GBM Resources (ASX:GBM) confirmed the continuation of the prospective Milled Matrix Breccia host horizon at least 700 meters south of the 309 mineral resource at the Stella prospect, expanding the exploration footprint at the Twin Hills project in Queensland, according to a Thursday filing with the Australian bourse.

The company intersected gold mineralization during step-out drilling, with assays returning 8 meters at 1.31 grams per tonne grade of gold from 126 meters, the filing said.

Further assays are expected to be released in the next two weeks, per the filing.

Shares fell 5% in midday trade Thursday.