Further research on GLM : Gulf Mines have projects which are actively being explored they include Wollogarang Copper , Ebagoola Gold , Nowa Nowa Iron Ore .
Ebagoola Project which is primarily focused on gold . The recent announcement is quite interesting and it details a structural and gelogical similarity to Kidston Mine located in Nth Qld . Recent drilling has confirmed the occurence of large halos of disseminated mineralisation around the central shear zone which is usually occupied by a massive quartz system . The halos are very extensive laterally away from the quartz which also presents a good indication that the structure hosts gold . Obviously further work and drilling is required to gauge the size and scale of any prospective deposit but the initial indications and structural similarity to Kidston deserves further attention . The Kidston mine is located in the same region and was operational up to the mid 90s and during that time was the largest gold producer in Aust averaging between 200 - 300,000oz pure gold per annum . Before it closed it produced more than 3.4Moz gold compared with the original faesability study estimate of 1.7Moz . Nearology is not an exact science although the preliminary indications from Ebagoola point towards an economic deposit but the scale and consistency of such a deposit requires further assesment and or drilling . So far 669m has been drilled and intersections to date are open in both directions and at depth where grade is expected to increase . Prospective estimates are a bit early at this stage as further work is requirered but I am sure Gulf will get around to this area once they finish their target objectives , They are only a relatively small outfit and cant be everywhere due to operational and staffing constraints but they are certainly forging ahead and the next few months of drilling should be interesting . So far they have completed approx 690m of drilling with 2400m left to complete this programme .
Gulf has 7M in cash and there are 148 M units in stock ?
GLM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
