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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Koala Gold Mine | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/8/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-7-2016: GBM Resources Ltd. announces a Resource Estimation report for its Koala Gold Mine deposit at the Mount Coolon project. 135% increase in gold resource at Koala gold mine, Mt Coolon project. Australian resources company GBM Resources Limited (ASX: | |
| Resources: | (Resource, I+I): 1.4Mt @ 2.6g/t Au for 118700oz Au contained at Koala | |
| CP/QP: | [Resources]: Kerrin Allwood (Geomodelling Ltd.) | |
| ABSTRACT: | Australian resources company GBM Resources Limited (ASX: GBZ) (“GBM” or “the Company”) is pleased to announce the remodelled resource estimate at Koala Gold Mine has resulted in a significant 135% increase to 1.4Mt averaging 2.6 g/t Au containing an estimated 118,700 ounces of gold. The Koala Gold Mine, is 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 endowment of over 7.5 Mozs of gold. Mining of the existing open cut at Koala ceased in 1996 when the gold price was less than A$500 per ounce. Improvements in mining efficiency during the last twenty years combined with increase in gold price make the deepening of the existing open pit a potentially viable consideration. A detailed review of the geology of the Koala Deposit confirmed that lower grade stockwork mineralisation extends for several metres on either side of the central high-grade chalcedony zone both below the old open pit, and around the old underground workings. The Koala leases occur within the Drummond Basin (see figure below). Mineralisation in the Drummond Basin is typified by high sulphidation epithermal style precious metal Deposits. Examples include Pajingo (3.0 Moz), Wirralie (1.1 Moz), Yandan (0.6 Moz) and Koala. Mineralisation is typified by fine grained electrum in quartz veins and or breccias. These Deposits are variously interpreted to have formed in locally extensional jogs or bends of transform fault systems. | |
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