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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Koala Gold Mine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/21/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-10-2016: GBM Resources Ltd. announces an Exploration/Drilling Update report for its Koala Gold Mine deposit at the Mount Coolon project. Drilling results incl. 3.5m @ 14.7g/t Au from 44m. Australian Resources company GBM Resources Limited (ASX: GBZ) (“ | |
| Resources: | (Resource, Measured): 0.114Mt @ 1.7g/t Au for 6200oz Au contained at project | |
| CP/QP: | [Overall Report]: Neil Norris (Internal) | |
| ABSTRACT: | Australian Resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) wishes to advise that it is nearing completion of the first stage of its diamond drilling program testing the central mineralised zone at the Koala Gold Mine at Mount Coolon, located in the Drummond Basin, Queensland. The drilling has confirmed the presence of remnant high-grade quartz vein and breccia style mineralisation in a number of locations within a broader halo of intense silica pyrite mineralisation. Results have now been received for 8 of the 19 holes with the remaining assay results expected to be received progressively from now until the end of November 2016. To date a total of 19 holes and 1,023 metres of drilling has been completed. The drilling campaign commenced in August on a single rig single shift (for operational safety reasons) basis. Between 4 and 7 holes remain to be drilled depending upon the success of holes in penetrating old mine workings. To date 70% of holes have either successfully passed through old stopes or have not encountered voids from previous mining. The program is designed to infill historical data through the Koala Lode within the area of old underground workings located along strike of the Ross Mining open pit. Drilling has been designed to test for mineralisation along stope margins and high-grade lode quartz in remnants and along strike from stopes on approximately 50 metre sections. Maximum drill hole target depths have been kept to practical below-surface depths for open pit mining as indicated by preliminary pit optimisations. The Company expects to be in a position to confirm the intention to proceed with the development of either toll milling or heap leaching the old open pits, along with the progress of the Eugenia Heap Leach or both by the end of the fourth quarter this calendar year. | |
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