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Highlights
- GBM Resources signs a $12M agreement to progress Twin Hills gold project
- Agreement with Wise Walkers includes $6M cash and additional exploration funding
- GBM Resources retains a 30% interest in the project up to the mining decision
GBM Resources Ltd (ASX:GBZ) has entered into a $12 million farm-in agreement with its major shareholder, Wise Walkers, to advance the Twin Hills gold project located in Queensland’s Drummond Basin. This strategic move is set to boost exploration and development efforts at the gold site, known for its promising mineral resources.
As part of the agreement, ASX mining stock GBM Resources (GBZ) will receive $6 million in cash from Wise Walkers. In addition, Wise Walkers will fund an additional $6 million for exploration activities over the next 18 months. These efforts are expected to further evaluate the potential of the Twin Hills gold deposit, giving Wise Walkers a 70% stake in the project. Despite this, GBM Resources will maintain a 30% interest in the project up until the final decision to begin mining operations.
The Twin Hills gold project boasts an impressive combined resource of 23.11 million tonnes at a grade of 1.3 grams per tonne (g/t) gold and 6.5 g/t silver. This equates to an estimated 999,200 ounces of gold and 4.8 million ounces of silver. The project is situated within the Drummond Basin, a region recognized for its large, high-grade epithermal gold deposits.
GBM Resources has been expanding its presence in the Drummond Basin, where the company holds a significant JORC resource of approximately 1.84 million ounces of gold. The recent agreement with Wise Walkers aligns with GBM's long-term strategy of advancing its assets while ensuring sustainable growth.
The Managing Director and CEO of GBM Resources, Peter Rohner, expressed his optimism about the deal, stating that it supports the company’s efforts to unlock value from its assets. He also highlighted the financial component of the agreement, which includes funds for the repayment of the company’s Convertible Note upon completion.
Rohner emphasized that the Drummond Basin continues to be a key focus area for GBM Resources, given its historical success with large, high-grade deposits. This latest development marks an important step toward realizing the full potential of the Twin Hills gold project.
In addition to the strategic partnership, GBM Resources (ASX:GBZ) has been trading at approximately 0.8 cents, reflecting ongoing interest in the company’s activities and future prospects in the gold sector.
