Quarterly Activities and Cashflow Report
Perth, Jan 23, 2014 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) Quarterly Activities and Cashflow Report for the 3 Months Ended 31 December 2013.
TRIAL MINING & PROCESSING AT THE OLD PIRATE HIGH-GRADE GOLD DEPOSIT DURING THE QUARTER:
- Trial Mining and Processing complete.
- ~3,200 ounces of gold produced including 3,094 ounces of gold sold during the quarter achieving gross-proceeds of $4.23M.
- Significant gold in circuit to be recovered in ball mill clean-out in coming weeks.
- 17.8g/t gold average plant feed (head grade) exceeded expectation. (note 1)
- Overall in-plant recovery of 87% (based on feed vs tail assays) from gravity only processing with multiple grind sizes trialled to establish optimal processing parameters for Stage 2. (note 2)
- Dilution management and mining to geological / mineralised zone boundaries successful.
- Detailed mapping continued to reveal shallow plunging high-grade mineralised fold noses generating targets for near-surface extensional exploration work.
- Grade control data being compiled and resource update work commenced.
NOTES:
1. Head grade average is based on sampling from feed conveyor.
2. In-plant recovery is weighted to tonnes and based on daily feed vs tail assays.
Using the data and parameters established in Stage 1, the Company estimates >90% recovery is readily achievable in Stage 2.
EXPLORATION
- Exploration tenement divestment of the North Arunta Regional Project proposed to Clancy Exploration Limited, option exercise pending. Option fee of $250,000 received. ABM will become the major shareholder in Clancy, should the agreement complete.
- Independence Group NL, in alliance with ABM Resources, completed the first phase of the regional geochemistry program at Lake Mackay.
CORPORATE
- $5.1M cash at the end of the quarter (compared to $2.8M at the end of the previous quarter).
Further revenue expected in the short-term from gold recovered during the upcoming ball mill clean-out.
PROJECTS
ABM is an exploration Company 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 potentially short-term production scenarios such as the Old Pirate High-Grade Gold Project (Trial Mining complete, ball mill clean-out pending), 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, and the recently announced and proposed divestment of the North Arunta Projects to Clancy Exploration Limited.
View the complete report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-664849.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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