Big upgrade likely for GBM’s 309 deposit as drilling hits more gold
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GBM’s goal of increased resources at the 309 Deposit at its Twin Hills project continues to gain momentum with drilling confirming the extension of gold mineralisation.
Assays from a further two holes have returned thick zones of mineralisation such as 78m grading 1.6 grams per tonne (g/t) gold from 87m, 18m at 2.25g/t gold from 218m and 62m at 1.65g/t gold from 246m in 309DD22011 (Hole 11) as well as 72m at 0.87g/t gold from 30m and 53m at 1.48g/t gold from 134m in 309DD22012 (Hole 12).
Importantly for GBM Resources (ASX:GBZ), the gold mineralisation from a depth of 254m (54m at 1.82g/t gold) is outside the current resource model that remains open down plunge.
This adds to other results from the 7,000m drill program such as 152.1m at 1.16g/t gold from 47.9m in hole 309DD22006, 186m at 1.77g/t gold from 47m in hole 309DD22007 and 162m at 2.65g/t gold in hole 309DD220011.
“Drilling at Twin Hills continues to discover additional gold mineralisation adjacent to the known resources,” managing director Peter Rohner says.
“It is clear that the known boundaries of the resource have not been adequately defined by previous explorers and that there is real potential for GBM to add significant ounces extending from the boundaries of the existing resource and to discover higher grade shoots within the system.”
GBM noted that while the top half of Hole 11 returned results comparable to surrounding drill holes and the estimated resource grade, the intersection of 18 m at 2.25g/t gold and 1.92g/t silver from 218m is significantly better than the adjacent hole TRCD739 that returned 16 m at 0.64g/t gold and 1.13g/t silver from 199m.
Mineralisation intersected in Hole 12 is also broadly as anticipated with the company interpreting that the interval of 9m at 2.58g/t gold and 11.97g/t silver from 54m as a hydrothermal eruption breccia likely genetically related to the sinter mapped on surface.
This suggests that known 309 Deposit mineralisation was emplaced at a shallow level and there is real potential for discovery of additional mineralisation at depth.
All good news for an upgrade to the current resource of about 501,000oz of gold.
This article was developed in collaboration with GBM Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.