ABM Resources NL (ASX:ABU) Visible Gold At Surface At Old Pirate South Prospect Confirming Assays Up To 2163g/t Gold
Perth, July 7, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that field reconnaissance has revealed visible gold in outcropping quartz veins at the Old Pirate South Prospect. In addition, a review of results from this area has confirmed the presence of high grade gold.
About the Old Pirate South Prospect at Twin Bonanza
The 100% owned Twin Bonanza Project (including Old Pirate South) is the leading project for ABM Resources. The project is located 14 kilometres east of the Northern Territory / Western Australia border and 22 kilometres south of the Tanami Road. Twin Bonanza has at least seven targets and three early stage discoveries within a 10 kilometre by 10 kilometre area. Targets range from the large scale Buccaneer Porphyry to several high grade zones including Old Pirate, Old Pirate South and the TB Hornfels Targets. Several other surface or shallow gold anomalies remain to be tested by drilling.
The Old Pirate South Prospect is located approximately 120 metres south of the main Old Pirate Prospect. The prospect has received preliminary reconnaissance work by previous explorers including Newmont Asia Pacific. ABM Resources geologists, including the Managing Director, recently conducted a first pass review of the area. Several quartz veins, up to 2 metres wide, can be seen outcropping at surface. Three samples collected by ABM Resources revealed visible gold in hand-specimens two of which will be submitted for assaying. Following the field observations, a review of previous work revealed that high grade samples had been collected over an area approximately 30 metres by 40 metres. The quartz veins exist as saddle reefs with the high grade anticline hinge zones plunging south at an inferred 50 to 60 degree angle. Previous shallow east-west oriented drilling intersected high grade gold up to 31.2g/t over 2 metres, however, the orientation of the holes resulted in the principal quartz veins noted at surface not being adequately tested. ABM is mapping the geology of the area and Old Pirate South is being prioritised for drilling with holes to be angled north to intersect the multiple lodes.
ABM Resources has now completed the first five holes at the main Old Pirate Prospect. All holes were drilled to a depth of at least 300 metres with the deepest hole being 409 metres. Samples are being submitted to the laboratory for processing. One hole has been completed at the TB Hornfels target and the drill rig has now moved to test the nearby Buccaneer Porphyry Target. Reconnaissance work at Old Pirate South is continuing and the Company intends to prioritise drilling in this area over the coming weeks.
Update from the Stafford Gold Zone Project
The Stafford Gold Zone Project is a completely separate project to Twin Bonanza and is located 400 kilometres to the south east of Twin Bonanza and 190 kilometres north-northwest of Alice Springs. ABM Resources has now received assay results for seven out of the eight holes recently completed at the Stafford Gold Zone. The first hole (previously reported) returned 35 metres grading 2.02g/t gold including 2 metres grading 18.15g/t gold in near surface oxide material. The remaining holes were drilled from outside the known oxide gold zones at an angle to target fresh rock extensions beneath the oxide zone (below 60 metres) and returned wide low-grade anomalous results in the order of 0.05 to 0.1g/t gold (10 to 50 parts per billion). A small amount of fine visible gold was logged in the core and one drill sample from beneath the oxide zone in a quartz vein returned 7.07g/t gold over 1 metre. Oxide gold zones in the top 60 metres remain open in several directions.
For the complete ABM Resources announcement including tables and figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63245-ASX-ABU-496805.pdf
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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