Newmont’s Drilling Uncovers Broad Gold Anomalies at Mt Coolon JV

Exploration Progress at Mt Coolon

GBM Resources Limited (ASX: GBZ) has announced encouraging results from the first phase of Newmont Corporation’s exploration drilling at the Mt Coolon Gold Project in Queensland. As part of a farm-in joint venture, Newmont completed a 5,499-metre air core drilling program targeting multiple prospects, including Kamlands, Karamello, and Glen Robbins. The program successfully identified anomalous gold values exceeding 0.1 g/t Au, confirming the presence and extension of an epithermal gold system in this underexplored region.

The drilling focused on the Glen Eva-Eugenia and Koala Epithermal Corridors, areas with limited outcrop and complex geology. Despite wide drill spacing, lines over 2 kilometres apart and holes spaced 200 metres apart, the results demonstrated consistent gold mineralisation. Notably, assays ranged from 0.10 to 0.51 g/t Au, with the highest grades associated with chalcedonic vein fragments and hydrothermal breccias, reinforcing the prospectivity of these corridors.

Key Targets and Geological Insights

The Kamlands target yielded the highest gold intercepts, supported by a molybdenum-tungsten-bismuth anomaly indicative of intrusive-related hydrothermal alteration. At Karamello and Golden Bar, drill holes intersected gold values linked to interpreted structural zones, extending mineralisation near the historic Koala pit. Glen Robbins drilling confirmed the northwest continuation of the Glen Eva structure, with pathfinder elements such as arsenic, antimony, and tellurium highlighting the hydrothermal system’s footprint.

Complementing the drilling, a geological reconnaissance at the Conway prospect returned a standout rock chip sample assaying 4.56 g/t Au from multiphase epithermal quartz breccia, underscoring the broader district’s potential. These findings build on GBM’s substantial resource base in the Drummond Basin, which currently hosts approximately 1.84 million ounces of gold across Mt Coolon, Yandan, and Twin Hills projects.

Farm-In Milestones and Strategic Outlook

Under the farm-in agreement, Newmont has the right to earn up to a 75% interest in the Mt Coolon tenements by investing up to AUD 25 million over three stages. The recent drilling completes the minimum commitment phase, which required a spend of AUD 2 million and at least 3,000 metres of drilling within 24 months. Newmont is now in the Stage 1 Phase, aiming to acquire a 51% interest by spending an additional AUD 5 million and drilling a further 7,000 metres within 36 months.

GBM’s Managing Director, Peter Rohner, expressed optimism about the results, noting that the drilling exceeded expectations and confirmed the epithermal system’s footprint. The data collected, including multi-element geochemistry and geological logging, will refine targeting and support resource definition efforts moving forward.

Looking Ahead

Newmont’s 2025 exploration plan includes expanded drilling and geochemical sampling to further delineate mineralisation and advance the project towards potential resource upgrades. GBM’s broader strategy aims to leverage these results to transition into a mid-tier Australian gold producer, supported by its extensive tenure and joint ventures in premier gold provinces.