Great Boulder Resources announced a maiden Mineral Resource Estimate (MRE) for the Side Well Gold Project ("Side Well") near Meekatharra in Western Australia. The MRE for the Mulga Bill and Ironbark prospects contains a total of 518,000oz of contained gold at an average grade of 2.6g/t Au at an Inferred Classification. The MRE was prepared by an independent consultant using geological and mineralisation interpretations prepared by GBR using all available AC, RC and diamond data.

While the estimation of a maiden mineral resource is an important milestone in quantifying Great Boulder's exploration success over the past two years at Side Well, it is also a useful indicator of the broader potential of the project. At Mulga Bill, RC drilling concentrated over a strike length of 1,400m currently defines mineralised lenses over 1,150m. Mineralisation remains open to the north, with sparse drilling testing areas beyond the cross-cutting Proterozoic dyke; to the south only a small amount of drilling has been completed at Loaded Dog and Flagpole.

At Ironbark the mineralisation spans 585m of strike and is limited to the north by drill coverage. However, to the south of Ironbark multiple gold and pathfinder anomalies remain untested by drilling over 7.5km of strike, with additional prospectivity over several kilometres of strike north of Ironbark. With so many growth opportunities within Side Well the Company anticipates material success from ongoing exploration programs. The Side Well MRE was prepared by independent consultant Elizabeth Haren of Haren Consulting using drillhole databases and mineralisation and geology interpretations prepared by Great Boulder's geologists.

The MRE was informed by 226 RC holes and 12 RC-Diamond holes drilled by Great Boulder at Mulga Bill and Ironbark for a total of 43,370.3m, as well as a small number of RC holes and two diamond holes drilled by Doray Minerals in 2011/12. In addition, 131 AC holes were drilled within the resource area for 10,468m. AC assays from holes drilled by Great Boulder have been included in the estimation where appropriate.

AC geochemical data has been an important ingredient in drill targeting, particularly at Mulga Bill where the recognition of an association between bismuth, silver, copper and gold was an early breakthrough in targeting high-grade gold mineralisation. Within the whole Side Well project area the Company has drilled more than 600 AC holes. As can be seen in Figure 5 above, both mineral resource estimates contain significant ounces to approximately 260 vertical metres in the case of Mulga Bill and 130m at Ironbark.

Both resources are constrained at depth by drill coverage. At Mulga Bill the deeper RC holes average between 250m to 260m depth, testing to 210m vertical depth at a dip of -55°, however the majority of RC holes test mineralisation to depths of 160m to 180m below surface. At Ironbark the 10 deepest RC holes average 215m at -55°, equivalent to 176m vertical coverage.

Holes are designed to penetrate the target with a 10 to 20m "tail" into the barren footwall rock, making the effective depth of these holes approximately 140m. Increasing the density of effective drilling at depth is likely to identify significant additional gold mineralisation and extend the mineral resource inventory for both deposits. Challenge Drilling will return to site in early February to recommence RC drilling with an initial campaign of 4,000m.

High priority holes include extensional targets on the Central, Eastern and HGV areas at Mulga Bill as well as deeper targets at Ironbark.