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GBM Resources drilling to test extensions at Milo IOCG-Rare Earth Project

Last updated: 21:16 16 Nov 2011 EST, First published: 22:16 16 Nov 2011 EST

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GBM Resources (ASX: GBZ) has commenced a further series of drillholes aimed at confirming previously identified extensions at its Milo breccia hosted IOCG-Rare Earth Project.

Five drillholes and two drillhole extensions for 2,000 metres are planned to test the extensions to the Milo IOCG mineralised zone, which is part of GBM’s Brightlands Copper-Gold Project in North-West Queensland.

Mapping has confirmed at least a 400 metre continuation of the host zone to the north and drilling will initially focus on confirming extensions beyond 500 metres.

Following the recent discovery of broad zones of rare earth mineralisation and Yttrium mineralisation at Milo, all samples from the current program will be analysed for Copper, gold, silver, molybdenum, cobalt and Uranium, and a full suite of rare earth elements.

The recent drilling success at Milo has led to review of the initial exploration target at the project which currently stands at between 30-80 million tonnes of mineralised material averaging between 0.8% and 1.2% Copper equivalent for the Milo breccia hosted, polymetallic IOCG mineralisation.

On October 19 GBM reached a significant economic milestone for its Milo Prospect with the confirmation of good recoveries across all key metals contained within the IOCG Rare Earth deposit.

Flowsheet results include:

- Copper recoveries of 75% -80% with a saleable Copper concentrate grading 25%;
- Molybdenum recoveries up to 80% and Uranium levels achieved over 90%; and
- Gold /silver recoveries in the order of 75%-80% to concentrate and dore.

Continuing positive results from Milo will provide the basis for a Preliminary Feasibility Study for a proposed IOCG development. The study is currently planned to commence during 2012.

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