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GBM's Mount Coolon gold resource swells 66% after adding Twin Hills deposits

GBM Resources Ltd.'s resource estimate for its Mount Coolon gold project in Queensland, Australia, increased 66% to 963,000 ounces after the inclusion of the JORC 2012-compliant resource estimates for the Twin Hills gold deposits.

The resource is contained in 13.6 million tonnes of ore at 2.2 g/t gold, and includes the estimate for the Twin Hills deposits totaling 6.9 million tonnes at 2.8 g/t gold containing 633,000 ounces.

The Mount Coolon deposits, including Koala, Glen Eva and Eugenia, plus the Twin Hills deposits, which includes 309 and Lone Sister, have significant exploration upside, GBM said Jan. 18.

GBM signed a binding agreement in late September 2018 for the acquisition of the Twin Hills project from Minjar Gold Pty Ltd, and has until Feb. 28 to satisfy the deal conditions.