ABM Resources NL (ASX:ABU) Buccaneer Step-Out Drilling Yields Further Success with Discovery at the Caribbean Zone
Perth, June 16, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that it has received and compiled drill assay results from a further six holes of the 2011 program at the Company's 1.67Moz Buccaneer Porphyry Gold Deposit located on the Company's Twin Bonanza Gold Camp in the Northern Territory.
Highlights of drill results from the Buccaneer Porphyry Gold Deposit's northern and western extensions:
(a) Hole BCRC100045 targeting the "Caribbean Zone" to the northwest of Buccaneer intersected 49 metres grading 1.2g/t (0.2g/t cut-off) including:
- 21 metres grading 2.55g/t gold (0.5g/t cut-off) or
- 13 metres grading 3.93g/t gold (1.1g/t cut-off).
(b) Caribbean Zone targeting inferred north-south striking fault / vein zone projected to link with mineralised zone 120 metres to the north with previous results including:
- 5 metres grading 27.35g/t gold (0.5g/t cut-off) or
- 2 metres grading 67.44g/t gold (1.1g/t cut-off).
(c) Hole BCRC100042 testing north easterly extensions and beneath main Buccaneer Deposit intersected:
- 241 metres grading 0.53g/t gold (0.2g/t cut-off) including two higher grade zones of: 70 metres grading 0.70g/t gold (0.5g/t cut-off) and 43 metres grading 1.21g/t gold (0.5g/t cut-off).
(d) Hole BCRC100041 testing depth extents beneath the western extensions at Buccaneer Deposit intersected:
- 92 metres grading 0.42g/t gold (0.2g/t cut-off) including two higher grade zones of: 9 metres grading 1.27g/t gold (0.5g/t cut-off) and 17 metres grading 0.63g/t gold (0.5g/t cut-off).
Managing Director of ABM Resources, Mr Darren Holden said, "The results from hole 45 indicate a possible new mineralised zone in the broader Buccaneer target area. This new target area, known as the Caribbean Zone, has returned a consistent run of mineralisation including 13 metres grading 3.93g/t gold. ABM is planning further holes to test this zone and possible linkage to previous results including 5 metres grading 27.35g/t gold located 120 metres further to the north."
The Caribbean Target Zone
The Caribbean Target Zone is an inferred north-south striking target of potentially high grade vein / fault hosted mineralisation close to the western contact of the Buccaneer porphyry body. This target is located approximately 250 metres to the northwest of the main part of the 1.67 million ounce Buccaneer Inferred Resource. This area was defined initially by elevated multi-element geochemistry in a north-south striking embayment close to the western contact of the Buccaneer porphyry intrusion. Previous results from hole TBRC0006 (refer release dated 1/2/2010) returned high grade vein hosted mineralisation including 2 metres grading 67.44g/t gold within 5 metres grading 27.35g/t gold. Further holes are being designed to test this area.
Other extensional drilling at Buccaneer
Drill holes BCRC100039 to BCRC100044 were designed to test extensions to ABM Resources' 1.67Moz Buccaneer Gold Deposit. The latest round of results confirm several extensions and indicate, once again, that ABM is yet to define the limits to this large intrusive related gold system. Holes BCRC100039 and BCRC100040 did not reach target depth and were abandoned. The highlights of this latest round of results include BCRC100042 which tested extensions in a north easterly direction and also at depth beneath the existing resource and intersected 241 metres grading 0.53g/t gold with several higher grade zones. Hole BCRC100041 also returned long mineralised intersections.
Drilling is on-going on the estimated 60 hole 2011 program at Twin Bonanza with the next round of assay results expected shortly.
About the Twin Bonanza Gold Camp
The Twin Bonanza Gold Camp is centred 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 Prospect - a 3 kilometre anomaly with multiple high-grade zones in quartz veins hosted in sedimentary rocks and the Buccaneer Porphyry Gold Deposit - an intrusive related bulk tonnage gold deposit. In 2011 ABM is focusing its effort on Buccaneer extensional targets, Old Pirate (trenching, bulk sampling and drilling) and intends to test up to 10 of the regional targets in the wider Twin Bonanza Gold Camp.
please view the following link for tables and figures: http://www.abnnewswire.net/media/en/docs/545567.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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