ABM Resources NL (ASX:ABU) Buccaneer Porphyry North-West Extension Drilling Delivers Impressive Results
Perth, Jan 13, 2011 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 from the remaining 5 holes drilled during 2010 at the Buccaneer Porphyry Gold Prospect which is part of the multi-prospect Twin Bonanza Project area in the Northern Territory.
Highlights:
Hole BCRC100035 on the north-western extension of the Buccaneer Porphyry Prospect returned: 221 metres grading 0.95g/t gold from 60 metres (0.1g/t cut-off) including:
- 172 metres grading 1.11g/t gold (0.3g/t cut-off) including
- 81 metres grading 2.03g/t gold (0.7g/t cut-off).
Hole BCRC100035 represents one of the best intersections to date.
Hole BCRC100035 is interpreted to link with BCRC100022, located 120 metres to the south of BCRC100035, which returned 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold. This is potentially a new zone of higher grade material open to the north.
Darren Holden, Managing Director of ABM Resources said, "The Buccaneer Porphyry Gold Prospect continues to throw up surprises and new extensions. We are delighted with the results from Hole 35 which represent an extension of the Buccaneer Porphyry Gold system to the north-west of the main area drilled to date. The higher grade zone (81 metres grading 2.03g/t gold) within this hole is a possible continuation of the higher grade zone previously reported in Hole 22 which returned 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold. We are beginning to prepare for the 2011 field season and, weather permitting, we aim to recommence drilling within the next 6 to 8 weeks."
North-West Step-Out Drilling
Holes BCRC100031, 32, 33, 34 and 35 were drilled to test north-west extensions of the Buccaneer Porphyry Gold Prospect. The location of the key geological contact between the sedimentary rocks and the monzonite porphyry changes strike from north-west-southeast strike adjacent to the main Buccaneer Porphyry zone to more north-south strike in the area of north-west extensions which is likely due to fault offsets.
Hole 31 did not intersect any monzonite, was terminated at 70 metres and did not return significant results. Holes 32 and 33 were drilled from outside the monzonite (collared in sediments) to test the contact zone and intersected widespread low-grade mineralisation in the monzonite. Hole 34 was drilled from the north-east to south-west within the monzonite and also intersected widespread low grade mineralisation.
Hole 35 was drilled from east to west to target mineralisation across the key contact zone which is reinterpreted to be north-south in this area. The initial review indicates that the higher grade zone in Hole BCRC100035 (81 metres grading 2.03g/t gold) is a possible continuation of the deeper higher-grade mineralised zone intersected in Hole BCRC100022 previously announced on 18/10/2010 with 67 metres grading 2.07g/t gold within 127 metres grading 1.18g/t gold. This zone remains open to the north and trends into an area untested by deeper drilling. ABM Resources intends to recommence drilling on the Twin Bonanza Project (including the Buccaneer Porphyry) within the next six to eight weeks.
These drill results are the last of the assay results from the 2010 drill program at Buccaneer. The Company has commenced 3D modelling of this data with a view to achieving the first resource estimation.
About the Twin Bonanza Project
The Buccaneer Porphyry Prospect is just one of seven targets which make up the Twin Bonanza Project area. 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. In 2010 ABM focused its effort at Twin Bonanza on the Old Pirate Project - a 3 kilometre anomaly with multiple high-grade gold zones in quartz veins hosted in sedimentary rocks and the Buccaneer Porphyry Prospect an intrusive related bulk-tonnage gold target.
For the complete ABM Resources NL announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64980-ASX-ABU-524368.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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