GBM firms up the figures for Yandan gold resource

GBM Resources has announced an updated mineral resource estimate for its Yandan Project in North Queensland of 15.9 Mt at 1.0 g/t gold for 514,500 oz gold. Importantly, 47 per cent of the Yandan Project is now classified as indicated ounces, significantly improving confidence and the quality of the resource. Together with the recently released Twin Hills figures, GBM’s Drummond Basin resources now stand at 45.6 Mt grading at 1.26 g/t gold for 1,844,200 ounces - with more than a million ounces now classified as indicated mineral resource. The Yandan project comprises two mining leases and four exploration permits, lying about 150km south-south-east of Charters Towers. GBM has released a new MRE for Yandan's East Hill deposit of 12.8 Mt grading at 1.1 g/t gold for 443,000 oz gold. And it has chalked up a maiden MRE for the site's Illamahta deposit of 2.2 Mt at 0.8 g/t gold for 55,500 oz gold. “Converting more than half of the East Hill deposit gold ounces to indicated status is very pleasing and an important advancement for the Yandan Project," GBM Resources managing director and chief executive officer Peter Rohner said. "Recent interpretative work on the formation of the East Hill deposit in conjunction with the high-grade core mineralisation provides significant encouragement for future drilling. "The Illamahta deposit is similar to the Yandan Main deposit that we now know represents the very top of the system. "The small Illamahta resource is at one end of a large, mineralised alteration system and represents a significant exploration gold target for the future." The new East Hill MRE was completed following the 2022 drilling program, collection of SG data, and reassessment of the geology model. The cut-off grade at East Hill was increased to 0.4 g/t gold (in line with the recent Twin Hills MRE update). This, along with the new drilling/SG data and geological model, greatly improved the deposit by reducing tonnes by 7.26 Mt and increasing the head grade by 38 per cent to 1.1 g/t gold. Related: Twin Hills lifts to million-ounce gold site GBM noted the significance of the East Hill MRE high-grade core of 1.1 Mt at 5.7 g/t gold for 201,000 oz gold. It said this had the potential, with further drilling, to add additional high-grade ounces to the resource. The Illamahta deposit sits about 15km south south-west of the Yandan Main and East Hill deposits. Ross Mining produced about 365,000 oz of predominantly oxide gold from Yandan Main, Yandan South and East Pit in the 1990s. Mining ceased in 1998 when oxide resources were exhausted, with the last gold poured in April 1999. GBM said the Yandan mining lease remained in place, with considerable infrastructure including a large, permitted tailings dam site and water storage dams. The CIL process plant was removed from Yandan in late 1999.

GBM firms up the figures for Yandan gold resource

Industry Queensland

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