GBM Resources has uncovered a broad zone of rare earth element mineralization at its Milo breccia hosted IOCG Rare Earth Project which is dominated by lanthanum, neodymium, cerium and yttrium and extends through the project area.

Significant intersections returned from the analysis of 3,696 samples included:
1. 45 meters at 1014 parts per million total rare earth element and yttrium oxide including 11 meters at 1479 parts per million;
2. 13 meters at 2839 parts per million TREEYO;
3. 26 meters at 2212 parts per million TREEYO and
4. 49 meters at 2044 parts per million TREEYO, including 25 meters at 3471 parts per million.

A review of the latest data also confirms that the mineralization is dominated in abundance by cerium, lanthanum, neodynium and yttrium which comprise 86% by weight of the total rare earth elements found. The Milo rare earth elements and yttrium make up contains 14% heavy rare earth elements and yttrium including dyprosium and europium. Milo is emerging as a large tonnage poly-metallic deposit with significant contributions to its economics derived from the copper, silver, gold, molybdenum and uranium.

GBM previously estimated an initial exploration target of between 30 million tonnes and 80 million tonnes at 0.8% to 1.2% copper equivalent. The company is reviewing this as a result of the discovery of rare earth elements and yttrium mineralization at Milo.

Mr Peter Thompson executive chairman of GBM Resources said that the confirmation that Rare Earth Elements were widespread at Milo was another important step in the project’s potential commercialization. These latest results confirm our confidence to undertake a Scoping Study in the H1 of next year with the key aims of completing a resource and doing the metallurgical testwork on the rare earth elements. A positive outcome from the Scoping Study will take us into the next development phase of commencing a Prefeasibility Study on Milo by the middle of 2012.”

(Sourced from www.proactiveinvestors.com.au)