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Yes that will run GMod, but you shouldn't expect much. I think you'll manage 1024x768 with most settings on low for any decent amount of FPS.
It will also depend on number of players in the servers you play on etc - for sandbox FPS isn't as important but if you play in large servers in RP or TTT etc with 40+ players then I can see your FPS taking a dive. For reference you have a graphics chipset similar to here: This website shows FPS for CS:GO on the same engine (not sure if the exact same build but it's the closest thing there), so you can expect FPS in that region.