GBM Resources has intersected a broad interval of anomalous copper mineralization from the first drill hole completed on the Bungalien project farm in area, confirming a new IOCG system.

The hole returned mineralization over 200 metres averaging almost 0.1% copper and including 24 metres averaging 0.28% Cu, and may represent a halo style intersection.

Mr Peter Thompson MD of GBM Resources said that "This is a very promising start to the current drilling program at Bungalien and the farm-in partners now wish to accelerate exploration of this target during the current field season."

The Bungalien JV Project is located in North West Queensland and is one of four areas covered by a farm in agreement with Pan Pacific Copper Co and Mitsui & Co.

The areas include Talawanta Grassy Bore, Mount Margaret and Chumvale, which all lie in the Eastern Succession of the Mount Isa Region in North West Queensland.

An initial JV budget of AUD 2.75 million was approved earlier this year to explore the four project areas. A second hole is now in progress and data from a detailed gravity survey over the area is currently being processed.