ABM Resources finds gold and copper in first drilling in Lake Mackay

ABM Resources (ASX: ABU) has intersected gold and copper mineralisation at the Tekapo prospect area with a scout reverse circulation drilling program at the Lake Mackay Regional Prospects.

Most holes at the Tekapo prospects intersected widespread anomalous mineralisation, with results including:

- 26 metres at 2.22 grams per tonne (g/t) gold from 28 metres, including 18 metres at 3.05g/t gold; and
- 17 metres at 0.25% copper from 17 metres.

ABM intends to follow up on these results with further targeting work, including geophysics.

The Tekapo Prospect is associated with iron oxide (haematite) gossanous breccia at the surface which, along with the broad suite of anomalous metals, suggests an Iron Oxide Copper-Gold (IOCG) mineralisation model similar to the Olympic Dam and Prominent Hill mines in South Australia, the Tennant Creek systems in the Northern Territory and Ernest Henry in Queensland.

The company’s Lake Mackay Project Area covers about 8,000 square kilometres of exploration licences and applications in the Northern Territory, 400 kilometres west of Alice Springs.

ABM’s first drilling program at the project had a range of targets, including the three Tekapo targets, the Manapouri Target and the Te Anau Target.

These targets complement the company’s 1.67 million ounce Twin Bonanza Gold Camp Project, where drilling earlier this year extended the Caribbean Zone and Buccaneer Gold Deposit.

Managing director Darren Holden said ABM was committed to regional exploration across its land holdings.

“The Lake Mackay region is one of the most underexplored mineral belts in Australia and ABM’s first drilling program in the Lake Mackay area has confirmed the presence of gold and copper mineralisation. We look forward to following up on these very encouraging scout drill results shortly.”

ABM has a range of projects in the Northern Territory, including the Tanami and Arunta provinces.

At the end of the September quarter, the company had about $13.1 million cash.

Manapouri/Te Anau prospects

ABM’s Lake Mackay drilling program also uncovered the first evidence of gold present in system at the Manapouri and Te Anau prospects.

Manapouri and Te Anau consist of geophysical anomalies and widespread surface arsenic anomalism.

Drilling returned 1 metre at 5.61g/t gold, the first anomalous gold grade identified in this area.

The company intends to follow up with further work.
Land access agreement

In other company news, ABM has signed Deeds of Exploration over the Lake Mackay Regional Projects which pave the way for the granting of new licences.

The agreement with Traditional Owners, facilitated by the Central Land Council, provides access to 3,500 square kilometres of prospective geology that has never been systematically explored.

The paleoproterozoic belt has potential for multiple mineralised styles, including IOCG, orogenic high grade gold, porphyry/intrusion-related gold and base metal, ultramafic intrusion-related nickel-copper-platinum, banded iron formation and rare earth element deposits.

“This remote part of Central Australia is one of the last vast regions of un-explored Proterozoic mineral belts remaining on the planet and offers enormous opportunities for multiple deposit styles,” Holden said.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22510/abm-resources-finds-gold-and-copper-in-first-drilling-in-lake-mackay-22510.html