GBM Resources Limited (ASX:GBZ) is a Western Australian based company focused on the discovery, acquisition and development of gold and copper deposits.
GBM’s vision is to ensure the company’s exploration efforts are focussed on developing and expanding our known resources and securing tenements and projects that improve the quality and potential of our highly prospective tenement holdings in Queensland and Victoria, Australia.
GBM has been successful in sourcing additional funding via both joint venture and capital raising activities which has allowed the Company to maintain active exploration programs on its prospective tenements, particular on its flagship project, Mount Coolon Gold Project. Additional acquisitions that complement our activities are continually being assessed by the Company. GBM tenements cover an area greater than 2,675 square kilometres in seven major project areas in Queensland and Victoria.
Exploration activity over the year was focused on developing the known resources at Mount Coolon Gold Project three main deposits being the Koala, Glen Eva and Eugenia to support options for near-term development. A Scoping Study was successfully completed in December 2017 demonstrating the potential economic viability of mining the resources using a combination of heap leach and CIL processing. The Company is also developing an exploration strategy to extend the current resource base in the Mount Coolon area with the objective of building resources in excess of 2 million ounces of gold.
Total exploration expenditure on the Company’s tenements for 2017 was A$2.9 million compared to a total of A$2.6 million in the 2016 year. GBM will be stepping up activities in the 2018 with a focus of securing funding to bring the Mount Coolon Gold Project into gold production.
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.