ABM Resources NL (ASX:ABU) Purchases The Remaining 15% Of Barrow Creek Regional Project
Perth, July 26, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to announce that it has purchased the remaining 15% of the Barrow Creek / Lander River Joint Ventures, constituting the Barrow Creek Regional Project, from a private company - Yuendumu Mining Company NL - for an all cash consideration of A$225,000. The Company had previously purchased an 85% interest in the project from Newmont Asia Pacific.
The Barrow Creek Project extends from the Stuart Highway just north of the Barrow Creek town site to the west for 180 kilometres. The area is approximately 200 kilometres south of the regional mining centre of Tennant Creek in the Northern Territory.
The Barrow Creek Regional Project area consists of a regional westnorthwest - eastsoutheast striking gravity anomaly known as the Willowra Gravity Ridge. The Willowra Gravity Ridge is interpreted to be a major deep seated geological feature and a tectonic conduit for gold mineralisation. There are several extensive gold anomalies at surface on the Barrow Creek Project. The Barrow Creek Regional Project includes the Kroda Gold Project which is located 18 kilometres northwest of the Stuart Highway. The project consists of 4 individual prospects (Kroda 1 to 4) with a combined anomalous strike length of 14 kilometres. The Kroda 3 prospect is the most advanced of the 4 prospects and contains a surface anomaly of gold extending over an area of 540 metres by 300 metres. Historic drill results on the Kroda 3 Prospect (announced March 16th, 2010 ) include 27m @ 6.42g/t gold (0.3g/t cut-off) ending in mineralisation and including 6m @ 25.90g/t gold (1.0g/t cut-off) ending in mineralisation. Refer to press release dated March 16th, 2010 for further details.
For the complete ABM Resources NL announcement including Location Map, please click the following link:
http://www.abnnewswire.net/media/en/docs/63387-ASX-ABU-498740.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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