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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Glen Eva | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 6/1/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-6-2017: GBM Resources Ltd. announces a Resource Estimation report for its Glen Eva deposit at the Mount Coolon project. Resource increased by 77% at Glen Eva . Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is ple | |
| Resources: | (Resource, I+I): 0.93Mt @ 2.2g/t Au for 66000oz Au contained at Glen Eva | |
| CP/QP: | [Resources]: Kerrin Allwood (Geomodelling Ltd.) | |
| ABSTRACT: | Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is pleased to announce a significant Resource increase at the Glen Eva Gold Deposit, part of the Mount Coolon Gold Project, located within the Drummond Basin, a mineral province which hosts numerous epithermal gold deposits with historical gold production of more than 4.5 Mozs and a total known gold mineralisation (past production and known resources) of over 7.5 Mozs of gold. The re-modelling of the Glen Eva Gold Deposit Resource estimate to reflect open pit mining methods, has resulted in a significant 77% increase to 0.93Mt averaging 2.2 g/t Au containing an estimated 66,000 ounces of gold. Re-modelling and estimation of the Resource reflects improvements in knowledge of the deposit from recent drilling completed by GBM. In particular recognition that, 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. Mining of the existing open cut at Glen Eva ceased in 1997 when the gold price was less than USD$300 per ounce. The resource has been reported at a cut-off grade of 0.7 g/t Au, however there is significant tonnage of plus 0.5 g/t Au material that may also be of interest subject to treatment costs of any future mining operation at Glen Eva. | |
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