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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Eugenia | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/23/2016 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 23-8-2016: GBM Resources Ltd. announces a Scoping Study report for its Eugenia deposit at the Mount Coolon project. Scoping study results for Eugenia Heap leach. Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is ple | |
| Resources: | (Resource, I+I): 4.846Mt @ 1.0g/t Au for 152200oz Au contained at Eugenia deposit | |
| CP/QP: | [Resources]: Scott McManus (Skandus Pty Ltd.) | |
| ABSTRACT: | Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is pleased to announce the outcome of the Eugenia Heap leach Scoping Study. This study demonstrates that a short term operation has the potential to generate a strong positive cash flow. The Eugenia Heap Leach is one of three near term gold production scenarios at Mt Coolon currently under review by the Company. In April 2015 GBM completed the acquisition of Mount Coolon Gold Mines Pty Ltd which holds a portfolio of tenements and associated gold resources. These resources are now estimated to contain a total 315,000 ounces of gold. This tenement package is located in Queensland’s Drummond Basin, a prolific gold province with a total known gold endowment in excess of 7.5 million ounces. The tenement package includes four granted Mining Leases and four granted exploration permits covering a total area of 772 km2 . Mining One Pty Ltd was commissioned by GBM Resources to perform a scoping level study for a potential mine and heap leach processing facility on the Eugenia oxide deposit at Mt Coolon located approximately 250km. to the West of Mackay in North Queensland. In addition, AustralAsian Resource Consultants Pty Ltd (AARC) was commissioned to complete a desktop review of environmental factors likely to impact on any proposed development at Eugenia. | |
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