Sydney, Dec 5, 2007 AEST (ABN Newswire) - ABM Resources (ASX: ABU) announce a very significant and high grade intercept of 5 metres grading 10.6% Zn in drill hole ECD116 that has been received from the northern lens at the King prospect, Erayinia Project.
Results from drill hole ED116 show that Zn grades have increased with depth at King prospect
Drill hole ED120 is currently underway to test the southern strike extension of the high grade intersection in ECD116 in the northern lens.
A new DHTEM survey at King and other drill targets will commence this week to identify new conductors
Mr Imants Kins, Executive Chairman present the following audio webcast regarding "ABU - Erayinia Update - Mr Imants Kins, Executive Chairman".
Broadcast Title: ABU - Erayinia Update - Mr Imants Kins, Executive Chairman
Audio webcast Link:
http://abnnewswire.net/alnk/J9K84N40
Project Background
The Erayinia Project (70:30 JV with Great Gold Mines NL) is located approximately 150 km east south east of Kalgoorlie within an Archaean greenstone belt at the southeast margin of the Yilgarn Craton. Exploration carried out 14 years ago identified copper-zinc mineralisation in a possible Volcanic Massive Sulphide (VMS) environment. Focused exploration initiated by ABM Resources from 2005 onwards has confirmed the presence of a VMS zone (King prospect). A total of 25 drill targets have been identified within a 40 km long greenstone belt at Erayinia based on geophysical and geochemical anomalism. ABM is now intensifying its exploration drilling programs to determine the size and economic potential of its King prospect and determine if a cluster of VMS deposits occur within the broader project area.
King Prospect - Current Diamond drilling program
The diamond drilling program currently underway at King Prospect to test a series of strong DHTEM conductors identified during the September quarter has returned a very significant and high grade intersection of 5m grading 10.6% Zn in drill hole ECD116.
A total of 10 surface diamond and diamond tail holes have been completed for 3466 metres in the current program.
Assay results have now been received from six diamond holes completed during October and November. These are tabled as follows:
--------------------------------------------------------Hole ID North East Interval Width Zn Pb Cu Ag M M % % ppm ppm --------------------------------------------------------ECD088 6538490 484800 415.5-417.5 2 1.05 0.04 203 4ED112 6538590 484915 562.9-564.9 2 1.1 0.1 426 7ED113 6538340 484880 519-526 7 0.72 0.1 152 6 519-520 1 17.4 61 2ED114 6538640 484465 232-237 5 4.6 0.39 341 52ED115 6538590 484465 248-253 5 1.5 0.16 1665 13ED116 6538640 484795 425.5-431.5 5 10.6 0.56 242 35--------------------------------------------------------
Drill hole ED116 on section 6538640 N was designed to test the depth extension of the northern VMS lens and has achieved that objective with an intersection of 5m @ 10.6% Zn. Drill holeED114 with 5m @ 4.6 % Zn was drilled to infill on section 6538640 N and test the up-dip extension of mineralisation in previously drilled hole ECD056.
The diamond drilling program is continuing to test the strike continuity of the high grade intersection in ED116 with the northern lens. Results from drill hole ED116 show that Zn grades have increased with depth at King prospect
Drill hole ED113 has returned an intersection of 1m grading 17.4% Zn within a broader zone of 7m @ 0.72% Zn possibly indicating that the southern lens is forming a higher grade core.
A mineral assemblage consisting of pyrite, pyrrhotite, magnetite and sphalerite has been intersected in all drill holes. Recent exploration has shown the mineralised zone to comprise two parts, on-line, with a barren section of about 150m in between. The zinc bearing sulphide mineralisation within both the northern and southern lenses has been extended down-plunge to a depth of 450 metres (see attached King Prospect Long Section).
A new program of diamond drilling is expected to commence in February 2008 when a diamond drilling rig is available.
Other targets E2 to E25
RC and diamond drilling to date at King has provided a better understanding of the VMS system at Erayinia. As a result, an RC drilling program and new DHTEM survey will be completed to include a number of the other 24 "thumbprint" magnetic anomalies/targets within the 40 km long Erayinia Archean greenstone belt. A new DHTEM survey will commence this week to identify new conductors. These new targets have the potential to host further VMS deposits at Erayinia.
A 4,000 metre RC drilling program is scheduled to commence in January 2008 to complete the following:
- Follow up drilling to test the strike extension of the VMS base metal mineralisation outlined at the E2 prospect.
- First pass testing of the large number of "thumbprint" magnetic anomalies.
The primary exploration focus is the substantial region-scale Volcanic Massive Sulphide (VMS) base metal JV project at Erayinia located in Western Australia. ABM Resources also holds interests in a recently acquired JV gold project in Mozambique and another three base metal projects, Gascoyne, Earaheedy and Harbutt Range in Western Australia.
ABM Resources entered into a formal Cooperative Agreement with AYR Infrastructure in May 2007 and earlier an MOU with its related company Ayr Resources Africa with the objective of securing high quality gold and other mineral projects in selected countries in Africa with a view to outlining significant mineral deposits. A due diligence process is also underway in Zambia regarding prospects for copper and associated minerals. Ayr Infrastructure Development (AID) is a global consulting and development organisation developing sustainable infrastructure in the emerging markets around the world.
About ABM Resources NL
ABM Resources (ASX:ABU) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
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