Perth, Oct 15, 2008 AEST (ABN Newswire) - The Directors of ABM Resources NL (ASX:ABU) advise that its Farm in Heads of Agreement partner, Australian Gold Investments Limited (ASX: AGV) have made an announcement in relation to the granting of tenements at Broads Dam. ABM is pleased to advise that it has the right to earn an interest of up to 40% in tenement numbers P16/2386, P16/2387 and P16/2388.
The AGV announcement follows below.
Yours faithfully,
Jutta Zimmermann
13 October 2008
Broads Dam Tenements Granted
The Board of Australian Gold Investments Limited (ASX: AGV) is pleased to advise its shareholders that its Broads Dam Gold Project tenements have been granted.
The list is:
Broads Dam P16/ 2375
Broads Dam P16/ 2376
Broads Dam P16/ 2377
Broads Dam P16/ 2378
Broads Dam P16/ 2379
Broads Dam P16/ 2380
Broads Dam P16/ 2381
Broads Dam P16/ 2382
Broads Dam P16/ 2383
Broads Dam P16/ 2384
Broads Dam P16/ 2385
Broads Dam P16/ 2386
Broads Dam P16/ 2387
Broads Dam P16/ 2388
The Project covers approximately 3,000 hectares of the highly prospective Zuleika Shear Zone, located in the Eastern Goldfields Province of the Yilgarn Craton, Western Australia, approximately 40km north-west of Kalgoorlie.
As announced earlier this year, our Company successfully entered into a farm in heads of agreement (Farm-in HOA) with the ASX listed ABM Resources NL (ASX:ABU). The Farm-in HOA covers the exploration and development of 3 Prospecting Licences (PL's 16/2386 - 16/2388) which are all located within the Broads Dam project.
Under the Farm-in HOA, ABU has a right to earn up to a 40% joint venture interest in the 3 Prospecting Licences by spending up to $1.9 million in four stages.
In June 2008, our geologists undertook a field-based review of the Broads Dam tenements examining sites of previous drilling and costeaning, and to determine the current access status to all parts of the tenement package.
Geological assessment of previously mined gold deposits in the vicinity of our Company's tenements was also carried out to examine the dominant structural and lithological controls on gold mineralisation, to better inform future gold exploration strategies for our Company's previously identified and current gold targets.
As a result, future gold exploration of the Broads Dam tenements will focus on the following structural targets:
Jogs, kinks, bends or other off-set structural features along the Zuleika Shear Zone itself, particularly in areas where earlier-defined gold target anomalies are coincident with such structures.
Gold target anomalies which lie to the south of the main Zuleika Shear Zone and appear to be associated with north-south trending splay faults that may connect to the main shear zone.
Gold target anomalies and other structures are associated with a distinctive disrupted magnetic geophysical anomaly at the southern-most end of the Broads Dam tenement package.
The Board looks forward to maximising the potential of this exciting Project, especially as previously announced, a major gold company expressed to us its belief that the Broads Dam Project has the possibility of hosting a multimillion ounce world class deposit.
Executive Chairperson, Pnina Feldman
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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