GBM Resources (ASX:GBZ) has acquired whole ownership of the Mt Coolon Gold Project in Queensland, after Newmont’s (ASX:NEM) decision to withdraw from the joint venture, terminating the farm-in agreement.
This decision strengthens GBM’s langholdings across the Drummond Basin, earning back exploration data and results generated under the joint venture from Newmont.
The company intends to review and integrate the data to update geological models, as part of GBM’s strategy at Mt Coolon.
The asset comprises a 2,613km2 tenement package, holding a JORC-compliant resource of 6.65 million tonnes @ 1.54 grams per tonne gold for 330,000 ounces.
CEO Daniel Hastings says the company’s repossession of Mt Coolon is a milestone for GBM’s plans to expand its gold portfolio in the Drummond Basin.
“We are excited to regain 100% ownership, and our exploration team are enthusiastic about getting on the ground as we see significant upside on the Mt Coolon Tenure,” Hastings says.
“With Twin Hills and Yandan nearby, we now control a substantial area of highly prospective ground within the Drummond Basin which provides GBM with the scale and flexibility to unlock significant value.”
GBM intends to follow up a gold-bearing epithermal system, exploring previously identified targets for ongoing drill testing.
A drilling program conducted in 2021 doubled the strike length of the Glen Eva gold system within the project, with geophysics studies outlining a “large, prospective” trend between the system and the Eastern Siliceous Zone.
GBM Resources is a mineral explorer and developer focused on building a ‘high calibre’ project portfolio in the Drummond Basin in Queensland.
Write to Maddison Elliott at Mining.com.au
Images: GBM Resources
