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GBM Resources Ltd.
Summary
| Project: | Mt Margaret | |
|---|---|---|
| Deposit: | FC2, Tommy Creek | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 10/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-10-2018: GBM Resources Ltd. announces an Exploration/Drilling Update report for its FC2, Tommy Creek deposit at the Mt Margaret project. Drilling results incl. 2m @ 0.39% Cu from 385m. GBM Resources Limited (ASX: GBZ) (GBM or the Company) is pleased to | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Neil Norris (Internal) | |
| ABSTRACT: | GBM Resources Limited (ASX: GBZ) (GBM or the Company) is pleased to announce the recent completion of the two-hole diamond drilling program at FC2 and Tommy Creek prospects within the Mount Margaret project. The project area is located 20 kilometres north-west of the Ernest Henry Cu-Au mine, near Cloncurry township, Queensland. Technical Summary FC2: FC2 is a large (4 km2 ), structurally complex zone of elevated magnetic, gravity and electrical response obscured by 50-60 m of cover sediments. Modelling of existing and new 3D Induced Potential (3DIP) geophysical data over the FC2 prospect produced a new chargeability anomaly which was tested by diamond drill hole MMA015 in September. The host rock type, alteration, mineralisation and structural geometry intersected in the 2014/15 program is analogous to the Ernest Henry setting and showed the potential for the FC2 prospect to host a large IOCG copper-gold deposit. Drill hole MMA015 intersected intermediate volcanics of probable andesitic composition from 57.2m downhole (top of basement) to the end of hole at 442.2 m. The lithology is likely to be equivalent to the andesitic Fort Constantine Volcanics that are the main host of the Ernest Henry deposit. Actinolite, magnetite, biotite, apatite and red feldspar alteration is patchy throughout the hole, typically as vein and vein selvedge. The vein frequency increases over the last 100 m of the hole, reflected in the increasing magnetic susceptibility readings (see section below). Significant sulphide mineralisation (up to 10% pyrite, 0.5% chalcopyrite) occurs within a 2 metre, massive pyrite-chalcopyrite-magnetite-actinolite-chlorite-carbonate-apatite vein from 385.2 to 387mDH. Assays for this interval returned 2m @ 0.39 % Cu (see figure and core photo below). Minor pyrite (0.1-0.3%) and rare chalcopyrite occurs elsewhere throughout the hole, typically associated with actinolite-magnetite veins. | |
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