New Shallow High-Grade Zone Intersected at Old Pirate
Perth, July 29, 2014 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or "the Company") is pleased to provide an update on extensional drilling at the Old Pirate High-Grade Gold Project located at the Twin Bonanza Project in the Northern Territory of Australia.
Highlights from extensional drilling at Old Glory Prospect:
- Old Glory Prospect located 300 metres south of the main Old Pirate Deposit.
- Extensional drilling intersects new high-grade zone of mineralisation on southern extensions of Old Glory.
- 6 metres averaging 37.82g/t gold with a peak value of 120g/t gold from 12 metres down hole.
- 4 metres averaging 33.47g/t gold with a peak value of 106g/t gold from 12 metres down hole.
- 1 metre grading 122g/t gold from surface.
- 1 metre grading 49.6g/t gold from 11 metres down hole.
All intervals reported at a 1.0g/t cut-off.
Darren Holden, Managing Director of ABM Resources said, "The Old Glory Prospect previously returned generally modest grade results, so to locate wide high-grade intersections just a few metres below surface is certainly exciting. We look forward to presenting further results on this potential new high-grade zone as they come to hand."
Old Glory Extensions
The Old Glory Prospect area consists of multiple veins over an area approximately 280 metres by 50 metres. This area is located approximately 300 metres south of the main Old Pirate deposit. Previous exploratory work has generally shown lower grades compared to the main Old Pirate deposit including surface veins averaging 4.84g/t gold and drill intersections including 3 metres averaging 8.33g/t gold (refer release 16/11/2012). However, this latest work has intersected multiple high-grade drill intersections.
Several holes at the southern end of Old Glory (refer Figure 1 and Appendix 1 in link below) intersected gold bearing quartz veins with two holes (OPGC0482 & 0481), drilled in opposite directions on east-west drill lines, both intersecting mineralisation with >30g/t gold average over 6 metres and 4 metres respectively.
This new zone is inferred to be a southerly plunging mineralised shoot and further drilling is being carried out to assess the geometry and extents of this zone. Other drill holes in the vicinity include results up to 1 metre grading 122g/t gold and 1 metre grading 49.6g/t gold.
Northern extensions to Old Glory also returned several mineralised intercepts indicating multiple structures with the highest assay being 9.93g/t gold over 1 metre. This will be followed up with further work.
The central Old Glory area did not return any significant mineralised intercepts from drilling. However, there is mineralised quartz at surface in this area and test pits will be dug to better establish the extent of mineralisation.
Other Extensional Drilling on the Old Pirate Trend
No infill drilling has been undertaken at the Golden Hind deposit due to previous drill spacing being sufficient. However, extensional drilling has intersected results up to 5 metres averaging 3.58g/t gold with a peak value of 8.66g/t gold; 5 metres averaging 3.05g/t gold with peak value of 8.16g/t gold and 1 metre grading 5.73g/t gold. Refer to Appendix 1 for further details.
Extensional drilling at the Bermuda Zone includes results up to 6.15g/t gold over 1 metre. Drilling is also being carried out at the Dominica Zone located between Old Glory and Bermuda.
On-going work
Further results following up on work at Old Pirate South, Central Zone (northern extensions) and Old Glory are still pending. Currently the reverse circulation drilling rig is conducting sterilisation drilling on the areas designated for waste-dumps and will be returned to Old Pirate and extensions dependent on whether further drilling is deemed to be required.
To view figures and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-685361.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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