GBM Resources Hits Copper at Queensland Project, Partner Withdraws from Separate Farm-in Deal

MT Newswires Live

01/16

GBM Resources (ASX:GBZ) said the reverse circulation drilling program at the Mt. Margaret copper-gold project in Queensland intersected anomalous copper mineralization in a number of holes, according to a Wednesday Australian bourse filing.

The best intersection in the drilling program returned an intercept of 98 meters at 328 parts per million of copper and 247 ppm of nickel from 28 meters. It is considering a follow-up reverse circulation drilling program to test interpreted targets.

The firm also said that Nippon Mining of Australia, a wholly-owned unit of JX Advanced Metals, that it will withdraw from a farm-in agreement at the Cloncurry project.

It retains 100% ownership of the tenements previously covered by the agreement. It will move forward with the sale process of its Cloncurry assets in Queensland.

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Margaret copper-gold project in Queensland intersected anomalous copper mineralization in a number of holes, according to a Wednesday Australian bourse filing.</p><p>The best intersection in the drilling program returned an intercept of 98 meters at 328 parts per million of copper and 247 ppm of nickel from 28 meters. It is considering a follow-up reverse circulation drilling program to test interpreted targets.</p><p>The firm also said that Nippon Mining of Australia, a wholly-owned unit of JX Advanced Metals, that it will withdraw from a farm-in agreement at the Cloncurry project.</p><p>It retains 100% ownership of the tenements previously covered by the agreement. 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