https://www.miningweekly.com

GBM to buy project near Mt Coolon

28th September 2018

By: Creamer Media Reporter

     

Font size: - +

Precious metals miner GBM Resources could potentially double the resource base of its flagship Mt Coolon gold project, with the acquisition of the Twin Hills gold project, about 90 km away.

GBM has signed a binding sale and purchase agreement with midtier miner Minjar Gold to acquire the project, in Queensland, for A$1.5-million, the ASX-listed company announced on Friday.

The company explained that it planned to redevelop Mt Coolon as a central processing hub and that the proposed co-development of Twin Hills could provide a high-grade satellite feed source.

GBM said that the acquisition could also open up additional funding and investment opportunities for the development of Mt Coolon.

Twin Hills consists of three exploration permits and one mining lease, with a total tenement area of about 200 km2.

The 309 deposit was mined by BMA Gold between 2005 and 2007, producing 72 979 t at 10 g/t gold for 23 490 oz. In this time, about 1 200 m of decline and significant level development to access Area 2 mineralisation was completed. GBM said that the development completed to Area 2 could represent a ready opportunity to access residual underground mineralisation.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Latest News

The QB mine in Chile is ramping up.
Teck increases copper production with QB ramp-up
Updated 7 hours ago By: Mariaan Webb

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.167 0.203s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: