ABM Resources NL (ASX:ABU) Old Pirate Western Limb Widens with High-Grade at Depth

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Perth, Australia, Nov 26, 2012 - (ABN Newswire) - ABM Resources NL (ASX:ABU.AX - News) is pleased to announce further extensional drill results from the Old Pirate high-grade gold deposit located in the Northern Territory of Australia.

Western Limb Drilling Highlights:

Hole OPRC100203 intersected 17m averaging 7.66g/t gold (from 189m depth) including:
- 3m averaging 41.15g/t gold.

Hole OPRC100202 intersected 18m averaging 5.5g/t gold (from 168m depth) including:
- 10m averaging 8.23g/t gold.

Hole OPRC100130 intersected 7m averaging 3.83g/t gold (from 150m depth) including:
- 2m averaging 12.47g/t gold.

Hole OPRC100132 intersected 3m averaging 8.12g/t gold (from 134m depth).

Hole OPRC100197 intersected 1m grading 22.50g/t gold (from 57m depth).

Darren Holden, Managing Director of ABM Resources said, "The latest drilling at the Western Limb shows increased widths of high grades on the Western Limb compared to mean surface widths.

The latest results not only confirm the continuity of the Western Limb but clearly demonstrate the potential for underground mining following the completion of an open pit operation."

Western Limb at Old Pirate

The Western Limb at Old Pirate is a narrow quartz veined structure at surface with considerable high-grade and visible gold. It is exposed over a strike length of more than 500 metres. ABM has tested the Western Limb with nominal 25 metre spaced drill holes from surface to a depth of up to 200 metres and the latest results received are presented here. At surface the Western Limb (as sampled) consists of a single vein between 4 metres and 20 centimetres wide. At depth the structure appears to be wider and to comprise multiple gold-bearing veins. The Company has previously reported drill hole intercepts such as 5 metres (approximately 3 metres true width) averaging 274g/t gold (OPRC100005 refer release 27/07/2010), and 5 metres (approximately 3 metres true width) averaging 52.27g/t gold (OPRC100058 refer release 02/08/2012) amongst other high-grade intersections. The latest results have shown the Western Limb has mineralised drilled widths up to 18 metres (approximately 10 metres true width) at depth. All results are presented in Appendix 1.

Other Drilling: Eastern Limb / East Side Vein

Included in Appendix 1 are the details of drilling and significant intersections from other areas such as the Eastern Limb and the East Side vein area at Old Pirate. A map showing drill hole and mineralised zone distribution is shown in Figure 2.

Drilling is ongoing at Old Pirate and the Golden Hind with further results expected shortly. Resource estimation modelling has also commenced.

2012 Old Pirate Extensional Program

One of the main objectives of the 2012 work at Old Pirate is to understand and delineate the dimensions of the system. The Resource at Old Pirate is currently estimated (as of April 2012) as 427,400 ounces averaging 7.95g/t gold (top cut), extending from surface. Since the commencement of the field season in May 2012, ABM has focused on extending this high-grade / coarse gold system and infilling gaps within the resource. As noted in previous releases, Old Pirate consists of coarse gold which is distributed throughout quartz vein systems. In many cases an intersection of a few grams per tonne gold in a quartz vein can indicate the presence of a much higher grade vein.

About the Old Pirate High-Grade Gold Deposit

The Old Pirate Gold Deposit is a high-grade system with current resources of 427,400 ounces of gold averaging 7.95g/t gold (top cut) or 565,000 ounces averaging 10.95g/t gold (uncut) (refer Appendix 3). Gold bearing quartz veins range from a few centimetres to over 6 metres in width and extend over an area approximately 800 metres by 200 metres. Quartz veins are hosted in a folded interlayered sandstone / shale sequence.

View the full ABM Resources announcement including Tables, Figures and Appendix at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-615296.pdf


About ABM Resources NL:

ABM Resources (ASX:ABU.AX - News) 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.

Contact:

 
ABM Resources NL
T: +61-8-9423-9777
F: +61-8-9423-9733
WWW: www.abmresources.com.au
 

Source:

ABM Resources NL

Copyright (C) 2012 ABN Newswire. All rights reserved.

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