PERTH (miningweekly.com) – Resources company GBM Resources has acquired the Moonmera copper/molybdenum project, in Queensland, from the exploration arm of diversified miner Rio Tinto.
GBM acquired the project for A$35 000 of its own shares and a net smelter royalty of 1% over all minerals produced from the area. Furthermore, Rio would maintain a vendor back-in option to purchase a 65% interest in the project, at fair market value, if a A$1.5-billion or greater mineral resource was discovered at the project.
The Moonmera project, which was one of the largest known mineralised porphyry copper systems in Eastern Australia, would form part of GBM’s greater Mount Morgan porphyry/copper/gold project.
The future works programme at Moonmera would include the processing and interpretation of historic drilling, geophysical and surface geochemical data, with drill testing to follow.