ABM Resources: new gold discoveries at Buccaneer support bulk tonnage opportunities

The significance of ABM Resources' (ASX: ABU) latest gold discoveries at the Buccaneer Porphyry body, hosted within the Twin Bonanza Gold Camp Project, is that they indicated substantial continuity of bulk-tonnage grade mineralisation.

Extensional drilling between the Caribbean and Cypress Zones delivered assays up to 25.13 grams per tonne (g/t) gold, with multiple higher grade shoots.

Highlights included the broad intersection of 31 metres at 1.92g/t gold from 228 metres, which held some high grade intersections including 4 metres at 13.23g/t gold, and 2 metres at 25.13g/t gold.

Providing further support for the potential of the project, a new sedimentary-hosted oxide gold zone has been intersected just west of the Caribbean to Cypress Zone Trend.

The best results from here included 48 metres at 0.46g/t gold, including 16 metres at 1.01g/t gold.

Darren Holden, managing director, said that the latest results from the Caribbean to Cypress zones illustrate the potential for extensive mineralisation along the western contact of the Buccaneer Porphyry.

"The company has also discovered mineralisation at the Bandit Prospect located east of Old Pirate.”

Investors might remember the stunning results from Old Pirate last month, which included trench results of:

- 95 metres at 27.96g/t gold, open along strike;
- 46 metres at 10.59g/t gold, open along strike; and
- 25 metres at 8.50g/t gold.

The Old Pirate Prospect is located 1800 metres from the 1.67 million ounce Buccaneer resource, with gold at the prospect distributed throughout a series of quartz veins within interlayered sandstone and shale sedimentary rocks.


10,000 metres of assays pending

The news flow is set to ramp up over the next few weeks and months, with 10,000 metres of drilling from Buccaneer, Buccaneer extensional projects and Old Pirate, including holes being re-assayed using screen-fire analysis for coarse gold, still pending assay in 2011.


Other ABM Resources news
In other company news, at the Hyperion Gold Project extensional and resource drilling is nearing completion which comprises around 3,400 metres.


Strong Cash Position
ABM Resources remains well funded, with over $13 million in cash at the end of the September quarter.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22631/abm-resources-new-gold-discoveries-at-buccaneer-support-bulk-tonnage-opportunities-22631.html