(MENAFN- ProactiveInvestors - Australia) GB Energy (ASX: GBX) has accepted the offer of an Exploration Licence on the Stuart Shelf, South Australia, that is highly prospective for iron oxide copper gold uranium mineralisation.
The next step in the process is for the grant of EL 2012/298 to be published in the Government Gazette and relevant newspapers for a period of 28 days, after which the licence can be granted.
GB had in March accepted the offer of EL 2012/280, which lies immediately to the west of EL 2012/298.
This brings its total holding in the area on the northeast margin of the Gawler Craton up to 1,877 square kilometres.
The basement rocks of EL 2012/298 (and EL 2012/280) are interpreted to be similar to the outcropping Mount Woods Complex to the west.
GB is targeting IOCGU mineralisation in the crystalline basement similar in style to the nearby Prominent Hill and Olympic Dam deposits.
Historic drilling on EL 2012/298 is limited to the 1970's Dampier Mining / Newmont hole SR8 that failed to reach basement and test a local gravity anomaly.
Upon grant, GB intends to undertake appropriateÂ
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