GBM Resources Limited (ASX: GBZ) is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in a number of premier metallogenic terrains.
Its 100% owned flagship project in the Drummond Basin (QLD) holds ~1.85 Moz of gold in JORC resources (Mt Coolon, Yandan and Twin Hills). 2023 will see an expanded drilling program which is aiming to define 2-3 Moz and support GBM’s transition into a mid-tier Australian gold company.
Separately it also holds tenements in the Mt Morgan district (subject to a vend into a TSX company) and in the Mt Isa Inlier in Queensland (JV with Nippon Mining Australia - 54%). This is complemented by the cash generating White Dam Gold-Copper Project in South Australia in which GBM now holds a 100% interest. Divestment of non-core assets will continue.
World-class low sulphidation targets
Drummond Basin, Mt Coolon, Twin Hills and Yandan Gold Projects – 4,570 km2 granted and 98 km2 under application (100%). Mt Coolon Project now subject to A$25m farm-in with Newcrest.
Underexplored, district-scale gold-silver prospectivity; targeting aggressive drilling and rapid resource build to +2 Moz
Cashflow producing asset
White Dam Gold-Copper HL Operation – 489 km2 (100%)
Low cost cashflow opportunity with optionality in a rising gold price environment
The Company has recently completed a restructure (late 2019/2020) covering the following major Events:
Executive Board Appointments with Mr Peter Rohner as Managing Director (Grad Dip Applied Finance & Investment, BSc Metallurgy) and Peter Mullens as Executive Chairman (BSc Geology, Fellow AUSIMM). Both appointments bring extensive project operational experience, with specific expertise in developing resource assets and a track record in building significant value.
Acquisition of gold producing asset
GBM completed the acquisition and acquired a 100% of Millstream Resources Pty Ltd (Millstream). Millstream can initially earn a 50% interest in the White Dam Gold Project with an option to move to 100%. The project has the potential to support the Company’s working capital requirements.
Share Placements raised gross proceeds of $1.8 million dollars and issued a total 59,090,909 ordinary fully paid shares. The Placements were well supported with strong interest and completed pursuant to shareholder ratification and approval at the Company’s AGM on 25 November 2019.
Consolidation of capital
At the Company’s AGM on 25 November 2019, for every 10 shares held and 10 options held were respectively consolidated into 1 share or 1 option. At the date of this report the Company has a total of 192,889,829 ordinary shares on issue.
Review of GBM asset portfolio
The Board has commenced a process to review the portfolio of GBM assets and this review is currently ongoing.
Our core strategy
GBM’s core strategy is to identify opportunities for accelerated gold production and cash flow with potential for major resource growth. GBM applies a highly systematic approach to mineral exploration and development, targeting the discovery of world-class gold and copper-gold deposits.
Identify opportunities for accelerated gold production and cash flow with potential for major resource growth.
Target discovery of world-class gold and copper-gold deposits.
Low cost explorer
Competent, rapid and cost-effective evaluation of discoveries.
Maximise exploration probability
Explore in regions with historic endowment to maximise probability of a new discovery.
Minimise corporate overhead to maximise in-ground exploration spend.
Apply a highly systematic approach to mineral exploration and development.