- GBM Resources (GBZ) is nearing completion of the phase one diamond drilling program at the Malmsbury Project joint venture (JV) in Victoria
- Seven diamond holes have been drilled to date with one hole remaining and results have been received for three of the holes
- Grades have peaked at 24.4g/t gold and confirm high-grade shoot potential and splay features on the Leven Star resource and the extension potential for the Missing Link Reef
- This current phase of drilling is expected to be completed in Q3 with the success set to drive a larger second phase later in the year or early next year
- Shares in GBM are down 5.15 per cent and are trading at 9.2 cents
GBM Resources (GBZ) is nearing completion of the phase one diamond drilling program at the Malmsbury Project joint venture (JV) in Victoria.
Seven diamond holes have been drilled to date with one hole remaining and results have been received for three of the holes.
Better results received to date include four metres at 2.9g/t gold from 80 metres including 0.4 metres at 24.4g/t gold from 81.2 metres, and 7.8 metres at 3.6g/t gold from 32.2 metres including 1.85 metres at 12.5g/t gold from 34.15 metres.
The results confirm high-grade shoot potential and splay features on the Leven Star resource and the extension potential for the Missing Link Reef.
This current phase of drilling is expected to be completed in Q3 with the success set to drive a larger second phase later in the year or early next year.
A 2D and 3D induced polarisation survey has been planned to help define sulphide-rich granite-related targets and dispersed sulphide halos around the gold reef targets.
“It is exciting to finally get assays from the drilling and we are encouraged by these initial results at the prospective Malmsbury Project with our JV partner Novo Resources Corp,” CEO and Managing Director Peter Rohner said.
“We are looking forward to completing a safe and environmentally sound drilling program and receiving the final assays before regrouping for a second phase of drilling late in 2022 or early 2023.”
Shares in GBM were down 5.15 per cent and were trading at 9.2 cents at 2:52 pm AEST.