The Mount Coolon Gold Project (MCGP) is located within the Drummond Basin, one of Queensland’s most prolific gold provinces. Located 250km to the West of Mackay in North Queensland, the tenement package covers a total area of over 1,200km² and holds potential for further significant discoveries.
The Basin’s past production is more than 4.5 million ounces of gold and has a total known gold endowment in excess of 7.5 million ounces of gold. The Drummond Basin is an established gold mining region which has proven fertile for discovery of epithermal and intrusive relation gold systems
The MCGP hosts a known resource (JORC2012) containing 330,500 ounces of gold in three separate, open pit deposits. GBM has identified exploration upside in each of these deposits along with a number of exploration prospects within the 1,248km² tenement package. The Company believes that the MCGP can provide the basis for future consolidation of several known gold deposits within the region.
Mineralisation in the Drummond Basin is typified by low sulphidation epithermal style precious metal Deposits. Examples include Pajingo (3.0Moz), Wirralie (1.1Moz), Yandan (0.6Moz) and Koala (0.36Moz). Epithermal mineralisation is typified by very fine-grained gold, sometimes occurring in electrum, in quartz veins and or breccias. These deposits are variously interpreted to have formed in locally extensional jogs or bends of transform fault systems.