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GBM Resources upgrades gold potential at Mount Coolon

The Mount Coolon gold resource has increased to 343,000 ounces of gold.

GBM studying the feasibility of recommencing mining operations

GBM Resources (ASX:GBZ) has revealed a significant increase in resources at the Glen Eva Gold Deposit, part of its Mount Coolon Gold Project in Queensland.

The project is located within the Drummond Basin, a mineral province hosting numerous epithermal gold deposits with a historical gold production of more than 4.5 million ounces of gold.

The re-modelling of the Glen Eva Gold Deposit based on open pit mining methods has resulted in a significant 77% increase to 930,000 tonnes averaging 2.2 g/t gold containing 66,000 ounces of gold.

Importantly, the global gold resource for the Mount Coolon Gold Project has increased to an estimated 343,000 ounces of gold.

GBM’s re-modelling and estimation of the Glen Eva resource reflects improvements in knowledge of the deposit from recent drilling.

Significant results from drilling include:

- 24.8 metres at 6.2 g/t gold from 100 metres; and
- 24.6 metres at 4.8 g/t gold from 132 metres reported earlier this year.

In addition to the known high-grade epithermal vein style mineralisation, there are broader zones of moderate grade material that could potentially be extracted by open cut mining techniques.

GBM recently completed stage 1 and 2 of the drilling program at the Koala Gold Mine, which is also part of the Mount Coolon Gold Project.

The results have confirmed the presence of remnant high-grade gold mineralisation in quartz vein and breccia style settings throughout the old stope areas tested.

GBM is currently focused on completing the works required to confirm the feasibility of re-commencement of mining operations at the Mount Coolon project.

Quick facts: GBM Resources

Price: 0.115 AUD

Market: ASX
Market Cap: $49.8 m


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