ABM Resources NL (ASX:ABU) Twin Bonanza Gold Drill Results Extending Caribbean to Cypress Zones
Perth, Nov 28, 2011 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to present drill results from the Company's recent drilling at the Twin Bonanza Gold Camp Project.
- Extensional drilling between the Caribbean and Cypress Zones indicates substantial continuity of bulk-tonnage grade mineralisation along the western margin of the Buccaneer Porphyry body, with multiple higher grade shoots:
All holes intersected mineralisation including BCRC100062 with:
31 metres averaging 1.92g/t gold (0.2g/t cut-off) including:
4 metres averaging 13.23g/t gold (1.1g/t cut-off) and
2 metres averaging 25.13g/t gold (2.0g/t cut-off).
- A newly recognised sedimentary-hosted oxide gold zone has been intersected just west of the Caribbean to Cypress Zone Trend with:
BCRC100062 intersecting 48 metres averaging 0.46g/t gold (0.2g/t cut-off) including:
16 metres averaging 1.01g/t gold (0.5g/t cut-off).
BCRC100064 intersecting 26 metres averaging 0.75g/t gold (0.5g/t cut-off) including:
6 metres averaging 1.5g/t gold (1.1g/t cut-off).
Other News
- Gold intersected at the Bandit Prospect located 1.6 kilometres south-east of the Old Pirate Prospect with:
5 metres averaging 3.12g/t gold including:
1 metre averaging 13.25g/t gold.
- Approximately 10,000 metres of drilling from Buccaneer, Buccaneer extensional projects and Old Pirate (including holes being re-assayed using screen-fire analysis for coarse gold) still pending assay in 2011.
- Hyperion Gold Project drilling nearing completion with a projected 3,400 metres of extensional and resource definition drilling.
Darren Holden, Managing Director of ABM Resources said, "The latest results from the Caribbean to Cypress zones illustrate the potential for extensive mineralisation along the western contact of the Buccaneer Porphyry, including a separate zone of mineralisation hosted in the sedimentary rocks immediately west of the porphyry that warrant further work. The Company has also discovered mineralisation at the Bandit Prospect located east of Old Pirate."
Mineralisation from Caribbean Zone to Cypress Zone
Recent drilling as presented in Figures 1, 2, and 3 and detailed in Appendix 1 (see link at the bottom of the release) suggest the continuity of mineralisation in a structurally controlled zone located strike sub-parallel to the western margin of the Buccaneer Porphyry intrusion. These zones of mineralisation are located immediately to the north west of the Company's 1.67 million ounce Buccaneer Porphyry Deposit and approximately 3 kilometres from the Old Pirate High Grade Gold Prospect. All holes reported in this release (BCRC100061 to BCRC100067) along the contact have intersected mineralised zones as noted in Figure 1 and 2 and Appendix 1 (see link at the bottom of the release).
The Caribbean Zone at the south end of the trend consists of a sheared and faulted porphyry with a high sulphide content (up to 15%) along with quartz and chlorite veins. The mineralised zone is inferred to dip steeply to the east. The Cypress Zone to the north shows strong gold mineralisation predominantly hosted in quartz chlorite veins with minor sulphide content. Mineralisation is generally lower grade in the near surface oxide environment with the best grades (up to 138g/t gold in CYRC100004, refer to announcement 12 September 11) intersected in the oxide transition to fresh-rock zone. The zone is open to the north and south as well as up and down dip. Further drill hole assay results are pending from this area.
Further to mineralisation hosted within the porphyry, a second zone of mineralisation has been intersected within the lower oxide zone in the highly magnetic sediments immediately to the west of the contact.
This is predominantly defined by two holes (BCRC1000062 and BCRC100066) which intersected mineralisation approximately 60 metres below surface (the area above these intersections is yet to be tested) and a third hole which intersected weaker mineralisation approximately 100 metres beneath BCRC100062.
Other News
New gold mineralisation identified at the Bandit Prospect
The Bandit Prospect is located approximately 1.6 kilometres to the east southeast of the Old Pirate High Grade Gold Prospect. The region consists of a ridge of outcropping quartz veins hosted in sediments. Quartz veins have been mapped over a strike length of 2 kilometres. Sporadic rock chip sampling and shallow RAB drilling has highlighted anomalous but sub ore-grade gold within the quartz. Despite this the Company elected to conduct a 2 hole scout RC drill program at Bandit to test if the nature and gold content of the quartz changes at depth. Hole BTRC100001 intersected a peak value of 0.12g/t gold whereas the second hole (BTRC100002) located 800 metres to the south of BTRC100001 intersected 5 metres averaging 3.12 g/t gold including 1 metre grading 13.25g/t gold at a depth of 90 metres. This intersection is the first ore-grade gold intersection identified to date at Bandit and will be followed up in early 2012.
Assay Analysis Update & Hyperion Gold Project
ABM has now completed its 2011 on-ground component for exploration at the Twin Bonanza Gold Project.
Approximately 30,000 metres of drilling were completed across the project in 2011. Of this 30,000 metres approximately 10,000 metres of drilling from the Caribbean to Cypress Zone Trend, the eastern extensions of Buccaneer and Old Pirate is still pending analysis. At Old Pirate many samples are being re-assayed using screen-fire methods to analyse for the coarse particulate gold. Furthermore, the next batch of Old Pirate trench results, are expected this week. Due to the large influx of samples ABM's preferred laboratory - ALS Global has elected to clear the back log using their laboratories in Alice Springs, Perth and Orange (NSW) with results expected shortly.
Drilling is still ongoing at the Hyperion Gold Project located north of Tanami Gold's Groundrush deposit. This drilling is a combination of extensional and infill resource definition work. To date 2,900 metres from 18 holes have been completed with a further 2 holes to be drilled. Assay results from Hyperion are expected over the coming weeks and months.
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. In 2011 ABM has reported several extensional discoveries around Buccaneer including the Cypress, Caribbean, Empress and Eastern Contact Zones as well as high grade gold in drilling and trenching at Old Pirate. The Company aims to complete a revised resource in the first quarter of 2012.
For the complete ABM announcement including figures and Appendix 1, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-568727.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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