ABM Resources NL (ASX:ABU) Report New Discovery at Cypress Prospect with 26m at 5.53g/t Gold
Perth, Sep 12, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce further drill results from the Company's flagship Twin Bonanza Gold Camp Project.
- New Discovery at the Cypress Prospect with CYRC100004 intersecting contact shear / vein related mineralisation returning:
26 metres averaging 5.53g/t gold (0.5g/t cut-off) including: 7 metres averaging 20.13g/t gold.
- Discovery open along strike in both directions and up and down dip.
- Discovery located on western contact of porphyry with a similar style and a potential link to the Caribbean Zone located 0.8km to the south.
- Other Cypress results include CYRC100002 intersecting Buccaneer porphyry style mineralisation located 1km northwest of CYRC100004 with:
40 metres averaging 0.83g/t gold (0.5g/t cut-off) including: 2 metres averaging 10.68g/t (1.0g/t cut-off) gold.
Darren Holden, Managing Director said, "With new high-grade mineralisation and a possible link through to the Caribbean Zone we are very excited about the findings at Cypress. The Company's flagship project - the Twin Bonanza Gold Camp, is proving to be a large and varied mineral system, with multiple deposits and styles. Additional to the 1.67 million ounce Buccaneer Porphyry Deposit, we now have 5 further discoveries, Old Pirate, Caribbean, Empress, Eastern Contact and Cypress, pending drilling to resource.
Cypress Prospect
The Cypress Prospect is defined by 800 metres by 800 metres of anomalous gold in regolith (defined by shallow RAB and vacuum drilling by previous explorers). The prospect is the northern half of the Buccaneer Porphyry body and located approximately 1 kilometre north of the Company's 1.67Million ounce Buccaneer Porphyry Resource and 3.5 kilometres north west of the Old Pirate High Grade Prospect, where the Company recently reported high grade drill results. ABM targeted Cypress with 4 initial deep and widely spaced holes.
In particular, CYRC100004 was drilled to test for mineralisation on the western contact between the porphyry body and the surrounding sediments. Close to the contact the drill hole intersected widespread fractured and veined intrusive rock / porphyry with chlorite, sericite and sulphide alteration. The hole intersected a high grade sample grading 138g/t over 1 metre gold
This western contact of the porphyry is now interpreted as a key geological structure and hosts mineralisation further to the south at the Caribbean Zone. CYRC100004 is the only hole drilled to depth ever along the northern-extensions of the contact and as a result the mineralisation at Cypress is open along strike to the north and south and up and down dip. Further drilling is being planned to test for extensions of this mineralised zone.
In addition, mineralisation was also intersected in CYRC100002 with 1m grading 6.78g/t (at 31 metres), 1 metre grading 4.44g/t gold (at 177 metres) and 40 metres averaging 0.83g/t gold including 2 metres averaging 10.68g/t gold from 234 metres. This mineralisation is not located near the porphyry / sediment contact and is hence thought to be a different zone.
Hole CYRC100003 intersected broad scale anomalous gold over wide widths with a peak value of 2.65g/t gold over 1 metre at a depth of 281 metres. Hole CYRC100001 is still pending completion of assay results.
Other Results
In addition to the Cypress drilling noted here, assay results from 2 holes at the Port Prospect have been completed. Hole PORC100002 intersected a maximum value of 0.43g/t gold at 156 metres to 157 metres depth. Other results are 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 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 is testing up to 15 of the other targets in the wider Twin Bonanza Gold Camp.
For the complete ABM Resources announcement including figures and tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-556717.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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