PERTH (miningweekly.com) – ASX-listed GBM Resources has updated the mineral resource estimate at its Mt Coolon gold project, in Western Australia, to include the Twin Hills gold deposits.
A new Joint Ore Reserves Committee-compliant mineral resource of 633 000 oz has been estimated for the two Twin Hill deposits, resulting in a 66% increase in the Mt Coolon gold resource, to 963 000 oz, at an average grade of 2.2 g/t gold.
GBM on Friday noted that the Mt Coolon project would be developed as a central processing hop with proposed co-development of Twin Hills to provide high-grade satellite feed.
A 2017 scoping study estimated that the project could produce some 155 000 oz of gold over a five-and-a-half-year mine life, at a preproduction capital cost of A$25.2-million.
The scoping study did not account for the Twin Hill mineral resource.