ABM Resources NL (ASX:ABU) Step Out Drilling At Buccaneer Porphyry Gold Prospect Delivers Excellent Intercepts
Perth, Oct 18, 2010 AEST (ABN Newswire) - ABM Resources NL ("ABM" or "The Company") is pleased to announce that it has received and compiled the first six holes out of eleven holes from Phase 2 at the Buccaneer Porphyry Gold Prospect. All holes intersected mineralisation with the highlights noted below.
Hole BCRC100017 returns
- 244 metres grading 0.80g/t gold (0.1g/t cut-off) from 9 metres including:
117 metres grading 1.35g/t gold (0.3g/t cut-off) from 57metres.
Hole BCRC100022 intersects new higher grade zone at depth with
- 341 metres grading 0.69g/t gold (0.1g/t cut-off) from 10 metres including:
93 metres grading 0.70g/t gold (0.3g/t cut-off) from 41 metres and
127 metres grading 1.18g/t gold (0.3g/t cut-off) from 222 metres including:
67metres grading 2.07g/t gold (0.7g/t cut-off) from 279 metres.
Other News - Graeme Sloan agrees to join the board of ABM Resources NL.
Darren Holden, Managing Director of ABM Resources said, "Once again the Buccaneer Porphyry has delivered some fantastic results extending our known mineralised zones. We are particularly excited about the new higher grade zone discovered at depth in Hole 22."
Phase 2 at Buccaneer Gold Porphyry Prospect
Phase 2 at the 100% ABM owned Buccaneer Gold Porphyry Prospect involves drilling 11 holes. ABM has currently completed and compiled the assay results for the first six holes. The aim of this program is to provide step outs from the known current ore-zones and also includes a vertical hole to assess structural controls on mineralisation (BCRC1000017). This announcement focuses on holes BCRC100017 to BCRC100022.
Hole BCRC100022 - Includes New Deep Higher Grade Zone
Hole BCRC100022 stepped out further to the north-west from previous deep drilling. The hole was mineralised for its entire length. Significantly the hole also intersected a new higher grade zone at depth with some of the highest grade / width intersections on the prospect to date with 67 metres grading 2.07g/t gold within an overall lower zone of 127metres grading 1.18g/t gold.
Hole BCRC100017 & BCRC100018
Hole BCRC100017 was drilled vertically between previously announced holes BCRC100007 and BCRC100008. The hole was drilled to assess structural information (orientation of veins and joints) using a down hole acoustic and optical televiewer provided by Surtron Technologies. The hole intersected excellent mineralisation with 117metres grading 1.35g/t gold within 244 metres grading 0.80g/t gold and several other significant intercepts.
Hole BCRC100018 was collared in sediments and the hole was terminated at 140 metres depth as it was deemed to be drilling away from the monzonite porphyry. Despite the fact the hole did not intersect porphyry material it was encouraging that it intersected low grade near surface gold bearing material.
Hole BCRC100019
Hole BCRC100019 was drilled to test south westerly extensions on the same section as the previously drilled hole BCRC100009. The hole ended in mineralisation at a depth of 352 metres.
Hole BCRC100020 and BCRC100021
Holes BCRC100020 and BCRC100021 were drilled on the same section. Both holes intersected extensive mineralisation with Hole BCRC100020 being the stronger of the two holes providing a vector to higher grade mineralisation to the south west on the same section.
Other News: Mr Graeme Sloan agrees to join the Board of Directors of ABM Resources
The Board of Directors is pleased to announce that Graeme Sloan has consented to be nominated to the Board of Directors at the Company's Annual General Meeting scheduled for November 30, 2010. A note to this affect will be included in the Notice of Meeting to be mailed to shareholders shortly. Tanami Exploration NL (a wholly owned subsidiary of Tanami Gold NL) is ABM's largest shareholder and is entitled to appoint a board member. Graeme Sloan is the Managing Director / CEO of Tanami Gold NL (
ASX:TAM) (PINK:TNGKF).
About the Twin Bonanza Project
The Buccaneer Gold 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 Gold Porphyry Prospect noted in this release.
For the complete ABM announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63964-ASX-ABU-509928.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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