GOLD and copper explorer GBM Resources has announced two milestones for its Milo rare earth elements project in Mt Isa, North West Queensland.
A major upgrade of the total rare earth element and yttrium oxides (TREEYO) resource has been completed, and the production of a large concentration of TREEYO through heavy medium separation and metallurgical test work is underway.
The Milo project area has grown to more than 1km in length, with the inferred resource increasing to 187 million tonnes containing 113,000t of rare earth oxides.
The Milo resource is now 200m wide and contains elements that are considered to be in undersupply, including neodymium and dysprosium.
Recent drilling indicated significant results on its northern and southern limits, and confirmed that Milo is part of a much larger mineralised system.
According to a statement from GBM, “these results are significant milestones in unlocking Milo’s value”.
A scoping study of the project is progressing, with preliminary mine design, geotechnical and recovery parameters developed.
Ongoing work recently confirmed that heavy media separation has the capacity to upgrade the TREEYO and copper equivalent resources while wet, high-intensity magnetic
separation technology is able to upgrade TREEYO concentrations.
Additionally, the delineation of a maiden copper equivalent resource and a revised study are anticipated to be completed by the end of the September quarter, and will mark the beginning of the next development phase for Milo.
Geological mapping, sampling and geochemistry are being conducted alongside the scoping study to further develop the project.
GBM listed on the ASX in 2007, and is focussed on targeting large gold and copper-gold systems in Australia.
The company has other projects in Mount Isa and near Mount Morgan in Queensland, in addition to the Malmsbury and Willaura projects in Victoria.