GBM has built a small, but growing Victorian portfolio with projects at Malmsbury, Willaura and Yea Projects all show significant Intrusive Related Gold System (IRGS) potential.
Victorian Gold Project Location Plan
Exploration results at the Malmsbury Gold Project indicate the existence a large IRGS in a world class gold province. This has been further supported by extension and infilling of previous soil sampling programs during the 2012 year. Results of this program confirm an intense geochemical anomaly centred over the historic workings of Belltopper Hill. In addition to gold, coincident anomalism in elements including Bismuth (a signature mineral of IRGS) further support the existence of a large IRGS in the Malmsbury Project area.
A total of 271 soil sample were collected during the year to define the extent and distribution of key economic and pathfinder elements (in particular Au, Sb, As, Mo, Bi and Cu) in the central and northern 2.0 kilometres of the project area. The gold results outline a broad east-northeast trending corridor. The results of other elements, including Bismuth, outline a strong circular anomaly centred on Belltopper Hill. Bismuth, along with Tungsten, are key indicators of IRGS potential.
This data strongly supports the existence of a large IRGS centred on or around Belltopper Hill.
Completion of a 12 hole diamond drilling program during 2008 which targeted the Leven Star Zone, part of the Malmsbury Project, resulted in the deposit’s Inferred Resource increasing to 0.8 Mt at an average grade of 4.0 g/t Au containing 104,000 ounces of gold using a 2.5 g/t Au cut-off grade. This cut off was chosen to reflect a grade, which based on experience is considered to be applicable to extraction by underground mining methods.
This resource is contained within a 450 metre section of the Leven Star Zone within the Drummond North Goldfield which has an identified strike length of over 4,000 metres. The resource is considered open both to depth and along strike. Details of the parameters used are contained in the resource statement.
Available historical, recent exploration and mining data indicate a known gold endowment of 195,000 ounces of gold in the near surface (approximately 150 metres from surface) portion of the structurally controlled mineralised zones explored or mined to date. This endowment is based on mineralisation within a 2 kilometre section of the Drummond North Goldfield which remains open in all directions.
This endowment comprises 91,000 ounces of historical production and 104,000 ounces of the current Leven Star Resource. At this time, historical production from a number of shafts in the project area is still unknown.
Many zones remain to be drill tested and resources evaluated. The current estimate of gold endowment is considered incomplete in the near-surface environment.
A one kilometre deep diamond drill hole was completed in March 2010 with assistance from the Victorian Government RDV grants program. Results strongly support the conclusion that the Malmsbury Gold Project is part of a large Intrusive Related Gold System (IRGS) centred on Belltopper Hill.
GBM Resources is targeting a large copper-gold system in the Stavely Grampians Zone. The Willaura Project recognises the prospective but under explored nature of the Stavely-Grampians Zone as a potential host to intrusive related Cu-Au deposits of the Mount Lyell or Cadia styles. Discrete magnetic features covered by recent basalt cover offer potential for new discoveries, but represent a challenge requiring modern exploration techniques. GBM Resources has already expended significant resources testing the first of these anomalies.
New exploration licence application EL5423, encompassing most of the original EL4631 grant area and some key new target areas, was lodged following statutory relinquishment of some of this area recently by the Company. During the year EL4751 Woorndoo was surrendered.
The Willaura Project area contains a number of targets considered prospective for IRGS based on; location within the interpreted equivalent of the Mount Reed Volcanics, presence of mineralised felsic intrusives within the vicinity of the tenements, and proximity to the regionally significant Moysten Fault Zone.
Exploration throughout the year included an approx. 30 line km of ground magnetics over buried airborne magnetic targets – Anomalies ‘H’ and ‘I’. The results displayed local strong mag highs of up to 800nT amplitude. This will enable more precise drill collar positioning.
Lake Bolac tenement plan with targets over magnetic image
The Yea tenements cover 1000 sq. km and are considered prospective for IRGS containing gold, tungsten (W), molybdenum (Mo), and copper.
Previous exploration has defined at least two areas of strong tungsten-molybdenum-gold (+/- tin) geochemistry in soil sampling. Limited drilling on the Monkey Gully Prospect by previous explorers returned highly anomalous gold and tungsten values, but failed to test the interpreted core of the mineralised zone. Regional mapping indicates a large thermal metamorphic halo with limited outcropping granite.
Scout drill hole MGDD08 drilled in May 2011 returned an intersection of 17 metres @ 0.19% W2O3 and 261ppm Mo including 8m @ 0.34% W2O3 and 493ppm Mo below a strong soil anomaly at the Monkey Gully Prospect.
These significant intersections, in conjunction with previous drilling, confirm multiple zones of mineralisation exist within the host granite.
Results from the Monkey Gully soil grid extension confirm a significant corridor of high tenor W-anomalism. The copper anomaly is also extensive and is best developed in the NW grid area, and may continue beneath alluvial cover to the NW. Anomalous Au and Bi is also present at the NW margin of the grid.
Yea Project tenement plan showing key target areas