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GBM Resources Ltd.
Summary
| Project: | Mount Coolon | |
|---|---|---|
| Deposit: | Mount Coolon, Twin Hills | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 1/18/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-1-2019: GBM Resources Ltd. announces a Resource Estimation report for its Mount Coolon, Twin Hills deposit at the Mount Coolon project. Updated mineral resource estimate at the project. GBM Resources Limited (ASX: GBZ) (GBM or the Company) is pleased t | |
| Resources: | (Resource, Total): 13.592Mt @ 2.2g/t Au for 963Koz Au contained | |
| CP/QP: | [Resources]: Kerrin Allwood, Neil Norris (Geomodelling Ltd.;Internal) | |
| ABSTRACT: | GBM Resources Limited (ASX: GBZ) (GBM or the Company) is pleased to announce that, as a result of inclusion of JORC 2012 Mineral Resource estimates for the Twin Hills gold deposits, the Mount Coolon Gold Project (MCGP) now contains, an estimated 0.96 million ounces of gold. The upgrade to JORC 2012 status of historic gold resources at the 309 and Lone Sister deposits at Twin Hills has resulted in a significant increase relative to those prior estimates. The Twin Hills deposits are now estimated to contain 6.9 million tonnes at an average grade of 2.8 g/t Au for 633,000 ounces of contained gold. Both the existing MCGP deposits (Koala, Glen Eva and Eugenia) and the Twin Hills deposits (309 and Lone Sister) are considered by GBM to hold significant exploration upside. Table 1 summarises the MCGP gold resources, including Twin Hills. A further breakdown of the resources for the 309 and Lone Sister gold deposits is contained in Table 2. These resources have been estimated and reported in accordance with JORC 2012 by independent New Zealand based consultancy, Geomodelling Ltd. GBM has upgraded the two deposits at Twin Hills (309 and Lone Sister) to JORC 2012 to demonstrate the potential economic benefit of the acquisition that may further underwrite the development of both gold projects. The Twin Hills tenements are not owned by GBM and are subject to a binding Sale and Purchase Agreement which was signed with Minjar Gold Pty Ltd in September 2018 to acquire a 100% interest in the Twin Hills Gold Deposits. Certain conditions precedent have to be satisfied by GBM by 28 February 2019. (Refer to page 3 for a summary of these conditions) | |
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