Perth, June 10, 2008 AEST (ABN Newswire) - ABM Resources NL (ASX:ABU) is very pleased to announce that a very significant and high grade intercept of 4 metres grading 11.5% in drill hole ECD132 has been received from its recently completed three hole diamond drilling program at the King Prospect. Individual one metre intercepts ranged in grade from 8.9% Zn to 15% Zn.
Key Points:
- Significant intercept of 4m @ 11.5% Zn from Northern Lens at King Prospect, Erayinia Project follows up previously announced hole ED116 of 5m @ 10.6% Zn
- This hole indicates the high-grade zone of the Northern Lens may be much larger than previously interpreted
- Massive sulphide mineralization also intersected in the other two holes in the recently completed diamond drilling program with assay results awaited.
The diamond drilling was aimed at testing the new highly Conductive Body below the previously reported high-grade intersection of 5 metres grading 10.6% Zn in drill hole ED116 identified by the second DHTEM survey in December 2007. The drilling program also tested the northern limit of the Zn mineralization in the Northern Lens.
The high-grade intercept associated with the sphalerite rich massive sulphide in drill hole ECD132 at the northern limit of Northern Lens at King shows that the Northern Lens may be much larger in size than previously interpreted (see attached long section). The drilling program has also extended the massive sulphide zone below and to the north of ED116.
The massive sulphide zone mineral assemblage visibly comprises of sphalerite -pyrite/phyrrhotite-magnetite-galena. On either side of the massive sulphide zone there are 1-2 metres of "disseminated" sulphides including sphalerite and (rare) galena. The host rock appears to be tuffaceous (banded chloritic-sericitic-siliceous schist) but adjacent to the massive sulphides chlorite is dominant.
A new program of diamond drilling to further outline the extent of the high grade lens at the King Prospect is expected to commence in the early part of the September Quarter 2008.
Project Background
The Erayinia Project (70:30 JV with Hawthorn Resources 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 the broader project area.
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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