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GBM Resources (ASX:GBZ) expands gold mineralisation at Twin Hills

ASX News, Materials
ASX:GBZ      MCAP $11.56M
14 June 2022 13:25 (AEST)

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GBM Resources (GBZ) has received further results from a 7000-metre drilling program at the Twin Hills project in Queensland.

The diamond drilling program is targeting the 309 deposit to confirm historical data, infill areas of lower density to upgrade resource confidence and test extensions to mineralisation outside of the resource boundaries.

According to GBM, hole 309DD22011 returned a number of notable intersections including 78 metres at 1.6 grams per tonne (g/t) gold and 2.26g/t silver from 87 metres including five metres at 9.73g/t gold and 5.28g/t silver from 143 metres.

The drill hole also intersected 54 metres at 1.82g/t gold from 254 metres outside of the existing resource. This intersection remains open down plunge and will be followed up with further drilling.

Hole 309DD22012 returned 72 metres at 0.87g/t gold and 3.94g/t silver from 30 metres including nine metres at 2.58g/t gold and 11.97g/t silver from 54 metres, and 53 metres at 1.48g/t gold from 134 metres including one metre at 25.09g/t gold from 148 metres.

GBM Resources said these results, and those announced previously, have confirmed the potential to increase the 309 deposit’s mineral resource estimate which currently totals 501,000 ounces.

“It is clear that the known boundaries of the resource haven’t been adequately defined by previous explorers and that there is real potential for GBM to add significant ounces extending from the boundaries of the resource and to discover higher grade shoots within the system,” Managing Director and CEO Peter Rohner said.

So far, the company has completed 14 of the planned 17 holes at the 309 deposit. Following this, it will undertake another 7000-metre program at the nearby Lone Sister deposit.

Company shares were down 14.9 per cent to trade at 7.4 cents at 1:24 pm AEST.

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