Golden Hind Spectacular Drill Intersections 42m @ 44g/t
Perth, Oct 2, 2012 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce the second round of 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 GHRC100014 intersected:
- 42 metres averaging 44.02g/t gold (0.5g/t cut-off) from surface including:
- 15 metres averaging 118.5g/t gold (1.0g/t cut-off) with the main high grade vein included in this section returning 3 metres averaging 546g/t gold.
- Panning recovers approximately 12g of gold from 15kg of material suggesting coarse gold grade is under-called at the laboratory.
Drill Hole GHRC100024 intersected:
- 20 metres averaging 10.59g/t gold (0.5g/t cut-off) from 13 metres depth including:
- 11 metres averaging 18.4g/t gold (1.0g/t cut-off)
Drill Hole GHRC100021 intersected:
- 21 metres averaging 9.52g/t gold (0.5g/t cut-off) from 11 metres depth including:
- 15 metres averaging 13.2g/t gold (1.0g/t cut-off)
Diamond Core drilling underway.
Darren Holden, Managing Director, said, "GHRC100014 represents the best grade / width intersection ever on the Twin Bonanza Gold Camp Project. The Golden Hind Prospect, located only 800 metres south of the Old Pirate Deposit, is a potential second high grade open pit for an integrated operation at Old Pirate."
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 single high grade vein with other peripheral 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 35 degrees to the south within steeply dipping veins. The latest round of results completes the initial 29 reverse circulation drill hole program at the Golden Hind. All results are shown on Figures 2 and 3 as well as Appendix 1.
Drill hole GHRC100014, in particular, intersected the widest high grade intersection drilled to date on the project. The main high grade vein was intersected at 16 metres depth and averaged 546g/t gold over 3 metre width within a zone of 15 metres averaging 118.5g/t gold. Either side of this vein are other high grade structures. ABM personnel proceeded to take the remnant RC samples on site and pan gold from this 3 metre section. A total of 12 grams of gold was panned from 15 kilograms of material which would indicate a grade of approximately 800g/t with individual gold grains up to 5mm. When gold is so coarse it is difficult for laboratories to estimate the total assay and the laboratory reported this to the Company. Based on the panned sample it would suggest that the assays are under-calling total gold content.
Gold at the Golden Hind Prospect is contained in quartz veins and quartz vein breccia. At surface high grade gold is confirmed over a strike length of 60 metres within a south west dipping vein. These latest results indicate that the high grade zone is plunging shallowly to the south (Figure 2).
ABM has commenced diamond drilling with holes pending assay. Diamond hole GHDD100001 was drilled as a twin of hole GHRC100014 and revealed visible gold in quartz. Hole GHDD100002 was drilled to the north of the main high grade area to get a view of stratigraphy outside of the main orezone.
Holes GHDD100003 and GHDD100004 were drilled to test down plunge continuations of the high grade structure. These holes intersected 6 metres and 9 metres of quartz vein and quartz vein breccia respectively (Figure 3) and are pending assay.
Next Steps
Extensional drilling is on-going at both the Old Pirate and the Golden Hind Prospects. Further results are expected to be compiled and reported shortly. Upon completion of drilling and subsequent work ABM intends to issue an updated resource statement.
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.
To view the complete ABM Resources announcement including Figures and Appendix, please see the link below:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-606428.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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