The Mount Isa Region (GBM 47.8% interest)

GBM is the manager of the Joint Venture and retains a free carried interest of 10% through to completion of a bankable feasibility study. These projects are part of a Farm-In JV arrangement with Pan Pacific Copper and have an approved budget of $478,000 and work program to conduct further geophysical surveys and drill test both features during the 2018 field season. Drilling commenced during August 2018.

Processing of new gravity data for the Tommy Creek and FC-2 Prospects was completed during the year using new data collected during the second half of 2017 when GBM completed ground-based gravity programs at Tommy Creek and FC2 prospects. These prospects are located approximately 20 km north-west of the Ernest Henry IOCG Cu-Au mine in the Mt Isa Eastern Succession. Both are concealed below 50 100m of cover sediments and express coincident high magnetic and gravity response typical of many IOCG systems, and of a scale and intensity similar to Ernest Henry (2.4 Mt Cu, 3.5Mozs Au). Data collected during these surveys has been digitally modelled and the results are outlined below (refer ASX announcement 30 April 2018).

Figure: Tenement locations within the North West Mineral Province