FINANCE AUDIO: ABM Resources NL (ASX:ABU) Managing Director Darren Holden Speaks About High Grade Gold Drill Results At Old Pirate, Twin Bonanza Project
Sydney, July 13, 2010 (ABN Newswire) - FINANCE AUDIO: ABM Resources NL (
ASX:ABU) Managing Director Darren Holden Speaks About High Grade Gold Drill Results At Old Pirate, Twin Bonanza Project.
Highlights from the Old Pirate Drilling
- Hole OPRC100001 returns:
35 metres @ 6.35g/t Gold (0.3g/t cut-off) from 22 metres including 17 metres @ 12.73g/t Gold (1.0g/t cut-off) or 8 metres @ 21.78g/t Gold (2.0g/t cut-off)
- Assays pending on 4 holes from Old Pirate.
ABM Resources Managing Director, Mr Darren Holden, said, "We are delighted with the results of the first hole at the Old Pirate Prospect on the Twin Bonanza Project. The presence of high-grade gold over appreciable widths in near-surface results in our very first hole on this prospect is very encouraging. This is the best ever drill intersection from this project and we are now beginning to understand the geometry of mineralisation and hope to advance this prospect to initial resource stage by the end of the year."
About Old Pirate and Hole OPRC100001
ABM Resources has devised a new targeting model for Old Pirate. The drill direction by previous explorers (east-west oriented shallow inclined holes) was not optimal to intersect gold bearing quartz veins which are now interpreted to be "Saddle Reefs" that plunge approximately 50 to 60 degrees to the south. This re-interpretation explains why some of the previous explorer's holes hit high grade mineralisation and others had modest results. As a result of these new interpretations, ABM has determined that the correct way to drill these quartz saddle reefs is with either vertical holes along the anticline axis or with holes angled from south to north (and not east - west as per previous explorers). ABM's first hole at Old Pirate, OPRC100001, was drilled vertically and intersected mineralised quartz veins from 22 metres to 57 metres down-hole.
Old Pirate is one of 7 target areas on the Twin Bonanza Project, which includes the Buccaneer Porphyry bulk tonnage target. Twin Bonanza is located in the Tanami region of the Northern Territory of Australia approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia border.
ABM has completed 5 initial holes at Old Pirate. In addition, the Company recently reported high grade rock chip results from Old Pirate South for up to 2163g/t gold. Overall the Old Pirate gold anomaly extends some 2 kilometres to the north of the main Old Pirate area, and 500 metres to the south of Old Pirate South prospect.
The Old Pirate Prospect is part of the Twin Bonanza Project area. The assay results from the remaining four holes at Old Pirate are expected in the coming weeks. The drill rig has now moved to the Buccaneer Porphyry Prospect and TB Hornfels Prospect where ABM Resources is completing an initial 10 holes before returning to the Old Pirate and the Old Pirate South Prospects. One hole has been completed at the TB Hornfels Prospect and one has been completed at the Buccaneer Porphyry Prospect with samples being despatched on both holes.
For the full press release, please refer to the following URL:
http://www.abnnewswire.net/press/en/63284/ABM_Resources_NL
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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