GBM Resources is securing its Drummond Basin dominance with applications for nine new exploration licences covering 2515sq km of ground prospective for gold and silver.
It says its strategy is to consolidate a leading ground position within a ‘processing halo’ centred on the flagship Mount Coolon gold project, which has 330,000oz resource.
Granting of the new tenements would take its local foothold to 3766sq km of exploration and mining leases.
This would make it the largest tenement holder in the Drummond Basin, a premier gold province, the company said.
“GBM is focusing its current owner-led exploration efforts on its flagship Mount Coolon gold project in the highly mineralised Drummond Basin, Queensland,” managing director and chief executive officer Peter Rohner said.
“The company’s processing halo consolidation strategy has seen it obtain substantial new exploration licences via low cost open ground staking.
“This is the first step in a strategy to place GBM in a commanding strategic position within this highly prospective, underexplored epithermal gold terrain.”
GBM aims to build a 1 million-oz-plus resource base within a 70km radius of Mount Coolon that may be able to be fast-tracked to production.