MOUNT MORGAN GOLD-COPPER PROJECT

EPM16057, EPM17105, EPM17163, EPMA17734 & EPMA18366

The Mount Morgan Project is located approximately 40km south west of Rockhampton in Queensland and in close proximity to the world class Mt Morgan Copper-Gold mine. The area is well serviced with key infrastructure with the sealed Burnett Highway traversing the EPM 16057 permit.

In 1886, the Mount Morgan Gold Milling Company was formed to work the Mt Morgan mine. Initially only gold was produced, but copper production began in 1902 following its discovery in the lower workings. The Mount Morgan gold copper deposit has produced more gold than any other deposit in eastern Australia to date, with a total of 50 million tonnes of ore was treated at an average 5.9 g/t of gold and 0.7% copper, yielding approximately 8 million ounces of gold and over 400,000 tonnes of copper.

Historic exploration in the Mount Morgan area has primarily focused on the discovery of a Mount Morgan analogue which has, up until recently, been interpreted by many as a VHMS (massive sulphide) type. Until recent GBM work, no activity targeting intrusion related systems had been completed, nor had there been, thorough examination and interpretation of geophysical datasets or detailed compilation of existing exploration data.

Extensive recent soil sampling over priority targets in the Mount Morgan Project area has upgraded targets at Sandy Creek, Black Range and Smelter Returns where geological data supports the concept of intrusive related mineralisation in this area. GBM has further consolidated its strategic tenement base in the Mount Morgan Region with additional applications being granted during the year.

                                      Mt Morgan Project - Black Range South

GBM now holds over 1000 square kilometres in this region in eight exploration permits and applications in the region, previously referred to as the Dee Range Project.

The region remains, without question, one of the most prospective and underexplored exploration areas in Australia today, and the ongoing acquisition of adjacent ground by Goldfields of Australia indicates growing interest in the area by major gold companies.

 

Mount Morgan Project, tenement and target location plan with TMI rtp backdrop (Note Limonite Hill prospect is Target T4)

 

Current Share Price
1.0c
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Current Gold Price
US$1332.00

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