ABM Resources’ shares continue their upward momentum, ASX query

ABM Resources (ASX: ABU) has caught the market’s attention following a share spike of almost 26% to an intra-day high of A$0.078 today, up from $0.062 a week ago, prompting a price query from the ASX.

The company responded to the ASX saying all information that would have a material effect on the price or value of ABM’s securities had been fully disclosed to the market.

ABM has been on an upward share price trajectory since late June when it was trading at $0.035.

In its response to the ASX, ABM noted the company is a highly active mineral exploration company that regularly releases information and results relating to exploration activities.

There have been regular results posted during 2011.

The most recent release, on October 24, detailed drilling results from ABM’s Buccaneer Porphyry Gold Deposit, which revealed intersections of 29 metres at 3.56 grams per tonne (g/t) of gold within 125 metres at 1.27g/t.

Earlier in October, ABM reported surface trenching results from the Old Pirate high grade gold prospect, which confirmed three quartz veins combining for a strike length of 166 metres at 19.17g/t of gold.

Just a couple of days prior to that announcement, on October 11, ABM released other extensional results at Buccaneer of 18 metres at 4.05g/t of gold.

In its response to the ASX, ABM also highlighted its recent quarterly activities and cashflow report, which detailed that the company had confirmed gold discoveries at several new zones in close proximity to the Buccaneer Porphyry Gold Deposit and the Old Pirate high grade gold prospect.

During the September quarter, the company also confirmed a second discovery camp from the Kroda Gold Project, which is part of the company’s Barrow Creek Regional Project in the Northern Territory.

ABM received assays of 57 metres at 3.83g/t of gold, including 29 metres at 6.38g/t and 12 metres at 15.69g/t, from the Kroda Gold Project.

Managing director Darren Holden has more recently been actively presenting to various share broking companies and their clients and has received a positive response.

ABM is in a strong cash position, with $13.1 million in the bank at the end of the September quarter.

It is also awaiting the results of a considerable number of drill samples that are pending analysis.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21672/abm-resources-shares-continue-their-upward-momentum-asx-query-21672.html