PERTH (miningweekly.com) – The share price of ASX-listed GBM Resources fell by 5% on Friday after the company announced that it would be diversifying its project portfolio to include gold.
A strategic review of operations to better position the company for growth, had suggested adding gold to the portfolio mix. GBM told shareholders that the company was now reviewing the possibility of near-term gold production acquisition opportunities in the region.
In parallel with this asset hunt, GBM would continue target testing at its Mount Morgan gold/copper project, with the aim of drill testing the Sandy Creek and Smelter Return prospects during the second half of the year.
The company would also drill priority prospects, including the Bronzewing Bore and the Mount Margaret West project, within the farm-in area, adding that it had secured a A$2.5-million budget on the farm-in projects with partner Pan Pacific Copper and Mitsui & Co
Drilling would start this month.
Furthermore, GBM would work to secure funding to progress the prefeasibility study at its Milo iron-oxide copper gold and rare earths project, while also reducing spending with the aim of saving some A$600 000 in overheads.
GBM’s shares were trading at a low of A$0.017 a share on Friday, down from an opening price of A$0.02 a share.