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

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Scoping Study Demonstrates the Potential Economic Viability of Recommencing the Mount Coolon Gold Project, Queensland
4 December 2017
Community Engagement Strategy Malmsbury Project
Under section 39 of the MRSD Act, all licensees have a duty to consult with the community throughout the period of the licence. This involves sharing information about any authorised activities that may affect the community and giving members of the community a reasonable opportunity to express their views about those activities. The type and level of consultation needed depends on the type of tenement, the complexity of the project, the potential risks and who may be affected.
28 November 2017
Notice of Retention Licence Application 2017
The Victorian Department of State Development, Business and Innovation (DSDBI) notified Belltopper Hill Pty. Ltd., a wholly owned subsidiary of GBM Resources Ltd. on the 17th November 2017 that it has been granted priority over the Retention Licence Application RLA006587 covering the Drummond Project in Central Victoria.
28 November 2017

Latest Reports

Report for the Quarter ended 30th September 2017
- Mount Coolon Gold Project
The Company has engaged Mining One Consultants to complete a scoping study in conjunction with a range of other specialists, on the Mount Coolon Gold Project.
23 October 2017
Annual Report
Dear Fellow Shareholders
GBM Resources continues to actively pursue its key objective of developing
and extending the known resources within the Company’s highly
prospective tenement holding in the Drummond Basin, Queensland.
6 October 2017
Report for the Quarter Ended 30th June 2017
HIGHLIGHTS:
Mount Coolon Gold Project
• The Company has engaged Mining One Consultants to complete a scoping study in conjunction with a range of other specialists, on the Mount Coolon Gold Project. The Scoping Study is scheduled for completion in August.
• The Company appointed mining engineer, Mr Ian Horton, to the newly created role of General Manager of the Mount Coolon Gold Project.
• Gold resource increased at the Glen Eva deposit by 77% to 0.9Mt averaging 2.2 g/t Au containing an estimated 66,000 ounces. Potential exists to extend the Glen Eva Resource along strike and down dip.
31 July 2017

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GBM Resources

ABN 91 124 752 745

Suite 8, 7 The Esplanade,
MT PLEASANT WA 6153

T: (08) 9316 9100

F: (08) 9315 5475

E: info@gbmr.com.au

 

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10 Parker St, Castlemaine VIC 3450

T: (03) 5470 5033