WELCOME TO GBM RESOURCES LTD
GBM Resources (ASX:GBZ) is an Australian resources company actively building a gold portfolio of projects within Malaysia and the east coast of Australia.
In April 2015 GBM completed the acquisition of Mount Coolon Gold Mines Pty Ltd which holds a portfolio of tenements and an associated inventory of gold resources containing an estimated 283,000 ounces of gold. This tenement package is located in Queenslands Drummond Basin, a prolific gold province with production from epithermal gold deposits in excess of 7 million ounces.
GBM has local industry experience management team committed to growth.
The Company remains committed to discovery of world class gold and copper deposits, operating in safe and ethical manner.
Mount Coolon Gold Mines Project
In January 2015 GBM announced the sgning of a binding Share Sale Agreement ("SSA") with Drummond Gold Limited (ASX:DGO) where GBM will acquire a 100% inrest in all of the issued capital of Mt Coolon Gold MInes Pty Ltd, a wholly owned subsidiary of DGO. This transaction was completed during April (see ASX release dated 13th April 2015). The project is located 250km west of Mackay in Queensland in the northern Drummond Basin. The Drummond Basin is an established gold mining region with past production of more than 4.5 Mozs and a known gold endowment totaling over 7.5 Mozs of gold. Deposit styles range from bonanza grade epithermal veins (eg. Pajaingo 3.00 M ozs) to bulk tonnage intrusive related gold deposists (eg. Mt Leyshon 2.07 M ozs).
The tenement package includes four granted Mining Leases, three granted exploration permits and one exploration permit application covering a total area of 761 km2. Independent review of these tenements confirm that all are in good standing and key mining licences have recently been renewed until 2024.
Mount Morgan Gold-Copper Project
The Mount Morgan Project is located 40km south west of Rockhampton in Queensland in close proximity to the world class Mt Morgan Au Cu deposit which produced in excess of 8.0M ounces of Au and 400,000 tonnes of Cu metal. Dividends from the Mt Morgan Mine were responsible for the subsequent formation of British Petroleum (BP).
The Mount Morgan Project hosts multiple high order geochemical and geophysical anomalies surrounding the world class Mount Morgan deposit (8M ounces gold and 420,000 tonnes of Copper). GBM has had a long term presence in the region, progressively acquiring key areas as they became available with the result that GBM now holds a large strategic tenement position in the area. The wholly-owned project portfolio covering an area of 860km2 includes many prospective mineralised targets.
Mayfield Gold Copper Lead Zinc Project
North West Queensland
The Mayfield Project acquired by GBM Resources in early 2012 is another of the company’s quality Queensland assets. The Mayfield Project area surrounds the Trekelano Copper Mine and extends southwards to within close proximity of the Tick Hill Gold Mine. The Trekelano Copper Mine which is a high-grade structurally hosted copper gold deposit with a known metal inventory (production and resources) of 63,000 tonnes of copper and 73,000 ounces of gold. Trekelano is currently being explored by Ivanhoe Australia who have recently reported high grade copper intersections including 44 metres @ 5.7%Cu & 1.4g/t Au (TRNQ53, Presentation to Global Resources Conference on 26-27 September 2011). Tick Hill Gold Mine has produced 513,333 ounces from 705,000 tonnes of ore at an avarage grade of 22.6g/t Au ranking it as one of the highest grade significant gold producers in Australia's modern mining era.
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
North West Queensland
Now in its fifth year of a farm-in agreement with partenrs Pan Pacific Copper and Mitsui Corporation to explore for IOCG deposits under cover in the North West Mineral Province of Queensland. This exploration programme is largely exploring areas of the acient Proterozoic Mount Isa Inlier basement where it is covered by younger sediments. This programme has already resulted in the discovery of IOCG style mineralisation at the Bronzewing Bore Prospect in the Bungaliern Project and, in addition, a number of exciting targets have been identified in the Mount Margaret West Project area.
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 1,486km2 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.
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.
Lubuk Mandi Gold Mine
GBM announced on 11 June 2013 that it had entered a binding agreement to acquire a 40% interest in Anka Alamjaya Sdn Bhd (AASB), a sole purpose Malaysian company which owns mining rights to the Lubuk Mandi Gold Project in Malaysia. This agreement was ratified at a meeting of GBM shareholders on 22 July 2013. Lubuk Mandi is located approximately 2km from the coast near Kuala Terengganu in Terengganu State, Peninsular Malaysia. Malaysia has a long history of mining, a skilled workforce and stole government.
The Lubuk Mandi Gold Mine operated as an open cut mine between 1993 and 1999 with recorded production of 108,000 ounces of gold. While gold has been known in Terengganu for centuries, alluvial mining at Lubuk Mandi appears to have only commenced in 1989, and virtually no modern exploration for gold has been conducted in this region which is now recognised as part of a new gold belt in Malaysia.