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GBM Resources is continuing to build on its Drummond Basin gold strategy by snapping up the Yandan gold project in the same region as its flagship Mount Coolon asset.

At the same time it has announced completion of conditional placement to raise $5.4 million.

The company has recently highlighted its intention to build a 1 million-oz-plus resource base within a 70km radius of Mount Coolon that may be able to be fast-tracked to production.

The Yandan project boasts a mineral resource estimate of 8.56 million tonnes grading at 1.5 g/t gold for 401,000 ounces of gold, and includes established mine infrastructure such as power, dams and access to the Suttor River.

It is located about 40km west of the Mount Coolon gold project and 155km
south-east of Charters Towers, North Queensland.

GBM has signed a binding Heads of Agreement (HoA) to acquire the project through the purchase of all share capital in Straits Gold from Aeris Resources.

It will issue Aeris with shares to the value of $3 million, while Aeris will also subscribe for fully paid ordinary shares in GBM to the value of $1 million.

The Yandan acquisition, share issue and placement remains subject to shareholder approval at the company’s annual general meeting next month.

“This acquisition represents an important milestone in the company’s Drummond Basin ‘processing halo’ strategy and delivers a step change in the company’s resource base, with GBM now controlling JORC (2004,
2012) compliant mineral resources in excess of 700,000 ounces of gold at the Mount Coolon and Yandan projects, predominantly on registered mining leases with established mine infrastructure,” managing director and chief executive officer Peter Rohner said.

“We also welcome the support and investment by Aeris into GBM to advance this prospective asset, along with the strong support for our placement to advance our Mount Coolon gold project.”