EXPLORATION company GBM Resources' farm-in partners, Pan Pacific and Mitsui, have signalled their commitment to advance four projects in the mineral-rich Mount Isa region by announcing a $3.8 million exploration budget until March 2013.
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The projects covers 1,580 km of prospective multi-minerals ground in the eastern succession of the Mount Isa inlier.
The increased exploration budget for 2012 will support geophysical surveys and extensive drilling of over 10,000 metres on a range of targets over the Bungalien, Grassy/Talawanta, Mount Margaret, and Chumvale projects.
Exploration in 2011 uncovered buried iron oxide copper gold (IOCG) mineralisation at Bronzewing Bore, one of a number of targets identified in the Bungalien project area.
GBM intersected a broad interval of anomalous copper mineralisation from the first drill hole completed on the Bungalien project farm in area, confirming a new IOCG system.
The hole returned mineralisation over 200 metres averaging almost 0.1% copper, and including 24 metres averaging 0.28% copper, and may represent a halo style intersection.
Meanwhile, the Mt Margaret West tenement group includes a number of targets in close proximity to Xstrata's 200 million tonne (at 1% copper and 0.5 grams per tonne gold) Ernest Henry mine.
GBM's flagshjp project is the Milo project, part of the Brightlands project, south east of Cloncurry, where they have uncovered a large iron oxide copper gold ore (IOCG) and rare earth element system.
GBM is based in Perth, committed to targeting large copper-gold system assets in Australia, and has been listed on the ASX since 2008.
Their projects also include the Malmsbury gold project and Willaura copper-gold project in Victoria.
