Follow-up drilling during the quarter by South Boulder Mines (ASX: STB) at the newly discovered Terminator Gold Prospect defined further shallow mineralisation that is considered open in all directions with some compelling targets defined.

Significant results included;

- TBAC014 - 31m @ 1.07g/t Au from 1m including; 8m @ 2.68g/t from 1m;
- TBAC024 – 60m @ 1.30g/t Au from 2m including; 10m @ 4.25g/t from 3m;
- TBAC025 – 14m @ 5.13g/t from 70m including; 8m @ 8.38g/t from 72m.

STB said the Duketon Nickel JV continues to deliver excellent results from the Rosie Ni-Cu-PGE Prospect. Most recent highlights include:

- Hole TBRC070 – 7.00m @ 2.61% Ni, 0.42% Cu, 3.75g/t Pt+Pd from 190m;
- Hole TBDD080 – 3.59m @ 2.27% Ni, 0.24% Cu, 3.10g/t Pt+Pd from 205m including; 0.76m @ 4.98% Ni, 0.25% Cu, 6.98g/t Pt+Pd from 207.84m.

Subsequent to the end of the period, a 15-20 combination RC and diamond drilling program has commenced at the Rosie Prospect with results expected in February.

A drilling contract has beenfinalised and logistics for first confirmation drilling at the Colluli Potash Project, Eritrea, have been confirmed. Drill testing of the buried potash horizons are scheduled for February/March.

The company completed a non-renounceable 1 for 10 non renounceable rights issue and shortfall placement to raise ~ $1.1m from the issue of 5,570,794 new shares at 20cents.

STB held cash at end of period $2.6m + cash in trust ($0.68m) for a total of $3.28m; cash + listed equities ~ $1.6m.

Related posts:

1. South Boulder Annual Report - Chairman’s Visit to Eritrea
2. Eritrea: South Boulder Officially Granted Licence for Mining Project
3. South Boulder Mines Managing Director to Speak at London Exhibition
4. Due Diligence and Valuation Report South Boulder Mines
5. South Boulder Mines Fair Share Price Between $6.25 to $29.95, Says Investment Consulting Firm
6. South Boulder Mines: More Potash Assay Results Returned and Scoping Study Update
7. South Boulder Mines: Drilling Continues to Intersect Massive Nickel Sulphides
8. NGEX ANNOUNCES UPDATES ON SOUTH AMERICAN AND ERITREAN DRILL PROGRAMS
9. South Boulder Mines: Drilling Recommences at the Colluli Potash Project in Eritrea