ABM Resources NL (ASX:ABU) Announce New Sedimentary Hosted Oxide Gold Discovery at Twin Bonanza
Perth, July 4, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce an update on exploration at the Company's flagship Twin Bonanza Gold Camp in the Northern Territory with a new sedimentary hosted oxide gold discovery which the Company named Empress Zone.
Highlights:
- The Empress Zone discovery is a newly recognised zone of oxide gold mineralisation hosted in quartz veins within sedimentary rocks located 250 metres east of the Buccaneer Porphyry Deposit.
- Near surface drill results from the first hole at the Empress Zone (BCRC100049) include:
(i) 43 metres averaging 1.02g/t gold (0.5g/t cut-off) including:
(i.i) 26 metres averaging 1.43g/t gold (1.1g/t cut-off) including:
(i.ii) 10 metres averaging 2.64g/t gold (2.0g/t cut-off).
Managing Director of ABM Resources, Mr Darren Holden, said "Once again, as we continue to step out from Buccaneer we intersect new zones of mineralisation. First we headed west of Buccaneer and hit the Caribbean Zone and then we headed east and discovered the Empress Zone. To date there are no other substantive drill holes testing the sediments in the area of the Empress Zone making this a new discovery open in all directions. This result is another very significant step forward to building Twin Bonanza into a camp of discoveries. Further holes are planned to follow up on the Empress Zone."
Empress Zone
The Empress Zone represents an oxide gold zone hosted by veins in sedimentary rocks. The zone is located east of the faulted contact between the Buccaneer Porphyry Deposit and the surrounding sediments. The orientation of the mineralisation cannot be established with a single hole, however, further work is pending on this area and mineralisation remains open to the north, south and east of the existing intercept in BCRC100049.
Update on Exploration at Twin Bonanza
Drilling is on-going at the Twin Bonanza Gold Camp. A total of 22 deep RC holes and 3 deep diamond core holes have been completed at Twin Bonanza so far this season. This work includes extensional drilling of the Inferred 1.67million ounce gold resource at the Buccaneer Gold Deposit, Old Pirate southern extensions, Caribbean Zone and the Empress Zone. Refer Appendix 2 for details of holes completed and pending assays.
Completed Buccaneer holes BCRC100054 and BCRC100055 are following up on the newly recognised Caribbean Zone (refer release dated 16/06/2011) and assays are pending.
Holes BCRC100046 to BCRC100048 are complete and are testing extensions of mineralisation at the main Buccaneer area and the eastern contact zone. The assays are pending finalisation and results are expected shortly.
ABM is additionally commencing the bulk trenching of the Old Pirate High Grade Gold veins in the coming days following the receipt of requisite approvals. This work is aimed to better establish the overall grade of the surface vein material for resource estimation work. These results will be reported as soon as they become available.
ABM is currently drilling at the Landlubber target located 200 metres west of Old Pirate High Grade Gold Prospect where a total of 6 holes have been designed to intersect coincident geophysical and geochemical anomalies over an area of 600 metres by 400 metres.
Update from Regional Exploration
Drilling at the Kroda Gold Project located near the town of Barrow Creek on the Stuart Highway north of Alice Springs is progressing with a total of 4 holes of a 12 hole program complete and pending assay. Following completion of the Kroda program the regional exploration team will mobilise to the Lake Mackay Iron Oxide Copper Gold targets for deep drill testing of several target areas.
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 where the Company reported a 1.67Moz gold maiden resource in February 2011. For the remainder of 2011 ABM is focusing its effort on Buccaneer extensional targets, Old Pirate (trenching and drilling) and intends to test up to 10 of the other targets in the wider Twin Bonanza Gold Camp.
About ABM Resources
ABM is a mineral exploration company focused on gold and gold/copper discovery in the Tanami-Arunta regions of the Northern Territory, Australia. The Company is one of the largest exploration license / license application holders in Australia. The Company has an aggressive exploration approach and is well funded for multiple target testing with multiple rigs in 2011.
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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