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  • GBM Resources Finds Graphite At Queensland IOCG Project 0 comments
    Aug 25, 2014 7:11 PM

    GBM Resources (ASX:GBZ) should trade firmer after data compilation work as part of IOCG exploration at its Mount Margaret project in Queensland indicated the presence of graphite.

    Chips and diamond core from historic holes drilled by Xstrata close to the Ernest Henry mine near Cloncurry demonstrated extensive and continuous zones of strong chargeability response coincident with graphite drill intercepts.

    The Sevastopol prospect graphite area covers 2 square kilometres, whilst the Rhea Extended prospect covers 1 square kilometre.

    The combination of very large chargeability anomalies, open-pit potential due to thin cover sediments, and proximity to established mining infrastructure all combine to make for compelling graphite exploration targets.

    Together, the Sevastopol and Rhea prospect are shaping up as a potential large scale graphite project.

    Follow up field work is planned for the next month including locating historic drill core and chips for re-logging and sampling for graphite analysis and access negotiations for drilling on the Rhea Extended prospect.

    GBZ's flagship project is its 40% interest in the Lubuk Mandi gold mine in Malaysia.

    GBM has defined a gold-in-tailings resource of 1.5 million tonnes at 0.7 grams per tonne for 34,800 ounces of gold, with planning advanced for resource exploitation.

    The company is on track to commence gold production later this year, and also plans to float the Lubuk Mandi asset on the Singapore Stock Exchange.

    Its associated CIP processing plant is rated at 300,000 tonnes per annum and involves single stage crushing to a stockpile and mill.

    Today's graphite development is a welcome bonus for this soon to be gold producer, which is valued at about $13 million.

    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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