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  • GBM Resources Starts Exploration At Mount Morgan 0 comments
    Apr 11, 2013 3:14 AM

    GBM Resources (ASX: GBM) has restarted exploration at its Mount Morgan Gold-Copper Project in Queensland as the wet season abates.

    Geological mapping, rock and soil sampling are underway at the Sandy Creek and Smelter Return prospects, which are located on a significant gold and copper soil anomaly.

    The company is testing the extensions of the large anomalies along the Mount Morgan Corridor before follow up soil and rock sampling in combination with detailed mapping along the mineralised fault trend is carried out.

    Completion will allow both prospects to be drill ready by the second half of 2013.

    The anomaly containing Sandy Creek and Smelter Return is concentrated along the major Mount Morgan structural corridor that hosts the historical and nearby Mt Morgan mine.

    Field work completed last year had reinforced GBM's decision to focus exploration on Mount Morgan and supported its strategy of acquiring a significant footprint (applications and licenses over 900 square kilometres) in close proximity to the old Mount Morgan mine.

    This has identified Intrusive Related gold and copper mineralisation at Smelter Return and Sandy Creek as well as large high-tenor gold and copper soil anomalies associated with major structures.

    Rock chips at Sandy Creek had assays of up to 39% copper, 8.5 grams per tonne gold and 44ppm silver.

    GBM had $1.5 million in cash as of 31 December 2012.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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