GBM Resources (ASX:GBZ) is planning a follow-up drill testing program in Q4 2023 on a newly identified magnetite shear zone at its Mt Margaret iron-oxide copper-gold (IOCG) Project in Queensland.
The $12.31 million market capitalisation company reports a single diamond drillhole recently intersected a ‘major’ new shear zone and broad base metal mineralisation at the FC4 prospect within the Mt Margaret Project.
Results recorded include 40m @ 0.32% Zn from 228m, including 9m @ 0.82% Zn from 228m, 4m @ 0.11% Pb, and 16m @ 590 parts per million (ppm) Cu from 229m.
GBM says the geology and geophysics of this shear zone show similarities to the nearby E1 IOCG deposit, which hosts 48 million tonnes @ 0.72% Cu and 0.21 g/t Au.
Commenting on this recent discovery, GBM Resources Chief Executive Officer (CEO) and Managing Director Peter Rohner says: “The recent hole, along with the understanding of the geological package, has confirmed priority targets to be followed up with a more extensive drill program in the fourth quarter of 2023.”
“The recent hole … has confirmed priority targets to be followed up with a more extensive drill program in the fourth quarter of 2023″
GBM Resources is a Queensland-based mineral exploration company focused on discovering world-class gold and copper deposits in Eastern Australia.
As of 31 March 2023, the company had $3.751 million cash and cash equivalents at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: GBM Resources Ltd
