District scale opportunity in a world class gold-copper region

The Mount Morgan Project is adjacent to the world-class Mount Morgan Gold Mine which has produced over 8 million ounces of gold and 400,000 tonnes of copper as is one of the largest known porphyry copper systems in Eastern Australia.

The tenement package which is located approximately 250km to the West of Mackay in North Queensland incorporates  covers a total area of approximate 1017km² and holds highly prospective tenements.

Key summary points include:

  • 100% ownership of district-scale tenure package totalling 1017 km2 and surrounding the world-class Mt Morgan gold copper mine.
  • Mt Morgan mine operated between 1882 and 1981 producing 50 Mt at 0.72% Cu, 4.75 g/t Au for 7.7 Moz gold and 361 kt copper.
  • Land package diligently compiled over a number of years to build a commanding position in this outstanding gold-copper district.
  • The origin of the Mt Morgan deposit remains topical:
      • Syngenetic exhalative
      • Epigenetic replacement
      • Deep LSE epithermal related to a concealed porphyry
  • Several phases of exploration by different companies however much has been model-driven and thus introduced biases into the target selection process.
  • GBM has undertaken a systematic review of previous exploration, ground follow-up and surface exploration in key areas defining 11 porphyry, epithermal and skarn targets, including Mt Usher with a concealed magnetic high rimmed by historic gold workings

 

Mt Morgan

1. Limonite Hill

  • 12m @ 1.4% Cu & 700 ppm Mo
  • Limonite Hill Cu-Mo porphyry
  • Series of “Mag Lows” within structural corridor
  • Veneer of cover sediments

2. Mt. Usher

  • 100 koz Au production from alluvial and hard rock
  • Junction of 2 major structural linears
  • Large mag and high rimmed by historic working

3. Mt. Victoria

  • Alluvial gold workings
  • 28m@ 0.26 g/t Au in Devonian basement

4. Mt. Gordon

  • Porphyry Cu-Au-Mo
  • 23m @ 0.3% Cu, 0.2 g/t Au
  • Shallow drilling only

5. Smelter Returns

  • 300x400m skarn identified
  • Shallow drilling only
  • 8m @ 0.3% Cu, 0.8 g/t Au
  • Large untested high tenor
  • Au-Cu soil anomalies

6. Kyle Mohr

  • Intrusive hosted
  • Pervasive porphyry alteration
  • Strong Au-Cu in Soils
  • No drilling

7. Black Range

  • 2km alteration zone
  • Central breccia gossan with Zn-Cu-Pb-Ag

8. Sandy Creek

  • 4km porphyry-style alteration zone
  • Hydrothermal breccia CuO at surface
  • Rock chips to 39% Cu, 8.5g/t Au 44ppm Ag
  • No drilling

9. Dee Copper Mines

  • High grade Au-Cu veins
  • Porphyry-related ‘D-veins?’
  • Not tested at depth

10. Oakey Creek

  • 3x1km porphyry-style alteration
  • Rock-chips to 6.7% Cu & 40ppm Ag
  • Not drilled.

11. Moonmera

  • 3x2km porphyry system
  • Crackle veins, pebble breccias
  • Pervasive low-grade Cu-Mo
  • Discrete high-grade zones
  • Large-tonnage potential