ABM Resources managing director Darren Holden tops up shareholding

ABM Resources' (ASX: ABU) managing director Darren Holden acquired 714,285 shares in an on-market trade at $0.042 per share on July 21.

Holden purchased the shares for a total consideration of $29,999,97 and now holds a direct stake of 714,285 shares. He also holds an indirect interest of 20,166,667 shares through the Sinclair Family Trust.

On July 18 ABM Resources further extended the 1.67 million ounce Buccaneer Porphyry Deposit south, discovering another new porphyry hosted mineralised zone, called Eastern Contact, at the Twin Bonanza Gold Camp in the Northern Territory.

Along with the high grade Old Pirate Prospect, ABM now has five drilled mineralised zones, four of which are pending drilling to first resource.

With a gold resource of 1.67 million ounces versus a current market valuation of sub-$100 million, ABM Resources' valuation is light.

If the company's drilling success rate is anything to go by, ABM Resources is likely to be re-rated.

ABM Resources is currently trading at $0.042 per share.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18051/abm-resources-managing-director-darren-holden-tops-up-shareholding-18051.html