GBM Resources Intersects Further High-Grade Mineralization Beyond Current Mineral Resource Estimate at Queensland Project; Shares Down 5%

MT Newswires Live11:26

GBM Resources (ASX:GBM) intersected further high-grade mineralization beyond the current mineral resource estimate at the 309 and Lone Sister prospects within its Twin Hills project in Queensland, according to a Monday filing with the Australian bourse.

Drilling returned 18 meters at 12 grams per tonne (g/t) grade of gold from 247 meters, including 2 meters at nearly 105 g/t grade of gold from 247 meters, 5 meters at 6.66 g/t grade of gold from 189 meters, including 2 meters at 16 g/t grade of gold from 189 meters, and 37 meters at 2.4 g/t grade of gold from 285 meters, including 4 meters at 7.77 g/t grade of gold from 314 meters, the filing said.

Further results will be incorporated into the geological and mineralization models ahead of the mineral resource update planned for the project, per the filing.

Shares fell nearly 5% in afternoon trade Monday.

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