Lake Mackay Phase 1 Gold and Copper Drill Results
Sydney, Nov 24, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to present drill results from the Company's recent scout exploration drilling program at its Lake Mackay Regional Prospects.
Tekapo Prospect confirmed gold and copper mineralisation including:
- 26 metres averaging 2.22g/t gold (0.3g/t cut-off) from 28 metres
down hole including:
- 18 metres averaging 3.05g/t gold (1.0g/t gold cut-off).
- 17 metres averaging 0.25% copper from 17 metres down hole.
Manapouri Prospect - first evidence of gold present in system with:
- 1 metre grading 5.61g/t gold from 234 metres.
Darren Holden, Managing Director of ABM Resources said, "Alongside ABM's advanced Twin Bonanza Gold Camp Project (including the Buccaneer Porphyry, Cypress Zone, Caribbean Zone and the Old Pirate discoveries) ABM is committed to regional exploration across its land holdings. The Lake Mackay region is one of the most underexplored mineral belts in Australia and ABM's first drilling program in the Lake Mackay area has confirmed the presence of gold and copper mineralisation. We look forward to following up on these very encouraging scout drill results shortly."
2011 Lake Mackay drill program
During 2011 ABM conducted a scout reverse circulation drilling program on various projects at Lake Mackay. The drilling consisted of 16 holes averaging 267 metres depth for a total 4,279 metres of drilling. Drilling included testing several conceptual geophysical targets as well as near surface / oxide geochemical anomalies identified by previous explorers.
Tekapo Prospects
In the 2011 program ABM tested several conceptual targets in the Tekapo Prospect area including the 1,200 metre by 600 metre Tekapo 1 Prospect. Several of the holes did not reach target depth due to high influxes of water. However, most holes at Tekapo intersected widespread anomalous mineralisation with the best results of 26 metres averaging 2.22g/t gold including 18 metres averaging 3.05g/t gold. The peak value was 9.7g/t gold over 1 metre. In addition copper mineralisation was also intersected with 17 metres averaging 0.25% copper. The evidence of both copper and gold mineralisation is highly encouraging in this region and the Company is intending to apply various other targeting techniques including geophysics to follow this up. Refer Appendix 1 for full details.
Mineralisation at Tekapo is hosted in schists and dolerites.
About the Lake Mackay Project Area
ABM holds approximately 8,000 square kilometres of exploration licenses and exploration license applications in the area to the east of Lake Mackay in the Northern Territory. The projects are located approximately 400 kilometres west of Alice Springs and are accessible by road via the town of Nyirripi.
The Lake Mackay project areas consist of Proterozoic sediments and intrusions and has only had a minor amount of previous exploration work consisting of widely spaced shallow drilling and surface reconnaissance along with aeromagnetic and gravity geophysical surveys. Previous work identified large metal anomalies including gold and copper as well as other pathfinder elements such as bismuth, arsenic, antimony and cobalt.
View the full Announcement:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-568211.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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