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GBM Resources is moving further towards its goal of becoming a mid-tier Australian gold company with what it describes as the transformational acquisition of the Twin Hills project in North Queensland.

GBM has has signed a binding tenement sale agreement to acquire the project from a subsidiary of Pajingo mine owner Minjar Gold.

“This transformational transaction represents a significant step in the execution of our ‘processing halo’ strategy to build over two million ounces under ownership within the Drummond Basin, providing an entry into the development of a genuine mid-tier Australian gold company,” managing director and chief executive officer Peter Rohner said.

“We would like to thank the Minjar Australian team and their parent company, Jinan, in Shanghai for getting the deal done in such a timely and professional manner.

“We look forward to completing the transaction and commencing an aggressive initial extensional and infill drilling program at Twin Hills over the next year.”

The Twin Hills deal follows GBM’s acquisition of the Yandan gold project from Aeris Resources earlier this year.

The company will fork out about $2 million for Twin Hills, along with assuming the financial assurance in respect of the environmental authorities for the tenements (standing around $1.48 million).

Based around the 309 and Lone Sister deposits, Twin Hills has a mineral resource estimate of 6.9 million tonnes at 2.8g/t gold for 633,000 ounces of contained gold on granted mining leases.

GBM considers it highly prospective for the discovery of additional mineralisation, with preliminary analysis suggesting high grade gold shoots at 309 and Lone Sister may be open at depth.

Combined gold resources under GBM’s ownership in the Drummond Basin now total about 1.5Moz across the Yandan, Mt Coolon and Twin Hills assets.

All are located within 70km of GBM’s proposed Drummond Basin processing hub, centred on the Yandan mining leases – which include infrastructure such as, water storage dams, tailings facilities, airstrip, leach pads and grid power.

The Yandan project is located approximately 40km to the west of the township of Mount Coolon and 155km south-east of Charters Towers.

Completion of the Twin Hills acquisition is conditional upon obtaining indicative approval under the Mineral Resources Act 1989 to transfer the tenements to GBM and other third party consents.