Lubuk Mandi Gold Mine

The Lubuk Mandi Gold Mine is located near the State capital of Terengganu in Peninsular Malaysia and covers 221 heactares and includes over a million tonnes of tailings which has significant potential for early gold production through the development and recommissioning of the mining operations with joint venture partners Angka Alamjaya Sendirian Berhad (AASB) and provides development funding options.

The Lubuk Mandi Gold Mine, which was previously owned and operated by government body Terengganu State Economic Development, in the mid 90’s, produced 108,000 ounces of gold from two shallow pits.  The existing processing plant is rated at 300,000 tpa and involves single stage crushing to a stockpile and mill. The mine and processing plant have been on care and maintenance since 2000.

In early 2013 GBM conducted due diligence and developed a business plan to develop the project and recommence mining operations.

The project has three identified sources of mineralised material that may provide ore for future mining and treatment.  Exploration targets comprises of:

  • Tailings Damexploration target between 1 Mt at 0.7 g/t Au containing 23,000 oz Au, and 1.4Mt at 0.9 g/t
  • Main Zoneexploration target between 370,000 tonnes averaging 2.9 g/t Au containing 35,000 oz Au and 1,100,000t averaging 3.6 g/t Au containing 127,000 oz Au
  • East Zone – exploration target between 1,440,000 tonnes averaging 2.5 g/t Au containing 116,000 oz Au and 2,400,000 tonnes averaging 3.6 g/t Au containing 280,000 oz Au.

Total JORC exploration target for the project is estimated to contain between 174,000 and 443,000 ounces of gold.

 Satellite image of current day Lubuk Mandi Mine Site showing lease outlines in red

Satellite image of current day Lubuk Mandi Mine Site showing lease outlines in red.

Lubuk Mandi mine layout plan showing exploration target locations

Lubuk Mandi mine layout plan showing exploration target locations.

native au at LM

Dendritic native gold in quartz from Lubuk Mandi (sample M446, field of view approx. 5mm). Henney et al 1994 pp33, Characterisation of Gold from Lubuk Mandi, British Geological Survey Technical Report WC94021.

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Current Gold Price
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Latest News

Report for the Quarter ended 31st December 2017
The December Quarter represents a pivotal period for the Company withkey activities together marking a major step forward in realising nearterm gold production from the Mt Coolon Gold Project while at the sametime providing the opportunity for a longer mine life by incorporating significant additional gold resources from the Twin Hills Gold Project.
31 January 2018
GBM Acquires The Twin Hills Gold Project
• Binding Heads of Agreement signed with Minjar Gold Pty Ltd1 to acquire 100% interest in Twin Hills Gold Project proximate to GBM’s Mt Coolon Gold Project.
• Acquisition cost is $1.5m on a deferred settlement basis and the issue of 50m ordinary fully paid shares in the Company
• The acquisition further underwrites the development of the Mt Coolon Gold Project, potentially doubling its resource base and adding significant exploration potential.
• The Twin Hill Gold Project published inferred resource is estimated
at 398,000 ounces2 Executive
22 December 2017
Non Binding Ore Purchase Term Sheet With Pajingo Gold Mine
• GBM will sell its Mt Coolon high grade Glen Eva and Koala resources over a 2.5 year period.
• Mining is planned to commence in the September quarter 2018.
• GBM will mine and transport the material to the Pajingo Gold Mine and Pajingo will batch process.
• The commercial terms are based on open book approach and the nett proceeds from gold sales will be allocated 50:50 to the parties.
• This opportunity with Minjar1 can transform GBM from a capital dependent Company to cash flow generating.
19 December 2017

Latest Reports

Report for the Quarter ended 31st December 2017
The December Quarter represents a pivotal period for the Company withkey activities together marking a major step forward in realising nearterm gold production from the Mt Coolon Gold Project while at the sametime providing the opportunity for a longer mine life by incorporating significant additional gold resources from the Twin Hills Gold Project
31 January 2018
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

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Contact Address

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

 

Exploration Office

10 Parker St, Castlemaine VIC 3450

T: (03) 5470 5033