GBM ResourcesLtd.'s resource estimate at its Koala gold mine, part of theMount Coolonproject in Queensland, Australia, increased 135% to 1.4 million tonnes at an averagegrade of 2.6 g/t of gold for an estimated 118,700 ounces of gold.
The Koala deposit now has an identified gold endowment —past production and current resources — containing an estimated 378,000 ounceswith significant exploration upside.
The global gold resource at the Mount Coolon project has nowincreased to an estimated 320,000 ounces of gold, according to the July 8statement.
The company intends to advance a number of near-termproduction options and activities during the September quarter.
GBM is currently finalizing a scoping study on the mine toevaluate the viability of heap leaching gold extraction from the known oxideresources at the Eugeniadeposit, and investigating toll milling options for the Koala andGlen Eva gold resources.
The company also plans to complete infill drilling and aresource estimate on the Bimurra prospect, and continue the evaluation of theConway prospect, which contains multiple prospects and is considered to holdpotential for both bonanza epithermal vein style deposits and bulk tonnage lowgrade disseminated deposits.