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GBM Resources (ASX:GBZ) - Managing Director, Peter Rohner (left)
Managing Director, Peter Rohner (left)
Source: GBZ
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  • Step out drilling at GBM Resources’ (GBZ) Glen Eva deposit has extended the known gold zone over a 1 kilometre strike which remains open at depth
  • Glen Eva is part of GBZ’s wider Mt Coolon Gold Project in North Queensland, with 13 drill holes completed and two more planned to test the Glen Eva Eastern Siliceous Trend
  • Assays from five completed holes returned 14.6 metres at 1.15 grams per tonne gold, suggesting mineralisation in the Glen Eva vein may occur at further depth
  • GBM Resources is planning to return to Glen Eva next year to test the mineralisation to the south-east of the current resource at the deposit
  • Company shares are down 3.85 per cent at 12.5 cents per share

Step out drilling at GBM Resources’ (GBZ) Glen Eva deposit has extended the known gold zone over a 1 kilometre strike.

Glen Eva forms part of GBZ’s wider Mt Coolon Gold Project near Mackay in North Queensland, with 13 drill holes completed to date and two more planned.

Already the step out drilling has intersected broad zones of multi-phase epithermal veining and vein breccias of between 3.5 metres to 57 metres down hole.

The zone of veining within Glen Eva now extends over a vertical extent of over 350 metres, remaining open to depth.

Assays from five of the 13 completed holes returned best results of 14.6 metres at 1.15 grams per tonne gold.

GBM Resources said the result suggests the mineralisation in the Glen Eva vein may occur at further depth.

Managing Director and CEO Peter Rohner said while there was more work to be done at Glen Eva, he was pleased with the results to date.

“The drill results to date demonstrate that we are exploring a large, zoned gold and potential base metal bearing mineral system at the Glen Eva Eastern Siliceous trend that has the scale to potentially host significant gold-silver mineralisation,” Mr Rohner said.

GBZ is planning to carry out more drilling at Glen Eva in 2022 to further explore the newly extended mineralisation to the south-east of the current resource.

“We look forward to reporting the remaining drill results over the next two months and have commenced integrated analysis of historic and recent drilling results to prioritise drill targets for the planned 2022 program,” Mr Rohner added.

Company shares were trading down 3.85 per cent at 12.5 cents per share at 11:45 am AEDT.

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