Australian resources company GBM Resources will further expand its Milo iron oxide copper gold and rare earth elements (IOCG-REE) deposit in the North West Mineral Province of Queensland, Australia following assay results confirming broad zones of mineralization.
Assay results of two scout holes MIL012 and 013 confirmed the northward extension of the system beyond the resource outline.
Drilling has recommenced aiming at extending the maiden inferred resource of 103 million tones at an average grade of 760ppm total rare earth elements and yttrium oxide (TREEYO), containing an estimated 83,500 tons of TREEYO.
Current Holes MIL014 and 15 testing the southern extension show strong sulphide mineralization and potential to extend the resource outline south.
Drilling will test both to the north and south sides of the current resource boundary.
MIL012 returned 25m at 1% copper equivalent including 9m at 2% copper equivalent with rare earth elements of 24m at 2457ppm and 18m at 1460ppm of TREEYO.
GBM Resources is also on track to complete a Milo scoping study by mid-year which will provide the basis to lead into the next development phase for Milo – the Pre-feasibility Study to be undertaken in the second half of this year.