GBM’s intersection of high-grade gold has underscored its belief that the Malmsbury joint venture project in Victoria is highly prospective for gold mineralisation.

Drilling at the Queens Birthday (MD20) and Leven Star (MD21) reefs returned results such as 3.1m at 9.27 grams per tonne (g/t) gold from 400.9m (MD20) and 8.1m at 5.79g/t gold from 131.9m and 6.2m at 3.92g/t gold from 144.6m (MD21).

Separately, step-out hole MD22 successfully intersected the gold-mineralised felsic intrusive 80m north of previous drilling with a 45m intercept at 0.23g/t gold from 134m.

GBM Resources (ASX:GBZ) has started an induced polarisation survey at Malmsbury to define sulphide rich granite-related targets and disseminated sulphide haloes around the high-grade gold reef targets along with collecting ground gravity and magnetic data to sharpen previously identified geophysical targets.

“Further positive results have been received from the completed drilling program. These along with earlier results continue to reinforce the company’s view that the Malmsbury project is highly prospective for epizonal orogenic gold mineralisation and for intrusive related gold mineralisation,” managing director Peter Rohner said.

He added the company was looking forward to completing the ground geophysical program and starting drilling with partner Novo resources.

Drill results

The results from MD21 successfully tested a developing high-grade shoot/splay zone on the Leven Star Reef within 30m of MD16 and support modelling of one or more mineralised splay structures along the Leven Star main lode, which was also apparent in MD16.

Hole MD20 was designed to test down-dip continuity and tenor of the Queens Birthday and O’Connor’s reefs and the gold intersection has indeed proved the continuity of the high-grade Queens Birthday reef at depth, where it remains open and untested since the early 1900’s.

The Queens Birthday, Egyptian and O’Connor’s mines produced 89,900oz of gold (avg. grade ~29 g/t gold) from within this strike length between 1883 and 1911 and together represent the Drummond North Goldfield.

GBM added that while MD22 successfully intercepted a strongly altered, quartz veined and sulphide bearing porphyritic intrusive, the intrusive remains open and untested at depth, giving further support for an intrusion hosted and/or IRG system at Malmsbury.

Diamond drilling planned for the first half of 2023 will test remaining high-priority targets at Malmsbury, in addition to developing high-grade ore shoot potential on the Leven Star Reef and key significant results from the recent diamond campaign.

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.