65 Gold Anomalies Identified at Lake Mackay Project
Perth, Feb 6, 2014 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that it has compiled and assessed the first round of geochemical soil sampling results provided by Independence Group NL (ASX:IGO) (“IGO” or “Independence”) from the Lake Mackay regional project alliance.
First pass 800m x 800m BLEG(See Note 1) soil sampling at Lake Mackay Regional Alliance
- 65 individual gold anomalies (from soil sampling) from 3592 sample locations.
- Tekapo area cluster – 14 anomalies over an area 20km by 15km.
- Terry’s Pit area cluster – 4 anomalies over an area 8km by 5km.
- Follow up and infill work complete in some areas with results pending.
Darren Holden, Managing Director of ABM Resources said, “It is just over 5 months since ABM signed the exploration alliance with Independence. We have been very impressed at how quickly IGO has covered vast tracts of some of the most under-explored Proterozoic terrane in Australia. Utilising lowlevel detection soil geochemistry techniques, the alliance has already identified 65 anomalies and infill work has commenced. The Tekapo and Terry’s Pit areas have extensive anomalism indicating potentially large mineralised cells and other areas have generated several coherent anomalies warranting further work. We look forward to seeing further results from Independence as they hone in on specific targets.”
Lake Mackay Regional Geochemistry Programs
To date a total of 3592 soil geochemistry samples have been collected, assayed and compiled. This covers an area of over 2000 square kilometres. The samples are being collected on an 800 metre by 800 metre grid over areas cleared for access by the Central Land Council. The principal methodology is BLEG (bulk leach extractable gold) which is a low-level detection technique potentially able to pick targets through possible post-mineral / transported cover or complex regolith environments. Work has commenced on several anomalous areas noted in the first pass work with infill on 400 metre by 200 metre grids. The current technique is only applicable to gold anomalism; however, samples are also retained for base-metal targeting work.
A total of 65 gold soil anomalies have been generated covering an area in excess of 80 square kilometres. Due to the techniques applied, absolute gold values are not meaningful in a regional context and anomalies are presented as percentile ranking (Figure 1 in link below).
Note: 1. Bulk leach extractable gold (BLEG) low-level detection soil geochemistry technique.
Of particular note is a cluster of 14 anomalies spread over an area of 20 by 15 kilometres around the known Tekapo prospect, where ABM previously reported drill intercepts including 16 metres averaging 3.4g/t gold and 4 metres averaging 2.6% copper (refer release 7/01/2010). In addition, large anomalies in a zone 8 kilometres long were noted in the vicinity of the Terry’s Pit prospect where noted explorer Michael Terry discovered gold in the 1920s.
Background to the transaction with Independence
ABM acquired the Lake Mackay Project area from Tanami Gold NL in late 2009. The area, at the time of acquisition, consisted mainly of exploration license applications. Through negotiation with the traditional owners, via the Central Land Council, ABM successfully entered into exploration access agreements and licenses were subsequently granted. ABM has conducted initial scout drilling programs in the area but due to the Company’s focus on the Twin Bonanza Gold Camp (including the Old Pirate Gold Project) located some 300 kilometres to the north of Lake Mackay the Company opted to find a suitable partner for Lake Mackay.
In August 2013, ABM announced that it had entered into an alliance agreement with Independence. Independence is currently in the initial option phase where it is spending $1.6M to earn the right to enter a joint-venture. Rather than focus around known occurrences, IGO has elected to build a regional picture of the geology and geochemistry. Refer to the announcement dated 21/08/2013 for further details on the ABM / IGO alliance.
Regional Geology and Prospectivity
The Lake Mackay Regional Project is located in the Northern Territory between 400 and 500 kilometres west of Alice Springs. The area is accessible via un-sealed roads and is proximal to the Nyrippi community.
The Project consists of some of the most under-explored Proterozoic mineral belts in Australia and is part of the Arunta geological region, a Proterozoic domain covering a large part of Central Australia. The Lake Mackay area comprises metamorphosed sedimentary rocks, volcanic and felsic to mafic intrusive rocks. Several significant tectonic to regional scale structures (e.g. faults) are inferred from regional geophysical data. Geologically there are comparisons between the Lake Mackay area and the Tanami Region as well as other Proterozoic belts including the Albany-Fraser Orogen (host to Nova-Bollinger nickel discovery) and the Stuart Shelf (host to Prominent Hill and Olympic Dam deposits).
Previous work has led to the identification of gold and base metal mineralisation in several areas in the Lake Mackay project providing sufficient evidence that mineralising fluids were active through this belt of rocks. However, due to its remoteness the area has not received the same level of exploration attention as other parts of Proterozoic Australia.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-666881.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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