GBM Resources continues to prove up the potential of its Milo breccia hosted IOCG Rare Earth Project in northwest Queensland, with recent drilling confirming that the zone of sulphide mineralization at Milo now extends at least 380 meters beyond previous drilling.
One of the three diamond core holes drilled during December intersected a 124 meters interval at 0.5% copper equivalent from 82 meters including 21 meters at 1% copper equivalent.
Drilling has now confirmed that the mineralized zone continues strongly and with significant widths at least 80 meters beyond the previously defined, northernmost extent of copper mineralization in the central Milo Prospect area.
Initial indications from the second and third drill holes are that they have also intersected zones of mineralization, suggesting that the mineralization may extend for a further 300 meters along strike to the north of the first drill hole.
Adding to the potential of the Milo project, the first drill hole also encountered several zones of rare earth and yttrium enrichment, including 27 meters and 13 meter zone at 0.1% total rare earth elements and yttrium oxide.
Drilling has focused on confirming extensions of the known zone of breccia hosted IOCG style mineralization beyond the 500 meters tested by drilling to date.
Geological mapping confirmed continuation of the host calc silicate gossan and breccia zone over an additional 400 meters along strike to the north of previous drilling with malachite staining observed in outcrop at a number of locations being the target of the current drill testing.
The initial exploration target for Milo of 30 million tonne 80 million tonnes at between 0.8% and 1.2% copper equivalent is under review following the discovery of value-adding rare earth elements and yttrium mineralization. The Milo prospect is located near Cloncurry in far north Queensland where exploration and mining activity is heating up.
Late last year the company uncovered a broad zone of rare earth element mineralization which was found to extend through the entire project area. Importantly, the Milo Project is proving itself to be a large tonnage, iron oxide copper gold discovery.
(Sourced from www.proactiveinvestors.com.au)
