ABM Resources(ASX:ABU) More Than Doubles The Vertical Extent Of Gold Mineralisation At Twin Bonanza Project
Perth, Aug 19, 2010 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to announce that it has received and compiled the gold results of the first five deep RC drill holes at the Buccaneer Porphyry Prospect located on the Company's Twin Bonanza Project in the Northern Territory of Australia.
- Mineralisation confirmed from near surface to depths of >350 metres.
Hole BCRC100010:
- 271 metres grading 0.54g/t gold (0.1g/t Au cut off) including
- 153 metres grading 0.85g/t gold (0.3g/t Au cut off) including
- 80 metres grading 1.17g/t gold (0.7g/t cut-off) including
- 47 metres grading 1.71g/t gold (1.0g/t cut-off).
Hole BCRC100008:
- 297 metres grading 0.45g/t gold (0.1g/t Au cut off) including
- 123 metres grading 1.04g/t gold (0.3g/t Au cut off) including
- 48 metres grading 1.28g/t gold (0.7g/t cut-off) including
- 15 metres grading 2.92g/t gold (1.0g/t cut-off).
Darren Holden, Managing Director of ABM said, "These are very positive results from our first phase at Buccaneer. On this prospect we are targeting wide intercepts on the order of 0.5g/t to 1.5g/t gold to build a bulk tonnage resource analogous to global Tier One projects such as Kinross Gold's highly profitable Fort Knox Gold Mine (~6Moz @ 0.5g/t Au) in Alaska. The first phase results from Buccaneer have more than doubled the previously drilled vertical extents of the system and our continued analysis of these results and previous explorer's work has extended the system considerably."
Phase 1 at the 100% ABM owned Buccaneer Porphyry Prospect has involved drilling of 9 deep holes (~300 to 400 metres) to test the extents and grade continuity of the central part of the Buccaneer Porphyry Prospect. Results have been received for the first five holes where all holes intersected wide zones of mineralisation of typical bulk tonnage grades. Assays are pending on the remaining 4 holes and will be released once received and compiled. The main outcomes from the first five holes (BCRC100007 to 100011) reported here are as follows:
- They confirm that Buccaneer is a large mineralised system, extending to 300 to 350 metres depth on all of the sections drilled to date by ABM and illustrated in this release.
- ABM's strategy of drilling substantially deeper than previous explorers has been validated by the discovery of wide (10 - 50 metre), higher grade intersections within a broad mineralised envelope below the depth of any previous drilling.
- It is also clear, however, that the controls on the distribution and size of the higher grade sections throughout the mineralised system are complex, and that understanding those controls is the key to unlocking value. We plan to return to Buccaneer for a second phase of drilling in the coming months, following analysis and interpretation of the chemical, mineralogical and structural signature of the higher grade sections.
The Buccaneer Porphyry is a porphyrytic monzonite intrusion (an alkali intrusive rock commonly associated with bulk-tonnage intrusive related gold deposits around the world) that has been mapped using multi-element geochemistry over an area approximately 3 kilometres by 1.5 kilometres. Previous work has focused on the southern portion covering an area approximately 1 kilometre by 500 metres and representing approximately 15% of the anomalous intrusion. Previous explorers drilled the southern portion with holes intersecting mineralisation to approximately 100 metres vertical depth and generally ending in mineralisation and ABM has initially targeted the same area to confirm mineralisation and to extend the system at depth. Holes BCRC100007 to BCRC100010 also revealed widespread copper grades on the order of 0.03% to 0.15% and silver grades from 0.5 to 6g/t. Hole BCRC100011 is pending multi-element assay.
The Buccaneer Porphyry Prospect is a companion project to the near-by Old Pirate High Grade Prospect where the Company recently reported results including 5 metres grading 274g/t gold and 35 metres grading 6.35g/t gold.
Hole BCRC100010
Hole BCRC100010 remained in porphyry for its entire 384 metre length (Figure 3). As well as broad scale low-grade mineralisation, the hole hit several zones of higher grade including new zones not identified by previous drilling.
Holes BCRC100007 and BCCRC100008
Holes BCRC100007 and BCRC100008 were drilled on the same section but with opposite azimuth and inclinations. Both holes intersected widespread mineralisation from the near surface to drilled depths of 308 metres. Similarly to hole BCRC100010, holes BCRC100007 and BCRC100008 intersected several higher grades zones at depths beneath the previous drilling.
Hole BCRC100009
Hole BCRC100009 also remained in the porphyry for its entire length and ended in mineralisation at a depth of 399 metres.
Hole BCRC100011
Hole BCRC100011 was collared in sediments to drill back into the porphyry, and the geological contact was intersected at approximately 100 metres down the hole (Figure 6). Mineralisation was identified in both the porphyry rock and the surrounding sedimentary country rock. Chalcopyrite (copper-sulphide) was observed in the rock and the multi-element (including copper) assays are still pending for this hole.
Holes BCRC100012 - BCRC100016
Holes BCRC100012 to BCRC100016, all drilled within the southern Buccaneer Porphyry Prospect, are pending assay. Hole BCRC100014 was terminated at a depth of 22 metres due to drilling problems. Hole BCRC100016 was drilled as a supplemental hole as a back up to hole BCRC100014. ABM expects to receive these assays and release the results from the remaining holes within next two to three weeks.
About the Twin Bonanza Project
The Buccaneer Porphyry Prospect is just one of seven targets which make up the Twin Bonanza Project. Twin Bonanza is located approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia - Northern Territory border. The Project spans the highly prospective "Trans Tanami Structure" - an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont's multi-million ounce Callie Gold Mine. The Twin Bonanza Project has overall gold anomalism spanning an area approximately 100 square kilometres. ABM is focusing its effort at Twin Bonanza on the Old Pirate Prospect - a 3 kilometre anomaly with multiple high-grade gold zones in quartz veins hosted in sedimentary rocks - and the Buccaneer Porphyry Prospect noted in this release.
For the complete ABM Resources announcement including tables and figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/63552-ASX-ABU-502132.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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