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GBM ups resource at Glen Eva gold deposit by 77%

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GBM ups resource at Glen Eva gold deposit by 77%

GBM Resources Ltd.'s resource at the Glen Eva gold deposit, part of the Mount Coolon project in Queensland, Australia, increased 77%, to 932,000 tonnes averaging 2.2 g/t gold containing an estimated 66,000 ounces.

At a 0.7 g/t gold cutoff, the estimate includes 700,000 tonnes grading 2.2 g/t gold for 48,800 contained ounces in the indicated category and 232,000 tonnes at 2.3 g/t gold for 17,200 ounces in the inferred category.

The increase was achieved through remodeling the Glen Eva deposit resource estimate to reflect open pit mining methods.

The total Mount Coolon project global gold resource has increased to contain an estimated 343,000 ounces of gold, according to a June 1 release.