ABM Resources NL (ASX:ABU) Releases Details On Barrow Creek Gold Targets
Perth, Mar 16, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to present results compiled and validated from its regional exploration portfolio and database for the Barrow Creek area in the Northern Territory including:
Kroda Gold Project - more than 14 kilometres of combined strike length of gold anomalism and four individual prospects with drill results including:
- 27m @ 6.42g/t gold (at 0.3g/t cut-off) ending in mineralisation including
-- 6m @ 25.90g/t gold (at 1.0g/t cut-off) ending in mineralisation
- 37m @ 2.75g/t (at 0.3g/t cut-off) ending in mineralisation including
-- 15m @ 5.85g/t gold (at 1.0g/t cut-off)
- 36m @ 1.49g/t gold (at 0.3g/t cut-off) including
-- 12m @ 3.79g/t gold (at 0.3g/t cut-off)
- 12m @ 4.46g/t gold (at 0.3g/t cut-off) including
-- 6m @ 8.45g/t gold (at 1.0g/t cut-off)
Managing Director, Darren Holden said, "We continue to uncover exciting drill-hole intercepts indicating potentially large and high grade gold systems in the Tanami / Arunta Regions in the Northern Territory. This week we unveil the potential of the Barrow Creek project area where Newmont previously conducted a considerable amount of regional work and identified several gold systems in this underexplored region. However, none of the systems have been drilled to define their extents with several holes ending in mineralisation. In particular, the Kroda Gold Project involves 4 individual anomalies with more than 14 kilometres of combined strike length and several near surface high grade intersections requiring follow up work. These results once again highlight that ABM Resources has secured one of the most under-developed portfolios in what we believe is the final frontier for major Australian gold discoveries. The quality of the regional portfolio, as evidenced in the releases ABM has made in the last 4 weeks on Twin Bonanza, Old Pirate, Hyperion and now Kroda is the beginnings of our commitment to build a world class gold company."
Barrow Creek Projects
The Barrow Creek Project area extends from the Stuart Highway just north of the townsite of Barrow Creek to the west for 180 kilometres. The area is 200 kilometres south of the regional mining centre of Tennant Creek in the Northern Territory. ABM is acquiring 85% of the project from Newmont Asia Pacific with the transaction scheduled to close on March 30th, 2010. The residual 15% is held by the Yuendumu Mining Company which is an unlisted public company with predominantly indigenous (Walpiri) shareholders. ABM has approached the Yuendumu Mining Company who have agreed, in principle, to sell their remaining 15% stake in the project for cash or a combination of cash and shares on pro-rata terms comparable to ABM's acquisition of this part of the project from Newmont Asia Pacific. This transaction with the Yuendumu Mining Company will be finalized following the completion of the acquisition from Newmont.
The Barrow Creek Project area consists of a regional westnorthwest - eastsoutheast striking gravity anomaly known as the Willowra Gravity Ridge. Most of the region consists of metamorphosed sedimentary rocks transected by regional mineralised structures. Prior to Newmont's exploration work the region was not thought to be particularly prospective. However, the identification of multiple large scale gold anomalies and several untested structural targets covering considerable extents have redefined the prospectivity of the area. ABM intends to conduct regional reconnaissance work in 2010 including drilling at the Kroda Gold Project.
Kroda Gold Project
The Kroda Gold Project is located 18 kilometres northwest of the Stuart Highway and has the Northern Territory gas pipeline transecting the prospects. The project consists of 4 individual prospects (Kroda 1 to 4) with a combined anomalous strike length of more than 14 kilometres. A total of 1829 shallow vacuum, RAB and percussion drill holes define the anomaly with an average depth per hole of 5 metres. A further 6 diamond and 113 Reverse Circulation (RC) drill holes have also been drilled across all 4 anomalies with an average depth of 59 metres and maximum depth of 114 metres.
Kroda 3 in particular consists of a 540 metre by 300 metre anomalous surface zone with 12 RC and 6 diamond holes (average depth 71 metres and maximum depth 114 metres). Drilling was widely spaced and intersected several high grade lodes. The zone remains open in all directions. Some of the best intersections ended in mineralisation and remain open at depth.
Waldron's Hill Project
The Waldron's Hill Project is located 56 kilometres north of Willowra at the western end of the Barrow Creek Project area. The project consists of a 950 metre by 600 metre gold anomaly defined by 70 holes with average depth of 80 metres and maximum depth of 150 metres with in a large gold soil (BLEG) anomaly covering an area of 1.1 by 4.5 kilometres. Rock chips at the surface grade up to 10.9g/t gold.
The area was mined for gold in the 1930s and a 60 metre costean (trench) and a shaft to 5 metres depth remain. Gold is hosted in a highly silicified shear-zone and the last drill campaign by Newmont used a drill rig not capable of penetrating the mineralised shear zone, which remains untested.
Harrisons Gold Project
The Harrisons Gold Project is located approximately 120 kilometres west northwest of the Stuart Highway and 50 kilometres north of Willowra. The project consists of a 2.6 kilometre by 500 metre gold anomaly defined by 95 holes with an average depth of 50 metres. The project is considered essentially as a regional anomaly and has not been substantially tested with systematic drilling through the regolith horizon.
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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