GBM Resources data review identifies gold mineralisation

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THE DRILL SERGEANT: GBM Resources (ASX: GBZ) has carried out a review of the exploration data has available in regards to the company’s 100 per cent-owned Mount Coolon gold project, located near Charters Towers in Central Queensland.

According to GBM the review has identified pronounced gold mineralisation at the Bimurra gold prospect.

As a result, an Exploration Target range for the Perseverance-Elizabeth area of the Bimurra prospect of between 10 million tonnes at an average grade of 0.7 grams per tonne gold containing an estimated 230,000 ounces of gold and 4 million tonnes at an average grade of 1.2g/t gold containing an estimated 120,000 ounces of gold has been estimated.

However, GBM did acknowledge that, at this stage, the potential quantity and grade is conceptual in nature, explain further that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

All that aside, GBM said the review had confirmed its expectations of the gold potential at Mt Coolon.

“We believe that the Mt Coolon gold project area has the potential to host large scale gold mineralisation, and we have yet to fully analyse the large quantity of exploration data that we believe has the potential to identify other prospects that may host additional oxide and sulphide mineralisation,” GBM executive chairman Peter Thompson said in the company’s announcement to the Australian Securities Exchange.

“It certainly has the potential to be a significantly large mineralising hydrothermal system and we intend to investigate it in its entirety.”

Bimurra is a separate prospect area to the three main deposits (Eugenia, Koala and Glen Eva).

These prospects contribute to the Resources at the Mount Coolon gold project, which were recently upgraded to comply with the guidelines of the JORC code 2012 edition.

These resources contain a total of 268,600 ounces of gold.

Email: info@gbmr.com.au

Website: www.gbmr.com.au