GBM Resources has sold its White Dam Gold-Copper Heap Leach Project to Olary Gold Mines.

The total consideration for the sale amounts to $3 million in cash and a 1.5% net smelter royalty capped at $2.5 million.

GBM Resources will retain ongoing management and technical support roles for a period post-sale. The company will also hold a security over White Dam's fixed plant until full payment is received.

"GBM's focus continues to be on the prospective Drummond Basin where large high-grade epithermal gold deposits exist and where it has expanded JORC resources to ~1.84 Moz of gold," said Peter Rohner, managing director and CEO of GBM.

The sale includes the acquisition by Olary of a 100% interest in Millstream Resources and its subsidiaries, which hold the White Dam assets.