GBM Resources (ASX:GBZ) buys Twin Hills project from Minjar Gold

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GBM Resources (ASX:GBZ) buys Twin Hills project from Minjar Gold

ASX, GNZ, acquisition, Twin Hills project
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Highlights

  • GBM Resources advises that the company has completed the Twin Hills Gold Project acquisition.
  • Twin Hills Resources is considered a high prospect for additional mineralisation discovery.

Queensland-based mineral exploration company, which focuses on gold and copper discovery, GBM Resources Limited (ASX:GBZ) announced that the company has completed the Twin Hills Gold Project acquisition.

Meanwhile, GBZ stock closed at AU$0.125, 4.2% higher, with a market capitalisation of AU$61.29 million.

Twin Hills Resources

Twin Hills Resources is considered a high prospect for additional mineralisation discovery. The analysis indicated that high-grade gold shoots at the deposits which might be open at depth.

Twin Hill Resource is the 309, and Lone Sister deposits are epithermal gold deposits with low sulphidation located in the Drummond Basin, Queensland. The Drummond Basin hosts significant gold deposits, and as per GBM, the location has potential for further discoveries.

GBM shared their interpretation of the deposits, stating that deposits have not been tested adequately and might commence drilling the project by the beginning of 2022, along with the re-estimation of the Mineral Resources.

About the acquisition

The total consideration value of the sale agreement stands at AU$5.53 per gold resource ounce, including AU$2.1 is the cash consideration and the financial assurance assumed in respect of the environmental authorities of AU$1.48 million.

The agreement also includes the royalty of 2.5% on the fine gold produced at the Twin Hills Project.

Peter Rohner, the CEO and managing director of GBM, commented on the development,

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