ABM Resources finishes 2011 in fine form with high grade gold at Old Pirate

ABM Resources (ASX:ABU) has finished 2011 in fine fettle, logging more high grade gold from surface sampling at Old Pirate, part of the company’s Twin Bonanza Gold Camp Project.

Current phase results averaged a very fine 20.44g/t gold over a combined vein strike length of 145 metres (125 samples) with a peak value of a spectacular 293g/t gold.

However, at the granular level, the results look even better.  33 samples (out of 125 Phase 2b samples) graded greater than 10g/t gold and averaged 66.99g/t gold.

8 samples (out of 125 Phase 2b samples) graded greater than 100g/t gold and averaged 164.88g/t gold.

Phase 2b results included: 68 metres strike length averaging 25.86g/t gold extending overall vein sampling to date to 427 metres strike length averaging 21.85g/t gold.

Eastern Limb Lodes results:

- 248 metres of strike length from 5 overlapping veins averaging 23.96g/t gold including individual veins with 68 metres strike length averaging 25.86g/t gold.

Western Limb Lodes include individual vein lengths of 26 metres strike length averaging 21.80g/t gold.

Managing Director Darren Holden said, “The longitudinal surface sampling at Old Pirate continues to return spectacular grades.

"Old Pirate is devoid of historic diggings, was missed in the old gold rush days and likely represents one of the last high grade vein systems discovered outcropping at surface on the Australian continent.

"The process of longitudinal sampling is designed to solve the statistical nugget effect of the coarse and unevenly distributed gold and is providing new insights into the distribution of gold within the individual veins. In particular the Eastern Limb Lodes are shaping up as a composite series of stepping veins with considerable strike length and remains open along strike to the north.”

In 2011 ABM has reported several extensional discoveries around Buccaneer including the Cypress, Caribbean, Empress and Eastern Contact Zones as well as high grade gold in drilling and trenching at Old Pirate.

The Twin Bonanza Gold Camp is centred approximately 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 multi-million ounce Callie Gold Mine.

ABM reported a 1.67 million ounce gold maiden resource at the Buccaneer Porphyry Gold Deposit – an intrusive related bulk tonnage gold deposit, in February 2011.

ABM is aiming to complete a revised resource in the first quarter of 2012.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23692/abm-resources-finishes-2011-in-fine-form-with-high-grade-gold-at-old-pirate-23692.html