GBM has completed its sale of the Mayfield copper-gold project in Queensland to C29 Metals for $210,000 in cash and 1.56 million C29 shares.

It follows C29 exercising the option agreement from February and GBM executing a binding agreement to sell its non-core Mt Morgan gold-copper project to Smartset Services.

The sale is part of the GBM Resources (ASX:GBZ) focus on advancing its Drummond Basin epithermal gold assets, which has a current JORC resource of about 1.6Moz of gold.

Managing director Peter Rohner said the finalisation of the sale will allow the company to realise additional value for its shareholders.

“Taking some consideration in C29 Metals shares shows GBM’s support for the Mayfield Project and the prospectivity of the tenement, particularly following recent exploration success by Carnaby Resources to the north,” he added.

GBM is currently updating the resource geological model of the Twin Hills project in the Drummond Basin, and expects to update the 309 Deposit resource soon after recent drilling returned high-grade hits such as 49m @ 5.18g/t and 19m at 5.22g/t 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.