ABM Resources (ASX: ABU) continues to announce some very high grade gold discoveries at the Old Pirate prospect, with today's results capturing the markets attention.
Phase two results at the prospect include 110 metres at 28.34 grams per tonne (g/t) gold, with peak assays up to a bonanza 344g/t gold.
Why these results are so significant for ABM Resources are that they are just from trenching, and when combined with phase one results highlight that the company has potentially discovered a significant gold zone.
Combined the phase one and two results deliver a 1,188 kilogram of surface vein material sampled from a combined strike length of 282 metres at 22.45g/t gold.
Individual higher grade vein strike lengths from the combined phases include; 83 metres strike at 56.31g/t gold, 30 metres strike at 26.58g/t gold, and 10 metres strike at 78.28g/t gold.
Darren Holden, managing director, told proactive investors today that the exploration process at Old Pirate is to establish the overall characteristics.
Holden also added, “The latest results from the Old Pirate Bulk Trenching Program have lifted the overall average grade of the veins sampled at surface.
"This process is focused around assessing the overall statistical characteristics of the gold in the quartz vein swarm at Old Pirate and continues to show robust overall grades averaging in excess of 20g/t gold.”
Success in the samples
Highlighting the success of the samples from the bulk trenching program at Old Pirate from phase two, is that 29 samples out of 116 were greater than 10g/t gold. A dozen samples graded greater than 100g/t gold. Another plus is that individual veins exposed range from 40 centimetres to 5 metres in width.
About Old Pirate
The Old Pirate Prospect is located 1800 metres from the 1.67 million ounce Buccaneer resource which is hosted within the Twin Bonanza Gold Camp. Gold intersections at the prospect distributed throughout a series of quartz veins within interlayered sandstone and shale sedimentary rocks.
The project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont Mining’s (NYSE: NEM) multi-million ounce Callie Gold Mine.
1000 samples and 13,500 metres to be announced
Adding some spice to Old Pirate, there are still more than 1000 samples from phase two and phase three to be delivered to the market, which ABM Resources said are expected shortly.
Add to the mix 10,000 metres of drilling pending delivery to the market from Buccaneer and a further 3500 metres from Hyperion - the news flow is set to increase in the coming weeks and months.
Analysis
Proactive Investors is of the view that the exploration success by ABM Resources during 2011 could push the company's gold JORC Resource base past the milestone 2 million ounce mark in the March quarter 2012, when an update is delivered to the market.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22713/abm-resources-delivers-trenching-result-of-110-metres-at-2834gt-gold-from-twin-bonanza-22713.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment