Quarterly Activities and Cashflow Report
Perth, April 30, 2013 AEST (ABN Newswire) - ABM Resources Limited (
ASX:ABU) announce the quarterly activities report for the period ending March 2013. During the Quarter ABM Resources Announced:
Resource Upgrade for Old Pirate High-Grade Gold Deposit
See Table Below.
- 43% increase in ounces of gold in total resource.
- 300% increase in ounces of gold in the Indicated Resource category.
- 27% increase in overall grade.
- 56% increase in Indicated Resource grade.
- Includes a Maiden Indicated Resource at the Golden Hind Discovery of:
-- 113,000 tonnes averaging 16.45g/t gold (1g/t cut-off) for 59,100 ounces including a highgrade core of 34,000 tonnes averaging 45.58g/t gold for 49,200 ounces of gold.
Resource Upgrade for Buccaneer Porphyry Gold Higher Grade Zones (HGZ)
See Table Below.
- 70% of the Buccaneer Porphyry remains to be tested with drilling.
BUSINESS - INFRASTRUCTURE / PERMITTING DEVELOPMENT (PREP. FOR MINING)
- Trial Mining and Processing Permit issued for Old Pirate High-Grade Gold Project.
- Permission received to sell gold product immediately from the trial despite extraction from Exploration Lease.
- Mineral Lease (ML) Application progressing with applications and documentation lodged with various statutory offices.
Trial Mining
- 10,000 tonnes to be mined under Stage One Trial Mine.
- Targeting 10g/t gold recovered for >3000 ounces of gold.
- Extracting top 2.5m to 5m of select veins at surface.
Trial Processing:
- Pilot gravity gold recovery plant $2M + $1M pre-mining site works and installation.
- All equipment ordered and under construction.
- Multi-stage crushing / grinding, coarse gold jig, knelson concentrator and tabling / gold room.
- Plant can be utilised for Stage 2 processing at 150,000 tonnes per annum.
- Trial mining scheduled to commence in June 2013 with processing to commence in July 2013.
CORPORATE
- $10.8M Cash Position and No Debt - 31st March 2013 and fully funded through Trial Mining phase. Significant outgoings in the quarter include environmental bonding for the Trial Mining and processing, pre-ordering deposit on Pilot Plant facility and mobilisation of on-ground exploration.
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.
Resource Upgrade for Old Pirate High-Grade Gold Deposit
----------------------------------------------------------------------------Category Tonnes Gold Grade (g/t) Gold Grade (g/t) Ounces Gold Ounces Gold (300g/t top-cut) (uncut) (300g/t top-cut) (uncut)----------------------------------------------------------------------------Indicated 889,000 8.19 8.93 234,100 255,300Inferred 993,000 11.80 14.67 376,900 468,500----------------------------------------------------------------------------Total 1,882,000 10.10 11.96 611,000 723,800----------------------------------------------------------------------------
Resource Upgrade for Buccaneer Porphyry Gold Higher Grade Zones (HGZ)
---------------------------------------------------------------------------Category Tonnes Gold Grade (g/t) Gold Grade (g/t) Ounces Gold Ounces Gold (variable top cut) (uncut) (variable top cut) (uncut)----------------------------------------------------------------------------Indicated 7,117,000 2.00 2.25 458,500 515,300Inferred 8,183,000 2.43 2.78 639,700 732,200----------------------------------------------------------------------------Total 15,300,000 2.23 2.54 1,098,200 1,247,500----------------------------------------------------------------------------
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ABU-633507.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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