Bungalien Phosphate Project

On 18 September 2012, the Company announced that Swift  Resources Limited initial public offer was not proceeding and that the Bungalien phosphate rights would revert to an unincorporated joint venture where Swift Venture Corp’s interest would be 70% and GBM’s interest 30%.

On October 8 2012 the Company announced that it had agreed to acquire Swift Venture Corp’s interest in the Bungalien phosphate rights by the issue of 10 million ordinary fully paid shares.

New deposits now at feasibility or construction stage continue to emphasise the potential of the area to be a long term supplier of phosphate rock, vital to feed the growing world population. The phosphate market has been volatile over recent years, however, the long term outlook remains positive. The international Fertiliser Agency is predicting an annual increase of 5.5% in demand for phosphate rock over the next 5 years. In addition CRU has predicted that prices are likely to increase over the next 10 years.

A total of 43 shallow RC drill holes, drilled in two stages, have been completed on the Bungalien Phosphate project areas located in the Georgina Basin, southeast of Mount Isa in North Queensland. Results of both drilling campaigns are very encouraging and confirm the extent of phosphate prospectivity in the area.

Drilling in the Burke River area returned a peak phosphate value exceeding 25% P2O5 among the higher grade results from the 1,436 metre RC drill programmes.

Results include many intersections of significant widths of greater than 10% P2O5 mineralisation. In addition, scout drill holes PRC024, PRC025 and PRC026 intersected phosphate mineralisation in new prospect areas; drill hole PRC026 intersected 7m @ 4.19% P2O5 in Horse Creek EPM15150, and PRC024 intersected 9m @ 2.14% P2O5 in Limestone Creek EPM17849. These holes demonstrate that further substantial areas of these large tenements hold potential for untested phosphate mineralisation at shallow depths.


                        Bungalien Phosphate Project target and drillhole location plan.

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Latest News

Significant resource Increase at Glen Eva Gold Deposit, Mt Coolon, Qld
• Gold resource increased by 77% to 0.9Mt averaging 2.2 g/t Au containing an estimated 66,000 ounces of gold.
• Potential exists to extend the Glen Eva Resource along strike and down dip.
• Significant grade zones, including:
o 24.8m @ 6.2 g/t Au from 100m and
o 24.6m @ 4.8g/t Au from 132m reported earlier this year from GBM drill hole GLD0002 (refer ASX release 22 March 2017)
1 June 2017
Notice of Change of Interests of Substantial Holder
Change in Substantial Holding.
28 April 2017
Koala Deposit Drilling Upgrade, Mt Coolon Gold Project
Stage 2 drilling program has now been completed and has identified gold mineralisation adjacent to the historic mine workings in the Koala Gold Deposit.
27 April 2017

Latest Reports

Report for the Quarter ended 31st March 2017
March Quarter Report 2017
31 March 2017
Report for the Quarter ended 31st December 2016

Mount Coolon Gold Project:

Koala Gold deposit:
• Stage 1 of drilling programme has been completed at the Koala Gold Mine with 23 diamond holes drilled for a total of 1,303 metres
• Results have confirmed the presence of remnant high-grade gold mineralisation in quartz vein and breccia style settings throughout the old stope areas tested.
• The Company has commenced Stage 2 drilling in January 2017 and the program forms part of the Study to evaluate recommencement of mining operations at the Koala Gold Mine.
31 January 2017
Report for the Quarter ended 30th September 2016
Mount Coolon Gold Project:
Eugenia Gold Deposit:
• Publication of Eugenia Heap Leach Scoping Study showing potential
economic viability.
• Recovered gold ounces total 32,588 at a C1 cost of $813 per ounce,
capital estimated at $8.3 million.
• Free cashflow generated will be allocated to accelerate expanding
the known open pit resources and the mineralising systems with the
aim to build the Mt Coolon Gold Project inventory to a level that will
support the commissioning of a CIL plant.
31 October 2016


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GBM Resources

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