Further Exploration Drill Results on Twin Bonanza Gold Project Include 17 Metres Averaging 2.63g/t Gold
Darwin, Sep 9, 2015 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to provide an update on exploration at the Twin Bonanza Gold Project located in the Northern Territory, Australia.
Near Surface Drilling at the Buccaneer Porphyry Gold Deposit
- 17 metres averaging 2.63g/t gold (30 metres below surface) including:
* 4 metres averaging 5.30g/t gold
- 19 metres averaging 1.23g/t gold (36 metres below surface) including:
* 2m averaging 3.27g/t gold
- 6 metres averaging 3.26g/t gold (44 metres below surface)
- 4 metres averaging 2.18g/t gold (from 12 metres below surface)
High-Grade results from the Black Cat Prospect:
- 3 metres averaging 9.18g/t gold (from 13 metres below surface)
- 3 metres averaging 5.02g/t gold (from 26 metres below surface)
First drill results from the Casa Prospect:
- 3 metres averaging 3.52g/t gold (from 65 metres below surface)
- Visible gold sighted at surface
First drill results from the Vampire Prospect
- 3 metres averaging 2.29g/t gold (from 44 metres below surface)
Darren Holden, Managing Director of ABM said, "These latest drill results highlight the near surface potential on the wider Twin Bonanza Gold Project. With these new wide intersections at Buccaneer, and interesting first results from reconnaissance work at Black Cat, Casa and Vampire, we are once again reminded of the outstanding potential in this underexplored district."
Buccaneer Porphyry Gold Deposit Drilling
The Buccaneer Porphyry Gold Deposit contains a total resource estimate of 15.3 million tonnes averaging 2.23g/t gold for 1.1 million ounces of gold (Indicated and Inferred Resource categories - refer Appendix 2, in link below). The resource estimation was based on several drilling campaigns undertaken by ABM and previous explorers and consists of widespread drilling focussing on large scale low-grade mineralisation. There are, however, several near-surface targets within the mineralised envelope that have the potential to yield smaller tonnage and higher grade mineralised zones. These zones are being targeted to potentially add production to the Old Pirate High-Grade Gold Mine, which the Company is currently processing material from at the Coyote Processing Plant. The first round of results from this program were announced on 10/07/2015 and included 19 metres averaging 5.82g/t gold.
The drill results issued in this release are from Buccaneer holes drilled towards the south-west and targeting a shallow (25 to 40 degree) north-east dipping zone in the near surface environment.
Mineralisation in this upper zone has been defined at over 600 metres strike length, with widths between 5 and 30 metres and extending from the near surface to >100 metres down dip. Full assay results can be found in Appendix 1, in link below.
On 17/08/2015 ABM announced preliminary metallurgical test-work results from Buccaneer which included both, 96.3% gold extraction using conventional cyanide leaching test-work and potential for gold extraction using heap leaching. ABM will review these latest drill results in the context of both processing methods to establish the best path forward through scoping and feasibility studies.
Drilling on Other Prospects
Drilling was also undertaken at the Black Cat Prospect located ~22 kilometres south west of the Old Pirate Gold Mine, the Casa Prospect located 11 kilometres south east of the Old Pirate Gold Mine and the Vampire Prospect located 15 kilometres north east of the Old Pirate Gold Mine.
At Black Cat, drilling targeted areas beneath a number of outcropping quartz veins (with visible gold) and areas of historic shallow drilling with anomalous results. Four different areas were tested (Figure 2, in link below) with results documented in Appendix 1. Most drill results were low-grade, however, re-split check sampling is being undertaken on the higher grade results where visible gold was sighted in drill chips (including 3 metres averaging 9.18g/t gold). Current drill results define a trend of mineralisation over 700 metres of strike length.
At Casa, the drilling targeted areas beneath widespread, anomalous surface geochemistry. Results are documented in Appendix 1. The best result (3 metres averaging 3.52g/t gold) was in the most northerly hole and hence potentially provides a vector to mineralisation to the north. In addition, recent reconnaissance work has identified visible gold grains up to 1mm in outcropping quartz veins nearby.
The Vampire Prospect located north of the Old Pirate Gold Mine has also been drilled. Drill results are mainly low-grade and did not emulate the high-grade results seen at surface. However, further interpretation of the structural geology is underway to ascertain the plunge of the high-grade mineralisation within the quartz veins to provide better drill targets.
To view Appendix 1 & 2, and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-732984.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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