Quarterly Activities and Cashflow Report
Perth, Oct 17, 2012 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) are pleased to provide the Company Quarterly Activities and Cashflow Report for the period ended 30th September.
PROJECTS
ABM Resources NL ("ABM" or the "Company") is focused on gold projects in the Northern Territory of Australia.
The Twin Bonanza Gold Camp with its multiple targets has both high-grade gold deposits and porphyry style (bulk tonnage) deposits.
ABM is the largest exploration license holder in the Central Desert regions of the Northern Territory. The Company believes that the region is capable of further world-class gold discoveries. ABM continues to prioritise its targets and a full target summary can be found in Appendix 1 (refer to link below).
CORPORATE
- $17.5M Cash Position and No Debt - 30th September 2012.
- Mr Andrew Ferguson appointed to the Board.
- ABM wins Best Emerging Company Award at Diggers and Dealers Mining Forum 2012.
BUSINESS - INFRASTRUCTURE / PERMITTING DEVELOPMENT (PREP. FOR MINING)
- New airstrip complete.
- New camp facilities installed.
- Environmental surveys underway.
- Bulk sample permit applications pending.
BUSINESS - EXPLORATION DISCOVERY AND DEVELOPMENT
Old Pirate Extensions
Extensions to 427,400 ounce Old Pirate Resource:
- East Side Vein at Old Pirate extends with surface sampling to 343m strike length averaging 28.9g/t gold.
- Western Limb Vein at Old Pirate extends with surface sampling of 126m strike length averaging 42.37g/t gold.
- Extensional drill results including 5m averaging 52.27g/t gold, 8m averaging 24.14g/t gold and 2m averaging 87.88g/t gold.
- Metallurgical Testwork delivers exceptional gold recoveries up to 97.3% from gravity only methods (cyanide not required).
Golden Hind Discovery
- Located 800m south of Old Pirate indicating potential for second open pit feeding integrated mining operation.
- Surface sampling shows vein up to 2m wide with 60m strike length averaging 103.23g/t gold.
- Drilling shows results including:
- 17m averaging 29.43g/t gold including 6m averaging 80.56g/t gold.
- 42m averaging 44g/t gold including 15m averaging 118.5g/t gold. (released 02/10/2012).
Buccaneer Deposit
- Cypress Zone at Buccaneer delivers high grade intercepts with 6m averaging 20.37g/t gold.
Regional Exploration
- Electromagnetic survey reveals 2km long x 50m wide conductor of magnitude comparable to sulphide conductor coincident with surface copper anomaly near Kroda Gold Project. This anomaly will be drill-tested with an initial low-cost scout drill program shortly.
- Regional geochemistry programs on-going.
View the complete ABM Resources Quarterly Report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-608514.pdf
About ABM Resources NL
ABM Resources (ASX:ABU) is 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 production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
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