High-Grade Assays up to 161g/t Gold from Vampire Prospect
Perth, July 18, 2014 AEST (ABN Newswire) - High-Grade Assays up to 161g/t Gold from the Vampire Prospect
ABM Resources NL (
ASX:ABU) ("ABM" or "the Company") is pleased to provide an update on extensional exploration on the wider Twin Bonanza Gold Project detailing assay results from surface sampling at the Vampire Prospect.
Vampire Prospect Surface Sampling Results:
- Located approximately 14 kilometres north of the Old Pirate High-Grade Gold Project.
- Systematic longitudinal surface sampling shows mineralised veins up to 0.6 metres wide.
- High-grade vein structure with:
14g/t gold average grade along a 60 metre naturally out-cropping vein;
161g/t and 157g/t gold peak values;
Coarse visible gold sighted.
Possible parallel or adjacent structures with samples up to 9.35g/t gold.
Open along strike and projected to extend under shallow cover.
- Several other anomalous zones over an area 300 metres by 150 metres.
- Represents the highest grade surface samples collected on the project outside the main Old Pirate Trend.
- Work on-going with follow-up sampling planned.
- Other work on the wider Twin Bonanza Project area on-going.
Darren Holden, Managing Director of ABM said "Once again, scouring this land has yielded a new high-grade gold bearing structure with visible gold at surface. These results from Vampire are the highest grade assay results we have ever received from surface sampling in the wider Twin Bonanza project area outside the Old Pirate trend. As we work towards the development of Old Pirate and the access to the Coyote Gold Plant we will also continue to follow up on the work at Vampire and other targets that potentially provide the opportunity for other complementary discoveries."
Vampire Prospect Details
The Vampire Prospect is located approximately 14 kilometres north of the Old Pirate High-Grade Gold Project and 5 kilometres east of the ABM's main access road. Geologically the area consists of quartz veins hosted primarily in a sandstone sedimentary sequence. Three kilometres to the south of the Vampire Prospect area is the Syrene Prospect, which consists of a quartz monzonite porphyry intrusion potentially analogous to the Buccaneer Porphyry. Syrene sits on an exploration license application recently acquired from Toro Energy Ltd (refer announcement 14/05/2014).
Previous exploration activity in the Vampire Prospect area included mapping, soil sampling and rock chip sampling which included assays up to 83g/t gold (refer release 31/01/2011). In the latest round of work ABM sought to conduct more rigorous sampling of the numerous quartz veins in the Vampire Prospect area to attempt to domain and identify which sets of veins are mineralised. Of particular interest was the discovery of visible gold in surface sampling, and systematic longitudinal channel sampling of veins revealed a high-grade structure approximately 60 metres long with variable widths between 20cm and 60cm, which averaged 14g/t gold (refer Figure 1). Peripheral to this structure are other samples up to 9.35g/t gold which may represent other high-grade structures adjacent to the main vein sampled. Only outcropping quartz was sampled and these zones may extend under cover along strike and may be wider than the area observed in the natural outcrop.
Other clusters of outcrop with anomalous grades have also been identified over an area approximately 300 metres by 150 metres (Figure 2 in link below).
This work will be followed up with shallow trenching to follow the gold bearing veins undercover and will potentially be drill tested.
Old Pirate Development Update
Further to the announcement relating to the lease of the Coyote Gold Plant (07/07/2014), ABM has commenced working with Tanami Gold on sourcing the requisite approvals to complete the transaction. Extensional, infill, sterilisation and environmental drilling is on-going at Old Pirate and an update will be presented shortly.
To view figures and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-684269.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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