Sunday, 31 July 2011

ABM Resources unveils 427m gold intersection at 1.67m oz Buccaneer

ABM Resources (ASX: ABU) continues to deliver some project significant results from the 1.67 million ounce Buccaneer Porphyry Gold Deposit, located within the company’s Twin Bonanza Gold Camp Project.
Extensional drilling continues to grow the deposit, with the recent highlight a very broad 427 metres at 0.52 grams per tonne (g/t).

Importantly within this major intersection are multiple higher grade zones, including; 39 metres at 2.22g/t gold, 32 metres at 1.44g/t gold and 35 metres at 1.20g/t gold.

Further complimenting these results is for the first time ABM Resources has observed high grade visible gold in the core in an individual 1 metre sample.

The impact of the bonanza grade 1 metre at 53.1g/t gold, is that the discovery is a strong indicator of readily recoverable gold available within this section of the system.

Darren Holden, managing director, commented on the discoveries and said, "our first diamond core hole, is one of our deepest holes ever and contains substantial mineralisation over a 427 metre length extending mineralisation vertically approximately 130 metres on this section.

"Furthermore, the Buccaneer Deposit has been extended further to the south east with the excellent results."
The diamond hole where the latest gold intersections were discovered was drilled as a near step-out twin to confirm Buccaneer’s western zone mineralisation.

ABM Resources said the twinning of select reverse circulation holes with diamond core drilling was advised by SRK (Australia) Consulting Pty Ltd during their resource estimation work on Buccaneer.

The diamond core hole intersected several styles of mineralisation including chlorite-quartz stockwork veins, flat-lying high grade quartz veins and high sulphide heavily altered areas.

The hole was also assayed for full multi-element analysis, with results pending.

The Twin Bonanza Gold Camp is located about 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border.

The project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont’s (NYSE: NEM) multi-million ounce Callie Gold Mine.

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