High-Grade Discovery Confirmed at Golden Hind 17m @ 29.43g/t
Perth, Sep 17, 2012 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce the first drill results from the Golden Hind Prospect. Golden Hind is located 800 metres south of the Old Pirate Gold Deposit on the Company's Twin Bonanza Gold Camp Project in the Northern Territory of Australia.
Golden Hind Drill Result Highlights:
- Drill Hole GHRC100002 intersected:
-- 17 metres averaging 29.43g/t gold including:
-- 6 metres averaging 80.56g/t gold.
- Drill Hole GHRC100001 intersected:
-- 25 metres averaging 7.62g/t gold including:
-- 8 metres averaging 14.28g/t gold and
-- 1 metre grading 67.4g/t gold.
- Drill Hole GHRC100004 intersected:
-- 21 metres averaging 4.27g/t gold including:
-- 4 metres averaging 13.34g/t gold.
- Further 24 holes completed at the Golden Hind pending assay.
Darren Holden, Managing Director, said, "The Golden Hind discovery is very significant for ABM Resources. Its proximity to Old Pirate, the wide high-grade intersections and the coarse gold previously reported at surface make it likely that it will add significant open-pit ounces to the project. We look forward to bringing you further results shortly."
Golden Hind Prospect
The Golden Hind Prospect is located approximately 800 metres south of the Company's Old Pirate High-Grade Gold Deposit. The prospect consists of gold bearing quartz veins hosted by sandstone and shale. Veins are interpreted to dip steeply to the south-west. High-grade mineralisation is currently interpreted to plunge approximately 50 degrees to the south within steeply dipping veins, however this model may change as further results are received.
The first five holes at the Golden Hind were drilled to test the orientation of veins. Holes GHRC100001 and GHRC100002 intersected high-grade mineralisation, whereas hole GHRC100003 is interpreted to have been drilled beneath the southerly plunging high-grade zone. Hole GHRC100004 was drilled subparallel to the system and intersected the footwall of the zone of the veins, however, due to the drill angle of the hole, did not intersect the main high-grade vein intersected in holes GHRC100001 and GHRC100002. Hole GHRC100005 was drilled in the footwall of the system and did not intersect significant mineralisation.
About the Old Pirate High-Grade Gold Deposit
The Old Pirate Gold Deposit is a high-grade system with current resources of 427,000 ounces of gold averaging 7.95g/t gold (top cut) or 565,000 ounces averaging 10.95g/t gold (uncut) (refer appendix 3).
Gold bearing quartz veins range from a few centimetres to over 4 metres in width and extend over an area approximately 800 metres by 200 metres. Quartz veins are hosted in a folded interlayered sandstone / shale sequence.
View the full ABM Resources announcement including Figures and Appendix, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-604190.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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