GBM Resources (ASX:GBZ) reports permitting and plans for tolling material from the Portia Gold Mine are progressing with all parties including the South Australian Department for Energy and Mining.
Separately, project economics for further mining of the existing pits are encouraging in light of the significantly higher AUD gold price and will be progressed following completion of the above shorter term, lower capital initiatives.
GBM in August 2023 executed a strategic binding agreement with privately held Benagerie Gold & Copper, the owner of the Portia Gold Mine in northeast South Australia, to advance each’s respective projects.
The alliance with BGC and GBM’s White Dam operation continues to investigate the opportunity to combine the projects, which may include a tolling agreement, joint venture, mining and funding options or outright sale.
GBM says it continues to advance projects at White Dam than can increase production and profitability at the site from the existing heap leach operation (in heap remaining resources) along with the 101,900oz Au JORC resources that remain at the project.
Pursuant to the agreement with Benagerie the latter, via its related company Radford Earthmovers, has been carrying out mining activities on the ROM pad and rehandling/stacking of leach grade material for treatment.
Since mobilisation in September, movement of material is progressing well and to schedule.
GBM Resources 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.
Write to Adam Orlando at Mining.com.au
Images: GBM Resources
