Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GBM Resources identifies new porphyry copper gold mineralisation at Mount Morgan

GBM Resources (ASX: GBZ) has discovered a new porphyry-style copper gold deposit near the company's Mount Morgan Project, with rock chip samples returning up to 39% copper, 8.5 grams per tonne (g/t) gold and 44g/t silver.

Recent surface sampling and mapping at the Sandy Creek prospect within the Mount Morgan project area has defined a large zone of anomalous copper and gold, with porphyry-style hydrothermal alteration.

The central alteration zone is estimated at 1,500 metres by 700 metres.

Of the samples taken, 14 returned greater than 0.5% copper. Best results included:

- 39% copper and 20g/t silver;
-1.4% copper and 44g/t silver; and
- 1.7% copper.

Meanwhile, gold results included 8.5g/t, 3g/t and 2.3g/t.

A drill program will be carried out at Sandy Creek this year following further mapping and sampling, with up to six reverse circulation drill holes planned to a maximum depth of 200 metres.

This drilling will form part of a regional prospect evaluation program in the Mt Morgan area.

Proximity to Mt Morgan Mine

GBM's Mount Morgan project is located 40 kilometres southwest of Rockhampton in Queensland and comprises eight licences, five of which have been granted.

Targets ranging from early stage stream sediment anomalies to drill ready geophysical and geochemical targets have been identified within the tenements.

The Mount Morgan project area tenements surround the historical Mt Morgan copper gold mine which produced more than 8 million ounces of gold and 400,000 tonnes of copper between 1883 and 1981.

Norton Gold Fields (ASX: NGF) acquired the Mt Morgan mine in 2007 and is looking to bring the mine back into production.