WELCOME TO GBM RESOURCES
The imminent completion of a Scoping Study for the Milo IOCG-REE Project and the continued promising exploration results and strong support from its international Joint Venture partners in the Pan Pacific Copper/Mitsui Farm in Projects in North West Queensland, highlights the tremendous progress GBM Resources has made over the past 12 months.
With a growing asset base in highly credentialed mineralised areas on the east coast of Australia, GBM Resources has significant potential to grow on its already impressive project portfolio.
Milo IOCG – Rare Earth Elements (REE) Project
North West Queensland
Milo, GBM Resources’ “flagship” project, has grown from an “exciting” discovery in late 2010 to an “exciting” large tonnage Iron Oxide Copper Gold (IOCG) and Rare Earth Elements (REE) Project.
After announcing a maiden REE resource in late February 2012 of 103 million tonnes containing an estimated 82,500 tonnes of Rare Earth Oxides, GBM was able to subsequently announce a major upgrade based on continued drilling success in August 2012 to 187Mt containing 113,000 tonnes of rare earth oxides.
Those figures were key elements of an in-depth Scoping Study that is scheduled to be released in late November 2012.
Initial work undertaken for the Scoping Study has highlighted the commercial potential of a Milo development.
The metallurgical test work has highlighted that:
· A Rare Earth Oxide concentrate can be produced.
· A saleable 24% copper concentrate can be produced.
· Upgrading the ore by heavy media separation has demonstrated the potential for significant beneficiation.
· Wet high Intensity Magnetic Separation for the Rare Earths has resulted in high recoveries of up to 80% to an initial concentrate.
· With the mineralisation at Milo remaining open to the north, south and at depth, GBM Resources is confident it can add significant additional tonnage to the current resource figure – further confirming Milo’s development potential.
Pan Pacific Copper/Mitsui Farm-in Projects
Now in its third year of operation, the Pan Pacific Copper/Mitsui Farm in Projects, highlight the quality of GBM Resources’ ability to identify high quality ground and to bring it into its portfolio.
Under the Farm-in Agreement, leading Japanese trading houses Pan Pacific and Mitsui - through their co-established Australian subsidiary Cloncurry Exploration and Development Pty Ltd (“CED”) - can spend up to A$55million on the development of new copper–gold exploration and mining projects in northwest Queensland to earn up to a 90% interest.
The Farm-In JV relates to five project areas in the Mt Isa region of North Queensland, covering 1,580km ground in the Eastern Succession of the Mount Isa Inlier.
Work undertaken by GBM Resources on behalf of the JV has already led to some promising discoveries including Bronzewing Bore and the Chumvale Breccia, with a high level of activity continuing to be maintained in the Project areas, including a number of early stage drilling campaigns.
The Mayfield Project acquired by GBM Resources in early 2012 is another of the company’s quality Queensland assets. The project is located adjacent to the Tick Hill Gold Mine, which produced 0.5M ounces at an average grade of 22.6g/t Au - ranking it as one of Australia’s highest grade producers in the modern era, and the Trekelano Copper Mine, which is also a high grade deposit with a known metal inventory (production and resources) of 63,000tonnes of copper and 73,000 ounces of gold.
Fully aligned with GBM Resources’ policy of obtaining assets in the best mineralised areas possible is the company’s small, but growing Victorian portfolio.
GBM Resources’ Malmsbury, Willaura and Yea Projects all show significant Intrusive Related Gold System (IRGS) potential.