ABM Resources NL (ASX:ABU) Twin Bonanza Gold Camp Expands To 30 Targets
Perth, Feb 3, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to announce that it has compiled and reviewed further historic data from the Twin Bonanza Gold Camp located in the Northern Territory and as a result has prioritised a total of 30 targets for further work. Twelve targets from the east-side of the Twin Bonanza Gold Camp were presented on 31st January 2011. This release presents additional targets on the west-side of the Twin Bonanza Gold Camp.
Darren Holden, Managing Director of ABM Resources said, "The Twin Bonanza Gold Camp is perfectly located for multiple discoveries with its excellent geology, major ore bearing structures and widespread anomalism. The extent of gold and associated element anomalism is outstanding throughout the whole Twin Bonanza Gold Camp. With a total of 30 targets now identified and prioritised, including the discoveries of the Old Pirate High Grade Gold Prospect and the Buccaneer Porphyry Gold Prospect, we look forward to aggressively drilling throughout 2011 to bring the Twin Bonanza Gold Camp to the forefront of the Australian gold exploration industry."
Twin Bonanza Gold Camp 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 and 15/11/10 for further details).
The Twin Bonanza Gold Camp spans the Trans-Tanami Structure - a tectonic scale geological feature more than 600km long that hosts several gold mines including Newmont's multi-million ounce high grade Callie gold mine.
Twin Bonanza Central / West Gold Prospects
Buccaneer Porphyry Gold Prospect Northern Extensions
The Buccaneer Porphyry Gold Prospect is open in several directions. ABM reported many significant intersections in 2010 with vertical extent confirmed to greater than 300m depth and lateral extents (with varying depth of drilling and grades) of 800m by 500m (refer to releases dated 13/1/11, 13/12/10, 18/10/2010, 22/09/10, 13/09/2010, 31/08/2010, 19/08/2010, 15/06/2010, 03/03/2010 and 01/02/2010 for further details). This footprint represents only 15% of the overall porphyry body and associated geochemical anomaly and ABM intends to test further extents of this project in 2011.
Old Pirate High Grade Prospects including Old Pirate South, Old Pirate Far-North and Corsair Prospects
During 2010, ABM has reported various intersections including 43m grading 7.0g/t gold and 5m grading 274g/t gold from the Old Pirate Prospect (refer to releases dated: 15/11/2010, 31/08/2010, 27/07/2010, 12/07/2010, 08/07/2010, 15/06/2010, 03/03/2010 and 02/02/2010). In addition the Old Pirate Far North Prospect yielded 11m grading 3.55g/t gold in a single hole also previously reported.
The Corsair Prospect is located on the same trend as Old Pirate and is a 3.5km by 1.2km gold and arsenic anomaly defined by more than 150 shallow RAB holes testing principally oxide and weathered material, 27 VAC holes and 2 deeper RC holes. The maximum assay intersected at Corsair is 3550ppb gold (3.55g/t gold) and the anomaly is largely untested in fresh-rock.
During 2011 the Company plans to test the Old Pirate trend including the Corsair Prospect with up to 10 holes to depths of up to 250m.
Bandit and Landlubber Prospects
The Bandit Prospect is a distinct topographic ridge located parallel to the Old Pirate trend to the east. Quartz veins are observed sporadically along the length of the ridge for 2km by 0.3km. The trend is anomalous in gold, molybdenum, and arsenic with rock samples with a peak value of 12990ppb (12.99g/t) gold. Shallow Vacuum and RAB drilling detected gold anomalism between 5 and 20ppb gold.
The Landlubber Prospect is a 2.4km by 0.57km arsenic anomaly (arsenic is commonly associated with gold) located 500m to the west of the Old Pirate Prospect. The anomaly is defined by 190 shallow holes including 154 vacuum holes to an average depth of 3.7m and 36 RAB holes to an average depth of 48m. Arsenic values range up to 1050ppm and maximum gold values in drilling is 1.2g/t gold.
During 2011 the Company intends to do further mapping and sampling including multi-element geochemistry to better establish a drill target on the Bandit and Landlubber Prospects.
Rum, Jolly Roger and Marauder Prospects
The Rum, Jolly Roger and Marauder Prospects are located along an arcuate trend interpreted to be a thrust fault at the north end of the Buccaneer Porphyry Body.
The Marauder Prospect is a 460m by 150m anomaly defined by 4 trenches, 18 RAB holes to an average depth of 42m and 14 shallow vacuum holes to an average depth of 4m with 10 to 50ppb gold anomalism with associated arsenic and antimony. The peak assay is 2540ppb gold (2.54g/t gold) in trenching, 2.46g/t gold in RAB drilling and 8.08g/t gold in a rock sample.
The Rum Prospect is a 2.96km by 0.6km anomaly defined by 30 RAB holes to an average depth of 34m with broad anomalism on the order of 5 to 50ppb gold and peak value of 120ppb gold. The fresh-rock has not been tested on this prospect.
The Jolly Roger Prospect is a 1.15km by 1.2km anomaly located east of the interpreted thrust fault and consists of 47 RAB holes to an average depth of 34m and 4 vacuum holes to an average depth of 7m with 5 to 50ppb gold anomalism and a peak value of 75ppb gold.
During 2011 the Company intends to conduct further reconnaissance work in this area and if warranted will test with 4 to 5 deep holes to 300m.
Pearl, Fortune, Hook and Bluebeard Prospects (Twin Bonanza West Gold Prospects)
The Twin Bonanza West Gold prospects are principally located between the Tanami and Mongrel Faults in an area interpreted to be highly magnetic sediments of the Tanami Group (possibly Dead Bullock Formation - the same host at Callie Gold Mine). Several splay structures from geophysics and magnetic intrusions inferred as granite and monzonite porphyry bodies are also present. The area has largely been subject to shallow Vacuum and RAB drilling.
The Pearl Prospect is a low level geochemistry anomaly with 6 RAB holes averaging 39m and grading up to 6ppb gold above an interpreted magnetic monzonite porphyry intrusion 1.3km by 0.6km in dimensions.
The Fortune Prospect consists of rock chips to a maximum 1120ppb gold (1.12g/t), 36 vacuum holes to an average depth of 3m and 17 RAB holes to an average depth of 48m with 5 to 50ppb gold values defining an area of anomalism of 480m by 150m.
The Hook Prospect is a 2.1km by 0.6km distinct magnetic low and look-a-like magnetic geophysical signature to the Buccaneer Porphyry. The Hook Prospect is unsampled with shallow drilling.
The Bluebeard Prospect is defined by two vacuum drill holes 200m apart with 23ppb gold and 60ppb gold as peak values.
During 2011 the Twin Bonanza West gold prospects will be tested with multi-element geochemistry, shallow drilling and if warranted deeper RC drilling.
Bonny Prospect
The Bonny Prospect consists of a 2.6km by 0.7 km gold-arsenic-antimony-bismuth anomaly defined by 9 widely spaced RAB holes averaging 35m depth with anomalism on the order of 5 to 50ppb gold and peak values of up to 475ppm arsenic and up to 59ppb gold. The area is located adjacent to the Mongrel Fault and intersected with several fault structures inferred to be dilatational zones.
Mavericks
The Mavericks Prospect is located in sediments on the margin of a granite body. Approximately 1.3km by 600m of anomalism is defined by 21 RAB holes to an average depth of 64m. The peak value is 390ppb gold.
Peg Leg and Dubloon Prospects
The Peg Leg and Dubloon Prospects are areas of intense deformation and variable magnetism inferred from government magnetic and interpretive maps to be a complex of dolerite dykes and granite intrusions. These Prospects are on an exploration license application and no results are presented here. ABM intends to advanced the exploration license applications to a status of grant during 2011.
Twin Bonanza South West Gold Prospects (Black Cat and Tabby Cat)
The Black Cat Prospect is defined by 48 RAB and 22 aircore holes to an average depth of 58m over an anomalous area of 1km by 0.5km. The peak assay value is 6370ppb gold (6.37g/t gold).
The Tabby Cat Prospect is a geophysical anomaly consisting of an embayment in gravity data and an oval shaped demagnetised intrusion approximately 3km by 2.49km in size.
2011 Proposed Program
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 30 targets at the Twin Bonanza Gold Camp as is warranted by existing data or follow-up field reconnaissance. 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 and appendix, please view the following link:
http://www.abnnewswire.net/media/en/docs/65140-ASX-ABU-527570.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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