GBM Resources (ASX:GBZ) said assay results from two of three drill holes from the first drilling program at the Lone Sister deposit, within the Twin Hills gold project in Queensland, extended gold mineralization, according to a Wednesday Australian bourse filing.
The drilling intersected broad, high-grade mineralization outside of the existing mineral resource estimate, including 52 meters at 2.77 grams per tonne grade of gold from 299 meters, as well as 14 meters at 1.19 g/t grade of gold from 60 meters.
The results will inform an updated mineralization model.
Its shares fell 9% in recent trading on Wednesday.
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