More High-Grade Gold at Old Pirate
Perth, April 9, 2013 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "The Company") is pleased to present a compilation of results from lowcost surface exploration extensional to the 723,800 ounce gold mineral resource at the Old Pirate High-Grade Gold Deposit and an update on the Old Pirate Trial Mining and processing. Old Pirate is located on the Company's 100% held Twin Bonanza Gold Camp Project in the Northern Territory of Australia.
Extensional Exploration at Old Pirate
Bermuda Zone - High-Grade Gold in surface exposed veins:
- Located 200m south east of the main Old Pirate High-Grade Gold Deposit.
- Multiple quartz veins exposed at surface over an area 50m x 50m.
- Visible gold sighted in samples.
- Multiple high-grade gold assays from rock samples up to 34.9g/t gold.
- To be followed up with surface trenching work and drilling.
Golden Hind West Prospects - Geochemistry Anomalies:
- Located 150m to 300m west of the high-grade Golden Hind Deposit.
- Gold in soil anomalies parallel to the Golden Hind trend.
- Area covered approximately 250m by 150m.
- Soil sampling assays up to 640ppb gold.
- To be tested with trenching work and drilling.
Casa Prospect - Geochemistry Anomalies:
- Located 8 kilometres south east of the Old Pirate High-Grade Gold Deposit.
- Extensive Ionic Leach gold geochemistry anomalies covering 3 kilometres by 3 kilometres.
- To be followed up with drill testing.
Old Pirate Trial Mining and Processing:
- Off-site modular pilot-plant construction for the Old Pirate staged development continues on schedule and budget.
Darren Holden, Managing Director of ABM Resources said, "As ABM continues its push for staged development at the Old Pirate High-Grade Gold Deposit, we are also conducting low-cost extensional surface exploration work. The Company's team of geologists has instigated a detailed work program aimed at the discovery of new outcrops of quartz veins with high-grade gold. This work highlights the potential to significantly extend many of the vein sets we already know exist, plus opens up others in the immediate vicinity of the project area which could add to the already substantial mineral resource at the high-grade Old Pirate Deposit."
Bermuda Zone - High-Grade Gold in Surface Exposed Veins
The Bermuda Zone consists of a triangular wedge of multiple quartz veins between two faults. Quartz veins have been exposed at surface over an area approximately 50m by 50m with visible gold sighted in hand specimen within quartz veins. The quartz veins are hosted within sedimentary shale units associated with a diorite porphyry dyke intruding the sediments and range from a few centimetres to more than a metre wide. Rock-chip assays resulted in 51 surface samples (including duplicates) grading greater than 1g/t gold with a maximum assay of 34.9g/t gold. The central area of Bermuda has an average quartz vein sample grade of 5.26g/t gold. Refer Figure 1 and Appendix 1 for further details. ABM intends to follow up the Bermuda Zone with further surface exploration work, followed by drilling.
The Golden Hind West Prospects - Gold in Soil Geochemistry Anomalies
In mid-2012, ABM discovered the high-grade Golden Hind Deposit after following up on historic surface geochemistry sampling results. Subsequent exploration at Golden Hind resulted in a number of highgrade drill results, such as 15m averaging 118g/t gold, and an indicated resource estimate of 113,000 tonnes averaging 16.45g/t gold for 59,100 ounces of gold. ABM recently reviewed geochemistry data provided by previous explorers to the west of the Golden Hind Deposit searching for similar gold anomalies. Reconnaissance work has shown that the area to the west of Golden Hind has very little outcrop, however, a review of existing surface geochemistry results indicate multiple trends which are parallel to Golden Hind with high-grade soil samples up to 640ppb gold. These prospect areas will be followed up with further surface exploration work including cross-trenching prior to drilling.
The Casa Prospect - Extensive Ionic Leach Gold Geochemistry Anomaly
During 2012 ABM conducted extensive geochemical surveys using a low-level detection technique called Ionic Leach which was developed by ALS Global Laboratories in Perth. Ionic Leach is designed to see through surface transported cover (alluvial / wind-blown sands and gravel) where other traditional soil sampling techniques are not appropriate. Results are presented as percentiles against the background levels rather than absolute grades. Further description of Ionic Leach geochemistry is contained in the AGES 2013 presentation released 19/03/2013.
The Casa Prospect is located 8 kilometres south-east of Old Pirate. There are extensive large outcropping quartz veins at Casa which appear to be generally barren of gold, however, the area has had visible gold samples as reported by the Northern Territory Government mineral occurrence database. The area immediately to the south-west (and along strike) of the outcropping veins consists of transported surface gravels. ABM covered this area with Ionic Leach geochemistry surveys which revealed extensive gold anomalies over an area approximately 3 kilometres by 3 kilometres. The Company intends to follow up the Casa Prospect with shallow gridded drilling.
Update on Old Pirate Trial Mine and Processing - Pilot Plant Construction
As previously announced, ABM is planning to conduct Trial Mining at the Old Pirate Project in June and July of 2013. This Trial Mining is Stage One of a multi-stage approach to development at Old Pirate.
The Trial Mining and Pilot Plant work remains on schedule for both budget and timing, with mining scheduled to commence in June 2013 and processing in July 2013. Long lead time items for fine gold recovery (Knelson Concentrator) have been ordered from Consep Pty Ltd and engineering of support structures is progressing. AMTAS Pty Ltd in Perth has commenced work on components for coarse gold recovery (scrubber and jig). The crushing circuit and ball mill have been secured via Index Pty Ltd in Brisbane and are being refurbished.
For full diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-631021.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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