GBM Resources Ltd (ASX:GBZ) has signed a $12 million agreement with significant shareholder Wise Walkers to advance the Twin Hills gold project in Queensland’s Drummond Basin.
According to the long form farm-in agreement signed between the two companies, GBM will receive $6 million in cash. Wise Walkers will sole fund further exploration at the play – to the tune of another $6M – over an 18-month period to earn a 70% interest in it.
GBM would continue to hold a 30% interest up to the decision to mine Twin Hills, which holds a combined resource of 23.11 million tonnes at 1.3 grams per tonne (g/t) gold and 6.5 g/t silver for 999,200 ounces of gold and 4,824,600 ounces of silver.
Managing Director and CEO Peter Rohner said the agreement reflected GBM’s desire to advance its assets while realising value for shareholders.
“GBM’s focus continues to be on the prospective Drummond Basin where large high grade epithermal gold deposits exist and where it has expanded JORC resources to ~ 1.84 Moz of gold,” he said.
“The sale component of this agreement provides the necessary funding to repay the Convertible Note when completed.”
GBM Resources has been trading at 0.8 cents.
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