GBM Resources is ready to kick off diamond drilling at the Mount Margaret copper-gold project, part of the company’s 45% owned Cloncurry Project Farm in/Joint Venture with Nippon Mining of Australia (NMA) – who’re fully funding exploration.

A ground-based electromagnetic (EM) geophysical survey in 2022 detected a strong and relatively deep conductor at the FC4 prospect, 7km north of the large Ernest Henry copper-gold mine (EHM).

Drilling is scheduled to commence this week with a single deep diamond drill hole to test for the presence of Eloise-type Iron Sulphide Copper Gold mineralisation (ISCG) within the same magnetic belt that hosts the EHM.

Assays expected in late June

“Following some recent geophysical work and resulting interpretation, it is good to finally be back drilling at our Mt Margaret Copper-Gold Project after a period of limited drilling activity,” GBM Resources (ASX:GBZ) MD and CEO Peter Rohner said.

The drill hole is designed to intersect the three-plate convergence zone on the central EM survey line near the upper plate edge between 300-400m below surface.

The total hole length is planned to 550m and drilling is scheduled to be completed in the next three weeks with final results expected in late June subject to laboratory turnaround.

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.