated MRE, an optimised pit shell and mine planning. Kingwest CEO Ed Turner commented that “BML is making good progress as we move towards recommencing production at Selkirk and these drill results give us more confidence in the resource as well as underpinning support the proposed cut back of the pit. The recommencement of commercial mining at Menzies after more than 20 years since open cut mining finished is significant and we expect this to be the first of a number of mining operations at Menzies that should deliver attractive short and medium-term cash inflow to KWR.” Shares are trading 11.3 per cent higher at 7 cents.

Tamboran Resources (ASX:TBN) have announced a significant upgrade to the Contingent Resources at their EP161 tenement in the Beetaloo Basin - operated by Santos. The unrisked gross best estimate for contingent resources has been increased by 164% to 1.6 Trillion Cubic Feet and follows the confirmation of successful flow results from the T2H and T3H wells. According to the company, the updated flow rates represent “a material derisking of the Beetaloo Basin” and that “both wells exceed what Tamboran believes to be the commerciality threshold for their assets in the Basin”. They also commented that their 100% owned and operated Maverick well in EP136 remains on track to be spudded shortly. Shares are trading 6.4 per cent higher at 25 cents.

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