GBM Resources (ASX:GBZ) has taken advantage of opportunities arising in the resources sector, acquiring Rio Tinto's (ASX:RIO) advanced exploration copper - molybdenum project near the Mount Morgan mine in Central Queensland.
Historic drilling at Moonmera single tenement saw some interesting intersections reported above 3% copper grade and 300 ppm molybdenum.
Recent Rio modelling of the high-quality magnetic data has produced a largely untested anomaly wholly concealed beneath the Jurassic cap that obscures the western half of the prospect.
Which becomes even more interesting as the company’s Mount Morgan Project tenements surround the Mt Morgan gold and copper deposit. This produced in excess of 8 million ounces of gold and 400,000 tonnes of copper.
Recent work by GBM with renowned porphyry consultant Greg Corbett of CMC Consulting, led to the re-classification of Mt Morgan as a porphyry-related deep epithermal style deposit.
Moonmera falls within a north-north-west-trending structural corridor of known porphyry copper-gold-molybdenum occurrences.
The Moonmera tenement was acquired from Rio for the equivalent of A$35,000 in GBM shares and a royalty on any minerals produced from the project. Rio has a buy back option in the event of a large commercial discovery.
The potential for discovery of significant higher-grade zones of copper and molybdenum is attractive given the large 2x2.5 km landholding and previous results.
GBM will undertake an IP survey using modern techniques and high-power transmitters to find high-grade mineralised zones within the greater magnetic anomaly. Then drilling would follow and the tenement will become part of GBM's Mount Morgan porphyry copper-gold project.
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