(MENAFN- ProactiveInvestors)
() has moved quickly to develop its recently acquired Mount Coolon Gold Project in Queensland by upgrading 67% of resources in the project’s key deposit to the Indicated category.
Mount Coolon’s Eugenia resource now counts 3.7 million tonnes at 0.9 g/t gold for 109383 ounces of indicated gold.
Total resources for the broader project stand at 5.8 million tonnes at 1.4 g/t gold for 286648 ounces in both the indicated and inferred categories.
“The review was considered necessary to provide a from basis on which to evaluate future development options for the Mount Coolon Gold Project” GBM said.
“This review has also provided GBM an opportunity to fully assess the quality of information available to support a future analysis of the exploration potential in and around these deposits.”
GBM finalised its purchase of the 761-square-kilometre project in April offering () a consideration of A$850000 and 50 million ordinary fully paid shares.
The project encompasses four granted mining leases three granted exploration permits and one exploration permit application. The company confirms that independent review of these tenements has confirmed that all are in good standing and that key mining licences have recently been renewed until 2024.
Oxidized portions of the Eugenia Resource could be amenable to heap leach gold extraction.
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