Bungalien Phosphate Project

On 18 September 2012, the Company announced that Swift  Resources Limited initial public offer was not proceeding and that the Bungalien phosphate rights would revert to an unincorporated joint venture where Swift Venture Corp’s interest would be 70% and GBM’s interest 30%.

On October 8 2012 the Company announced that it had agreed to acquire Swift Venture Corp’s interest in the Bungalien phosphate rights by the issue of 10 million ordinary fully paid shares.

New deposits now at feasibility or construction stage continue to emphasise the potential of the area to be a long term supplier of phosphate rock, vital to feed the growing world population. The phosphate market has been volatile over recent years, however, the long term outlook remains positive. The international Fertiliser Agency is predicting an annual increase of 5.5% in demand for phosphate rock over the next 5 years. In addition CRU has predicted that prices are likely to increase over the next 10 years.

A total of 43 shallow RC drill holes, drilled in two stages, have been completed on the Bungalien Phosphate project areas located in the Georgina Basin, southeast of Mount Isa in North Queensland. Results of both drilling campaigns are very encouraging and confirm the extent of phosphate prospectivity in the area.

Drilling in the Burke River area returned a peak phosphate value exceeding 25% P2O5 among the higher grade results from the 1,436 metre RC drill programmes.

Results include many intersections of significant widths of greater than 10% P2O5 mineralisation. In addition, scout drill holes PRC024, PRC025 and PRC026 intersected phosphate mineralisation in new prospect areas; drill hole PRC026 intersected 7m @ 4.19% P2O5 in Horse Creek EPM15150, and PRC024 intersected 9m @ 2.14% P2O5 in Limestone Creek EPM17849. These holes demonstrate that further substantial areas of these large tenements hold potential for untested phosphate mineralisation at shallow depths.


                        Bungalien Phosphate Project target and drillhole location plan.

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Latest News

GBM Acquires The Twin Hills Gold Project
• Binding Heads of Agreement signed with Minjar Gold Pty Ltd1 to acquire 100% interest in Twin Hills Gold Project proximate to GBM’s Mt Coolon Gold Project.
• Acquisition cost is $1.5m on a deferred settlement basis and the issue of 50m ordinary fully paid shares in the Company
• The acquisition further underwrites the development of the Mt Coolon Gold Project, potentially doubling its resource base and adding significant exploration potential.
• The Twin Hill Gold Project published inferred resource is estimated
at 398,000 ounces2 Executive
22 December 2017
Non Binding Ore Purchase Term Sheet With Pajingo Gold Mine
• GBM will sell its Mt Coolon high grade Glen Eva and Koala resources over a 2.5 year period.
• Mining is planned to commence in the September quarter 2018.
• GBM will mine and transport the material to the Pajingo Gold Mine and Pajingo will batch process.
• The commercial terms are based on open book approach and the nett proceeds from gold sales will be allocated 50:50 to the parties.
• This opportunity with Minjar1 can transform GBM from a capital dependent Company to cash flow generating.
19 December 2017
Mt Coolon Gold Project Scoping Study
Scoping Study Demonstrates the Potential Economic Viability of Recommencing the Mount Coolon Gold Project, Queensland
4 December 2017

Latest Reports

Report for the Quarter ended 30th September 2017
- Mount Coolon Gold Project
The Company has engaged Mining One Consultants to complete a scoping study in conjunction with a range of other specialists, on the Mount Coolon Gold Project.
23 October 2017
Annual Report
Dear Fellow Shareholders
GBM Resources continues to actively pursue its key objective of developing
and extending the known resources within the Company’s highly
prospective tenement holding in the Drummond Basin, Queensland.
6 October 2017
Report for the Quarter Ended 30th June 2017
Mount Coolon Gold Project
• The Company has engaged Mining One Consultants to complete a scoping study in conjunction with a range of other specialists, on the Mount Coolon Gold Project. The Scoping Study is scheduled for completion in August.
• The Company appointed mining engineer, Mr Ian Horton, to the newly created role of General Manager of the Mount Coolon Gold Project.
• Gold resource increased at the Glen Eva deposit by 77% to 0.9Mt averaging 2.2 g/t Au containing an estimated 66,000 ounces. Potential exists to extend the Glen Eva Resource along strike and down dip.
31 July 2017


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