GBM adds to Drummond basin ounces
PERTH (miningweekly.com) – Junior GBM Resources has increased its gold resource in the Drummond basin to some 1.5-million ounces, after signing a binding tenement sale agreement to acquire the Twin Hills gold project, in Queensland.
The Twin Hills deposit currently hosts a Joint Ore Reserves Committee-compliant resource of 6.9-million tonnes, at 2.8 g/t gold for 633 000 oz of contained gold.
Under an agreement struck with NQM Gold 2, a wholly owned subsidiary of Minjar Gold, which in turn is a wholly owned subsidiary of Shanghai-listed Jinan High-Tech Development, GBM would acquire the project for some A$2-million in cash, along with assuming the financial assurance in respect of the environmental authorities over the tenements, which amounts to a further A$1.48-million.
GBM said on Monday that it would fund the acquisition from its existing cash reserves of the sale of marketable securities.
“We are pleased to have signed the agreement for the purchase of the Twin Hills project. This transformational transaction represents a significant step in the execution of our processing halo strategy to build over two-million ounces under ownership within the Drummond basin, providing an entry into the development of a genuine midtier Australian gold company,” said MD and CEO Peter Rohner.
The Twin Hills asset, as well as the Yandan mine, which GMB acquired from fellow-listed Aeris Resources earlier this year, as well as the Mt Coolon acquisition, which is yet to be settled, are all within 70 km of GBM’s proposed Drummond basin processing hub.
Rohner told shareholders that the company was planning an aggressive initial extensional and infill drilling programme at Twin Hills over the next year.
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