Extensional Exploration Update - Twin Bonanza Gold Project
Perth, June 25, 2015 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) ("ABM" or the "Company") is pleased to announce an update on extensional exploration on the wider Twin Bonanza Gold Project (surrounding the Old Pirate High-Grade Gold Deposit).
Extensional Exploration Activity Update
- ~9,000 metres of 15,000+ metres shallow drill campaign complete with assays pending.
- Drill testing of 8 individual drill targets in close proximity to the Old Pirate Gold Mine.
- Reconnaissance work at Vampire Prospect:
* More mineralised veins mapped and visible gold observed.
* Large anticline structure (comparable geological structure to Old Pirate Deposit).
* Target area now defined as 1,200 metres by 500 metres.
Darren Holden, Managing Director of ABM said, "With the development of the Old Pirate Gold Mine and commissioning of the Coyote Gold Plant well advanced, we are pleased to present this exploration update. For the past few months our exploration team has been busying itself mapping, sampling and drilling on the areas surrounding Old Pirate. The spectacular visible gold collected in hand-specimen at surface at the Vampire Prospect once again reminds us of the untested potential of this region - the final frontier for gold discovery in Australia. We look forward to announcing drill results from this program."
Twin Bonanza Gold Project - Extensional Exploration Potential
The Twin Bonanza Gold Project includes ABM Resources' Old Pirate High Grade Gold Deposit, the Buccaneer Porphyry Gold Project and more than 50 individual targets and prospects (Figure 2 in link below).
ABM Resources is currently in the process of completing a 15,000m drill program targeting nearsurface mineral resources capable of extending and expanding the Company's production scenario at the Old Pirate Gold Deposit. With the exception of the Buccaneer Prospects, these targets have never before been adequately tested with drilling and no mineralised zones have previously been intersected. Targets were selected based on presence of high-grade gold-bearing quartz veins at surface, soil samples anomalous in gold and arsenic and geological structure.
This is an aircore drill program to a maximum depth of 120 metres and an average depth of 70 metres. To date drilling has been completed at the Bandit Hill and Bandit South Prospects where widespread zones of quartz veins were intersected within intercalated sandstone and shale rocks.
Assays are pending on these zones. Drilling has also been completed in the near surface environment at the Buccaneer Porphyry Project, where the Company is targeting small higher grade zones (>4g/t gold) within the existing large scale envelope of the Buccaneer Porphyry deposit.
Drilling is now underway at the Casa Project, where quartz veins and manganese rich shear zones are being intersected within sedimentary rocks. The Black Cat Prospect located south west of Old Pirate consists of historic gold anomalism and recent reconnaissance work also collected visible gold in hand specimen. The Black Cat Prospect will be drilled as part of this program. The Vampire Prospect is also pending drilling. Additional drilling is also planned for 1 or 2 targets outside of the main Twin Bonanza Project area.
It is important to note that whilst most gold mineralisation in this district is hosted by quartz veins, quartz veins do not always host gold mineralisation.
Reconnaissance and mapping at the Vampire Prospect
In 2014 ABM announced high grade assay results from surface sampling at the Vampire Prospect located north of Old Pirate. These included assays up to 161 g/t gold in surface samples and a central area of outcropping vein approximately 60 metres long (refer announcement 18/07/2014).
Recently ABM has been mapping and sampling the wider area. Several samples of quartz vein with visible gold have been collected. Quartz hydrothermal breccia associated with mineralised structures have also been observed. The mineralised quartz veins and hydrothermal breccias at Vampire are now mapped sporadically over a widespread area of approximately 1,200 metres by 500 metres.
Quartz veins and associated fault structures cross-cut stratigraphy and transect the limb of a southsouthwest trending anticlinal fold (an arch like geological structure). Anticlinal folds are associated with deposits such as Old Pirate, Coyote and Callie in this region. Rock-formations include sandstone of the Ware Group, interbedded sandstone and shale of the Killi Killi Formation.
Drilling of planned 36 holes for a total of 2,700 metres at Vampire will commence shortly, targeting a variety of veins and vein orientations.
ABM will provide updates when assay results are received and compiled.
To view figures and photographs, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-724313.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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