ABM Resources NL (ASX:ABU) Announces High Grade Results From A New Zone At Old Pirate: 5 metres @ 274g/t Gold
Perth, July 27, 2010 AEST (ABN Newswire) - ABM Resources NL ("ABM" or "The Company") is pleased to announce that further to the high grade drill results announced on July 12th, 2010, it has received the majority of the remaining assays from phase one of the drilling at the Old Pirate Prospect.
Highlight: Hole OPRC100005 returns
- 5 metres @ 274g/t (~8.8oz per tonne) Gold (1 g/t cut-off) from 61 metres including:
- 1 metre @ 1360g/t (~43.7oz per tonne) Gold from 62 metres.
OPRC100005
ABM Resources Managing Director, Mr Darren Holden, said "With such spectacular high grades and coarse visible gold we are very excited about the progress at Old Pirate. These results are from a new zone and we are only just beginning to understand this mineralised system as a whole. We look forward to returning the drill rig to this prospect very shortly for phase 2 of drilling, which will include both infill on the 400m zone outlined to date and extensional drilling along the trend of the zone / fold axis to the north and south. "
OPRC100005 intersected widespread quartz veins hosted in sandstone and siltstone layers. Visible gold was observed at 63 metres depth. Following the notification from the laboratory that there was considerable gold in the assay results ABM's geologists took a split of the remaining sample retained at site and observed gold grains up to 1/4 of a centimetre in a pan concentrate. Hole OPRC100005 is drilled approximately 160 metres north of Hole OPRC100001 reported on July 12th, 2010 with results of 35 metres grading 6.35g/t gold including 7 metres grading 21.78g/t gold.
OPRC100005 is drilled in an area that has not previously been tested with the closest previous hole being drilled on the same drill section but only drilled to a vertical depth of 40 metres. This new gold zone remains open in all directions.
In addition Hole OPRC100005 intersected several other deeper gold-mineralised quartz veins as noted in Table 1 (see link at the bottom). The deeper intersections are expected to project to shallower depths to the north of any previous drilling, increasing the likelihood that the gold-mineralised veins extend beneath younger cover (Old Pirate North).
Other Results
On July 12th, 2010 ABM Resources reported the results of Hole OPRC100001, which are repeated in Table 2 (see link at the bottom) below for completeness. Hole OPRC100004 also intersected several significant intervals of gold mineralisation. Results from OPRC100002 and OPRC100003 consist of wide low grade intervals. However, both OPRC100002 and OPRC100003 were drilled in the immediate vicinity of previous positive results including 6 metres grading 26.69g/t gold and 11 metres grading 12.46g/t gold respectively. The fact that ABM's assay results indicate lower grade may well be due to the coarse gold affect, and by no means sterilises this area from inclusion in a future potential resource or mining. Further checks and re-assaying are being conducted on some sections of the holes.
The Old Pirate Prospect is part of the Twin Bonanza Project area. Twin Bonanza consists of multiple targets and early stage discoveries including Old Pirate, Old Pirate South, TB Hornfels and the bulk tonnage Buccaneer Porphyry Zone. The drill rig has now moved to the Buccaneer Zone where ABM Resources is completing an initial 10 holes before returning to the Old Pirate and Old Pirate South Prospects.
For the complete ABM Resources announcement including figures and drill result tables, please refer to the following link:
ttp://www.abnnewswire.net/media/en/docs/63392-ASX-ABU-498830.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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