ABM Resources NL (ASX:ABU) Bandit Trend Near Old Pirate with Samples to 108g/t gold.
Bandit South Area
- Widespread outcropping quartz veins.
- New rock chip sample results up to 108g/t gold being the highest grade result ever off the main Old Pirate trend.
- Other rock chip results in the area include 8.3g/t and 13.1g/t gold.
- Soil geochemistry anomalies.
Old Pirate Trial Mining and Processing
- Off-site modular pilot-plant construction for the Old Pirate staged development continues on schedule and budget.
- Digging scheduled to commence in June with processing scheduled to start in July 2013.
Darren Holden, Managing Director of ABM Resources said, "ABM has previously announced anomalous gold on the 4 kilometre long Bandit Trend. However, recent sampling revealed grades up to 108g/t gold and represent a result comparable to parts of the Old Pirate / Golden Hind Deposits. These results follow on from the recently released high-grade rock samples at the Bermuda Prospect. ABM will continue exploration efforts on the Bandit Trend in particular on a target area beneath vegetation / cover immediately to the south of the high-grade rock samples."
ABM's On-Going Search for High-Grade Gold Veins at Surface
ABM is focused on bringing the high-grade Old Pirate Deposit into production through staged development commencing with trial mining and processing in June / July of 2013. However, on-going exploration within trucking distance of the Old Pirate plant remains priority. In 2012 ABM discovered the Golden Hind Deposit and within months of drilling the first hole the Company converted the project into a high-grade indicated resource estimation (113,000 tonnes averaging 16.45g/t for 59,100 ounces). Golden Hind has a footprint of less than 100 metres strike length of high-grade and coarse gold in veins at surface and represents a potentially highly profitable open pit mining scenario. The small footprint falls between previous sampling lines and Golden Hind is along strike from other quartz veins which generally have low-grade gold or are barren. This taught ABM's exploration team that quartz veins can change in nature and transition from low-grade to high-grade over very short distances. As a result, the Company has commenced the 2013 season by mapping and sampling the many kilometres of strike length of other quartz veins in the area. This has already lead to the identification of high-grade gold at the Bermuda Zone (refer release dated 09/04/2013). Mapping and sampling are low-cost and can identify high-grade systems prior to confirmatory and resource drilling. This release details the on-going work at the Bandit - Bandit South Area and further results are expected shortly.
The Bandit Trend (including the Bandit - Bandit South Area) consists of an area more than 4 kilometres long and 1.5 kilometres wide with widespread and outcropping quartz veins hosted in sedimentary shale and sandstone sequences. Much of the outcropping quartz is barren of gold, however, as with the Old Pirate area, quartz veins can trend from barren to high-grade over short strike lengths. Previously the Company drill tested one part of the Bandit Trend and assay results returned up to 13.5g/t gold.
As part of the on-going exploration work the Company sampled the Bandit - Bandit South Area. Rock sampling returned anomalous results with a peak value of 108g/t gold. The vein yielding the 108g/t gold rock chip sample, outcrops over several metres and is approximately 20 centimetres wide as exposed at surface. The area immediately to the south of this outcrop (along strike) is an area of vegetation and cover with no outcrop. Analysis of geophysical data reveals a number of structures (faults and folds) under the cover that link through to the main Old Pirate area to the North West. Overall the Bandit - Bandit South area shows anomalism over a 1.25 kilometre strike length. Exploration work involving surface soil geochemistry and rock-sampling is continuing with further results expected shortly.
Update on Old Pirate Trial Mine and Processing - Pilot Plant Construction
The construction of the Trial Mine and Pilot Plant remains on target and budget to commence digging in June 2013 and processing in July 2013.
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About ABM Resources NL:
ABM Resources (ASX:ABU) is an exploration company developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high grade potentially short-term production scenarios such as Old Pirate and the Golden Hind, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Kroda Gold Project. In addition, ABM Resources is committed to regional exploration programs throughout its extensive holdings.
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|Date:||Apr 30, 2013|
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