Golden Hind Surface Footprint Widens and Drilling Commences
Perth, Aug 20, 2012 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to present an exploration update from prospects extensional to the Company's Old Pirate High Grade Gold Project located on the Twin Bonanza Gold Camp in the Northern Territory of Australia.
Update from the Golden Hind Prospect:
- Surface footprint of Golden Hind expanded to an interpreted 15 metres width by >60 metres strike length target zone with:
- - Assays up to 126g/t gold in sheeted veins to the east of the main Golden Hind vein.
- - Assays up to 404g/t gold on the northern extensions of the Golden Hind high grade vein.
- Drilling commences at the Golden Hind Prospect with:
- - Visible gold sighted in RC drill chips.
- - Up to 30 metre wide drilled zones consisting of multiple veins (mineralised width and grade as yet unknown with assays pending).
New Prospect named "Old Glory" Discovered Between Old Pirate and Golden Hind:
- Old Glory surface sampling returns grades up to 70.98g/t gold.
- Vein widths up to 3 metres with visible gold sighted in hand specimen.
- Further systematic surface sampling underway.
- Drilling planned.
Darren Holden, Managing Director of ABM Resources said, "Our exploration season continues apace. The identification of another new prospect with high grade visible gold is encouraging, and the widening of the footprint of the Golden Hind Prospect also adds further confidence for a significant discovery."
Update from the Golden Hind Prospect
Further high grade veins have been identified adjacent to the main Golden Hind vein (previously reported with samples averaging 103.23g/t over 60 metre strike length from systematic surface sampling). Recent surface sampling results (collected using the same method as reported in release 05/08/2012); have returned grades of up to 126g/t gold from sheeted quartz veins on the footwall (east) of the main vein and up to 404g/t gold on the north-west extensions of the main Golden Hind vein. These veins expand the width of the prospective zone at Golden Hind to a surface footprint of approximately 15 metres width and more than 60 metres along strike.
ABM has commenced drilling at the Golden Hind Prospect. The first 5 holes were drilled to determine the orientation of the veins. Geological logging has indicated that the Golden Hind vein system is dipping steeply to the south west. Zones of closely spaced veins have been observed over drilled widths of up to 30 metres. Although visible gold has been sighted in hole GHRC100001, the width and grade of the gold mineralisation is not yet known. All samples are pending assay. A further 25 holes are planned or in progress to test the extents and grade continuity of the Golden Hind Prospect.
The Old Glory Prospect - A new high grade prospect with visible gold at surface The recent discovery of outcropping high grade gold at the Golden Hind Prospect has prompted the Company to conduct further sampling of outcropping quartz veins to the south of Old Pirate. The Old Glory Prospect is located approximately 250 metres north of the Golden Hind Discovery and 500 metres south of the Old Pirate High Grade Deposit.
Recent sampling of outcropping surface quartz has revealed grades up to 70.98g/t gold. Due to the fact that only the outcropping portions of this prospect were sampled the dimensions are unclear. The Company is planning further reconnaissance and drilling in this area.
General Update
The latest stage of drilling at Old Pirate, targeting the new East Side Extensions, and the Western Limb Extensions has been completed. Over 9000 metres of drill sampling is pending assay with further news expected shortly.
For the full announcement including tables, diagrams and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-600674.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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