ABM Resources NL (ASX:ABU) Twelve New Targets Identified To The East At The Twin Bonanza Gold Camp
Perth, Jan 31, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to announce that it has compiled and reviewed previous exploration data from the Twin Bonanza Gold Camp located in the Northern Territory and as a result has identified and prioritised 12 new exploration targets on the eastern side of the project area.
Highlights:
In addition to the Buccaneer Porphyry Prospect and Old Pirate High Grade Gold Prospects where the Company announced significant discoveries in 2010, ABM has identified and prioritised 12 new regional targets on the eastern side of the 40kmx40km Twin Bonanza Gold Camp including:
- Vampire Prospect: 0.85km by 0.5km gold anomaly in shallow drilling and rock samples including 83g/t gold and 37.2g/t gold.
- Port to Starboard Trend - 4 individual prospects spanning over 13km of strike length anomalous in gold-arsenic-antimony-copper including:
- Port Prospect: 1.8km by 0.5km gold anomaly in shallow drilling;
- Anomaly 19 Prospect: 3.9km by 0.6km gold anomaly in shallow drilling;
- Anomaly 18 Prospect: 3.1km by 0.6km gold anomaly in shallow drilling;
- Starboard Prospect: 2.5km by 1.3km gold anomaly in shallow drilling.
- McFarlanes Prospect: 1.3km by 1.1km gold anomaly in shallow drilling associated with syenite porphyry.
- Hat Prospect: 1.2km by 2.1km gold anomaly in shallow drilling.
Twin Bonanza Targeting
During 2010 ABM successfully consolidated a regional land position consisting of 1,164 square kilometres of exploration licenses and 515 square kilometres of exploration license applications over a 40km by 40km area which the Company collectively calls the "Twin Bonanza Gold Camp".
The Company has previously announced drill results constituting discoveries at the Buccaneer Porphyry Gold Prospect with results such as 202m grading 1.0g/t gold; 67m grading 2.07g/t and 81m grading 2.03g/t gold and the Old Pirate High Grade Gold Prospect with 43m grading 7.0g/t gold and 5m grading 274g/t gold (refer to releases dated 13/1/11, 18/10/10, 13/09/10, 27/07/10, 15/11/10 for further details).
The Twin Bonanza Gold Camp spans the Trans-Tanami Structure - a tectonic scale geological feature more than 600 kilometres long that hosts several gold mines including Newmont's multi-million ounce high grade Callie gold mine.
Darren Holden, Managing Director of ABM Resources said, "The analysis of previous exploration data and prioritisation of targets suggests that the Twin Bonanza Gold Camp is not just 2 isolated discoveries, but has the potential to be a major gold camp that yields multiple discoveries.
The regolith (near surface material) in the Tanami region as a whole shows a high degree of variability in concentrating gold. In some places such as the Central Tanami Mine area more than 40 pits were dug to extract gold concentrated by regolith processes. However, elsewhere in the Tanami region gold can be depleted in the regolith environment and the Callie Gold Mine, as an example, was a very low-level near surface gold anomaly adjacent to mining operations that remained undiscovered for several years. Once tested into fresh-rock the Callie prospect became one of Australia's premier gold discoveries in recent years with multi-million ounce shoots extending for a considerable extent down plunge. ABM therefore considers that any area anomalous in the regolith and oxide zones that has not been adequately tested in the fresh rock (beneath the regolith) to be a high priority target."
Twin Bonanza North East Gold Prospects (Vampire and Coronado)
The Vampire Prospect consists of an 850m by 500m anomaly defined by 34 RAB holes to an average depth of 60m with samples on the order of 50 to 1000ppb gold and a peak value of 8180 ppb gold (8.18g/t). In addition rock chip samples grade up to 83g/t gold and 37.2g/t gold.
The Coronado Prospect is a 660m long single line anomaly defined by 14 RAB holes to an average 40m depth and 13 vacuum holes to 8m average depth with gold values on the order of 5 to 100ppb gold and a peak value of 847ppb gold (0.85g/t).
During 2011 ABM intends to drill test both the Vampire and Coronado prospect with drilling to a depth of 250m.
Port-Starboard Trend (including Port, Anomaly 18, Anomaly 19 and Starboard Prospects)
The Port-Starboard Trend is a 13km long NNW-SSE trending zone of gold-silver-antimony-arsenic-copper anomalism. The trend is bounded to the south by the Tanami Fault.
The Port Prospect consists of a 1.8km by 0.5km gold-arsenic-antimony-silver anomaly defined by 25 RAB holes to an average depth of 46m and 15 vacuum holes to an average depth of 5m. The peak value in drilling is 1450ppb gold (1.45g/t).
The Anomaly 19 Prospect consists of a 3.9km by 0.6km anomalous gold zone which is also anomalous in antimony, arsenic, silver and lead defined by 52 RAB holes to an average of 41m depth and 37 vacuum holes averaging 12m in depth with assays on the order of 10 to 50ppb gold with a peak value of 150ppb gold.
The Anomaly 18 Prospect is a 3.1km by 0.6km gold anomaly defined by 46 RAB holes to an average depth of 40m and 6 vacuum holes to an average depth of 16m. Arsenic is anomalous throughout the holes on the order of 50-100ppb with a peak gold value of 4697ppb gold (4.7g/t).
The Starboard Prospect is located immediately north of McFarlanes and spans the Tanami Fault. It is a 2.5km by 1.3km anomaly defined by 34 RAB holes to an average depth of 45m. The maximum gold value is 306ppb gold (0.31g/t).
The Port-Starboard Trend is an extensive mineralised zone. ABM intends to test the trend with 5 lines of 8 RC holes per line to a depth of 350m during 2011.
Capstan, Hat and McFarlanes Prospects
The McFarlanes Prospect consists of a 1.3 by 1.1km intrusive body interpreted to be syeno-monzonite porphyry (similar to Buccaneer) located immediately south of the Tanami Fault with the western side representing a 600m by 400m geochemistry anomaly. The prospect is anomalous in gold-copper-arsenic-silver-molybdenum-lead-zinc as defined by 35 RAB holes to an average depth of 45m and 19 vacuum holes to a average depth of 13m. The peak value in gold is 86ppb. During 2011, ABM intends to test the McFarlanes prospect with 2 holes to a depth of 350m.
The Capstan Prospect consists of a 900m by 223m low level gold anomaly (5 to 10ppb gold) located on the Tanami Fault defined principally by 7 vacuum holes to an average depth of 5m with one rock-chip sample grading 0.39g/t gold.
The Hat Prospect is a 2.1km by 1.2km magnetic anomaly located in an embayment in a large inferred dolerite body. The anomaly is defined by 29 RAB holes with an average depth of 45m, 7 vacuum holes to an average depth of 18m and 6 AC holes to an average depth of 84m. The Hat Prospect is anomalous in gold-arsenic-silver-copper-molybdenum with a maximum gold assay of 110ppb gold.
Mac Peak Prospect
The Mac Peak Prospect is a 4.7km by 1.9km gold anomaly defined by 64 RAB holes with an average depth of 39m on the order of 5 to 50ppb gold with a peak value of 330ppb gold. ABM intends to conduct reconnaissance and mapping including multi-element geochemistry at the Mac Peak Prospect during 2011.
Casa and Sparrow Prospects
The Casa and Sparrow Prospects are located on Exploration License Applications.
The Casa Prospect is recorded in a government mineral occurrence database as widespread gold over 1km by 1km with visible gold at surface. It is thought that the prospect has been drilled by previous explorers but due to the fact that this prospect is located on an Exploration License Application no further information is presented here.
The Sparrow Prospect is a magnetic anomaly of similar tenor, and parallel to the Old Pirate trend but under transported cover with no detailed work presented here.
ABM intends to progress the exploration license applications to a stage of granting during 2011.
2011 Proposed Programs
In 2011 the Company proposes to continue to drill extensions of the Buccaneer Porphyry Bulk Tonnage Gold Discovery and the Old Pirate High Grade Gold Discovery. The Company is also proposing a bulk-sample of between 2000 and 4000 tonnes of high-grade vein material from the Old Pirate Prospect.
Furthermore the Company plans to conduct a 15000 metre drill program to test as many of the 12 targets presented herein as possible. Further reconnaissance work and shallow geochemistry drilling such as RAB drilling will also be carried out.
In addition, ABM plans to drill test other regional targets in the Company's extensive portfolio including the Tekapo iron oxide-copper-gold (IOCG) prospect in the Lake Mackay Project area and the Kroda Gold System in the Barrow Creek Regional Project area.
For the complete ABM Resources NL announcement including figures, maps and appendix, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/65106-ASX-ABU-526546.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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