GBM kicks off Bronzewing Bore drilling
THE DRILL SERGEANT: GBM Resources (ASX: GBZ) has commenced drilling on the first of a number of targets to be tested during the company’s current field season at the Bronzewing Bore IOCG prospect of the Bungalien project near Cloncurry in Queensland.
The targets are part of tenements subject to a Farm-in Joint Venture with Japanese companies, Pan Pacific Copper and Mitsui & Co.
GBM recently received approval of $2.2 million to conduct further exploration of IOCG style targets on four of the company’s projects in the Cloncurry area during the remainder of 2014 and early 2015.
This is the fifth year of a six year Farm-in under which PPC and Mitsui, through their Australian subsidiary Cloncurry Exploration & Development (CED), can earn 51 per cent of the projects by expending $15 million on exploration.
CED Farm-In tenements in the North West Queensland Mineral Province. Source: Company announcement
The company anticipates exploration of these projects will build on the past four years of targeting the discovery of IOCG style deposits in the NW Queensland Mineral Province.
During the 2014 field season, the JV will drill test five key targets, while a number of others will be subject to geophysical and geochemical surveys.
Key targets for drilling include:
FC4SE, where deep penetrating MT geophysics has identified two strong conductivity targets below surfice cover in regional proximity to the Ernest Henry copper gold mine. Recently located drill core from historic drilling intersected copper and gold mineralisation and ‘red-rock’ alteration. Recent exploration by other companies in the area has identified IOCG-style copper mineralisation without the classic strong magnetite association.
FC2W and FC2, both IOCG type targets associated with complex magnetic and gravity features.
Burke Bore, a coincident gravity and magnetic feature obscured beneath the Georgina Basin sediments in the Bungalien project area.
Under the Farm-in agreement PPC and Mitsui may outlay up to $55 million through their Australian registered JV company CED.
Projects subject to this agreement include the Talawanta-Grassy Bore project, Bungalien project and the Mount Margaret West project.
GBM remains as operator of the projects.
Email: info@gbmr.com.au
Website: www.gbmr.com.au