ABM Resources NL (ASX:ABU) Completes Acquisition Of Assets From Newmont And Provides Details Of Intensive 2010 Field Program With Drill Priorities
Perth, Mar 31, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that is has completed the transaction with Newmont Asia Pacific ("Newmont") as reported on January 28th, 2010. The transaction with Newmont secures a further 4700 square kilometres of exploration licenses and confirms ABM as holding the largest ground position in the prospective and underexplored Tanami-Arunta with multiple "discovery stage" and advanced gold prospects.
The Company presents details of the drill schedule and field programs for 2010. Drilling is now scheduled to commence on April 12th, 2010.
In summary, the Company holds eight "discovery stage" prospects where drilling on more than one drill section revealed exceptional results with a considerable surface or regolith anomaly indicating potentially large gold targets.
2010 Drilling Priorities include:
2010 Priority Discovery Stage Projects
- Twin Bonanza Gold Project - Pending drilling to define extents or first resource
-- Buccaneer Porphyry Zone - 224,000 square metre target zone (1.6km by up to 400m wide) open in several directions with drill results including:
138m @ 0.82g/t gold ending in mineralisation and22m @ 4.2g/t gold
-- Old Pirate High Grade Gold Zone - 400 metre strike length of veins tested to 50 metre vertical depth within a 3 kilometre long gold anomaly with drill results including:
55m @ 3.58g/t gold ending in mineralisation including6m @ 26.69g/t gold
-- TB High Grade Zone - 500 metre of anomalous hornfels zone with drill results including:
7m @ 34.7g/t gold including1m @ 235g/t gold
- Kroda Gold Project - Pending drilling to define extents or first resource
-- Overall 14 kilometre combined strike length of anomalism. Kroda 3 Zone with drill results including:
27m @ 6.42g/t gold including6m @ 25.90g/t gold ending in mineralisation and37m @ 2.75g/t gold including15m @ 5.85g/t gold
- Hyperion Gold Project - Pending drilling to define extents or first resource
-- Hyperion Central 500 metre long by 100 metre depth zone with drill results including:
60m @ 2.57g/t gold including21m @ 4.57g/t gold ending in mineralisation.
- Hyperion South 120 metre strike length open with drill results including:
28m @ 5.07g/t gold including13m @ 10.41g/t gold
- Stafford Gold Zone - Pending drilling to define extents or first resource
-- Sabre Project 600 metre by 240 metre anomalous zone with drill results including:
43m @ 1.79g/t gold including26m @ 2.73g/t gold
- Falchion Project 400 metre by 270 metre anomalous zone with drill results including:
29m @ 2.32g/t gold including12m @ 3.76g/t gold
Other 2010 planned activities include testing Iron Oxide Copper-Gold targets at the Lake Mackay Project area, and other gold targets in the Reynolds Range and North Tanami areas.
Managing Director, Mr Darren Holden, stated "Over the past four months ABM has amassed the largest gold exploration land holding in the Tanami and Arunta Regions of the Northern Territory. The portfolio has a significant number of highly exciting targets and ABM is committed to aggressive exploration with non-stop drilling from April through to 2011. The Company has the capability to drill these multiple discoveries to define their extents and aims to become the pre-eminent gold discovery group in the junior sector of Australia."
The Company has enlisted the services of an Alice Springs based drilling company to supply a multi-purpose reverse circulation (RC) / diamond core rig. The drilling is now scheduled to start on April 12th, 2010. Projects are to be drilled sequentially based on technical priority combined with access and scheduling requirements. As the Company starts to understand the extents of each prospect a second or third drill rig may be added. The Projects are presented in Table 1 with approximate time-frames for drilling. All results noted in Table 1 have previously been reported by the Company and the reader is referred back to each previous announcement to provide context for each drill result.
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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