interesting read on gbz in herald sun, page-4

Joint projects to drill up well for GBM John Beveridge THE one thing you want from an exploration company is results - any results.
If they drill and find nothing, you can move on. But there is nothing more frustrating than an explorer that sits on promising ground for years without punching holes through it.

One company that won't die wondering is GBM Resources, which will this year spend up to $7 million, including contributions from joint venture partners, on exploration.

Those drills will be turning on ground near other major finds that have long been crying out for serious attention.

GBM's Milo target east of Mount Isa is by far the most advanced of about 50 on its Brightlands project in Queensland, though it has only drilled 10 holes so far.

Assays suggest a large breccia-hosted iron oxide copper gold deposit with broad intersections above 0.8 per cent copper equivalent.

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Further drilling will aim to find a higher grade "core" of the system and give exploration chief Neil Norris a handle on the size of the deposit, which is so far open at depth and along strike.

Unlike most junior explorers, GBM is also on the hunt for some large copper deposits under deep cover, thanks to a joint venture with some partners with very deep pockets, including Japanese giant Mitsui.

It will spend up to $15 million over six years drilling three very large Queensland targets that otherwise would have lain fallow.

Chief executive Peter Thompson points out big targets require big budgets and an early joint venture will greatly increase the chance of a serious discovery.

A separate joint venture is also checking out some shallow phosphate mineralisation.

Last but not least, GBM is doing some work on the central Victorian gold province of Malmsbury.

Victorian gold projects might be as out of fashion as a Nehru jacket but the GBM theory that the Drummond North goldfield and Belltopper Hill mines are part of a single gold system is worthy of some more work.

I have upgraded GBM Resources from a speculative buy to a buy, based on a good chance it could find a company-making deposit this year

http://www.heraldsun.com.au/business/in-the-black/joint-projects-to-drill-up-well-for-gbm/story-e6frfinf-1226006623856