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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Koala, Glen Eva, Eugenia | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 12/4/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-12-2017: GBM Resources Ltd. announces a Scoping Study report for its Koala, Glen Eva, Eugenia deposit at the Mount Coolon project. Scoping study results incl. Pre tax IRR 48.3%, NPV (8%) A$41.1M. Australian resources company GBM Resources Limited (ASX: | |
| Resources: | (Resource, I+I): 2.998Mt @ 1.9g/t Au for 184Koz contained at project | |
| CP/QP: | [Overall Report]: Neil Norris (Internal) | |
| ABSTRACT: | Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is pleased to announce the outcome of the Mount Coolon Scoping Study (MCSS). The MCSS demonstrates that the redevelopment of the Mount Coolon Gold Project (MCGP) with its current resources has the potential to generate a strong positive cash flow. In April 2015 GBM completed the purchase of the MCGP from Drummond Gold Limited (ASX: DGO) by the acquisition of a 100% interest in the issued capital of Mount Coolon Gold Mines Pty Ltd. The project is located 250km west of Mackay in Queensland in the northern Drummond Basin. The Drummond Basin, one of Queensland’s most prolific gold provinces and is an established gold mining region which has proven fertile for discovery of epithermal and intrusive relation gold systems. The Basin has past production of more than 4.5 million ounces of gold. The MCGP comprises a tenement package covering a total area of 770 square kilometres in the eastern side of the Drummond Basin in Queensland. Within this tenement area, the Company has reported mineral resources containing a total of 333,500 ounces of gold (refer to the updated resources estimates included in this document – section 10). The MCSS has been based on revised mineral resource estimates. The overall change from the Annual Statement of Mineral Resources at June 30th 2017 (refer 2017 Annual Report) is a decrease of 4% in contained gold (10,000 ounces) with a minor increase in grade. The key reasons for these re-estimations were further drilling and location of additional QA/QC data at Koala and Glen Eva Deposits and a revised interpretation of mineralisation at Eugenia which was going from bulk low-grade mining for heap leach processing only to a combination of selective high grade mining for CIL processing and bulk mining for the heap leach processing of oxide ores. | |
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