PERTH (miningweekly.com) – Minerals explorer GBM Resources has finalised the sales agreement over the Brightlands Milo tenement, in Queensland.
The company in November last year struck an agreement with TSX-V-listed Consolidated Uranium to sell the iron-ore/copper/gold/uranium/rare earth tenement for an initial C$500 000 cash payment and 750-million Consolidated Uranium shares.
The cash payment was completed in November of last year, and GBM has now been issued with the Consolidated Uranium shares, which are valued at some A$2.1-million.
“GBM’s focus continues to be on the prospective Drummond basin where large, high-grade epithermal gold deposits exist and where GBM has assembled a large tenement position and a Joint Ore Reserves Committee resource of some 1.6-million ounces of gold,” said GBM MD and CEO Peter Rohner.
“We are pleased to have completed the sale of the Brightlands Milo project to Consolidated Uranium Inc and realise additional value for GBM’s shareholders with this shareholding.”