GBM sees path to gold profits lit by science

Under-explored and under-appreciated. That’s the message from junior miner GBM Resources at today’s Gold on the Gold Coast conference. GBM has been working hard to re-finance its assets in the Drummond Basin south of Charters Towers in order to carry out exploration, particularly on the Twin Hills project. Andrew Krelle, enlisted as GBM executive director, says the market is looking for high-grade and scalable gold stories. Executive director GBM Resources Andrew Krelle. In GBM’s case these will be told with the aid of more science than has ever been applied to their assets. Their leases had good bones including proximity to the three-decade-long running Pajingo mine, Mr Krelle said. “If you sort of took the time to take a systematic approach to exploration and to look at actually what's driving these systems at depth, I think a lot of these assets probably could still be producing today,” he said. “Pajingo was discovered 30 years ago and they started mining the surface … with development and with further exploration, they then discovered the deeper lodes that you're seeing, which you sort of get with these large epithermal gold systems. “We've got the same geology as what you sort of see in Pajingo. And look, we're not trying to find one Pajingo within our tenement. We're trying to find I suppose five or six of them. So, I suppose that's the upside for GBM.” GBM was applying new standards of science to reveal the resource at depth, Mr Krelle said. “We've engaged Dave McInnes who is a geophysicist that has been a part of the discoveries of Carrapateena and Prominent Hill as well as Havieron, which was owned by Newmont and now Greatland Gold. “When you look at some of the data sets we're working with, the IP work over Yandan was conducted in 1987. “I mean the technology at that time was only taking the survey results down to 150m, whereas now we know that we can sort of look a lot deeper and look around that 400, 450 mark … it's more a function of just access to technology and understanding.” Related: GBM using geophysics review to build gold resource The company was hoping to lead a resurgence of interest in Queensland gold mining assets, Mr Krelle said. “There’s a lot of gold, there's a lot of geology that still needs to be done. Everyone looks at WA and forgets that Queensland exists. I mean Queensland has got some of the largest deposits in the world for certain resources. “But I also just think Queensland's very underexplored just in general. The Queensland Government's doing its bit to open up exploration within the state. They're obviously providing their CEI grants. “I think the market just needs to see some decent success stories coming out of Queensland to then capture its attention. So hopefully once we recapitalise the balance sheet at GBM, we can get the eyeballs back on the state.” The conference runs over today and tomorrow. Other Queensland junior miners presenting include Maronan Metals, Sunshine Metals and Iltani Resources.

GBM sees path to gold profits lit by science

Industry Queensland

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