Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • ABM Resources Extends Old Pirate With High Grade Gold At Depth 0 comments
    Nov 25, 2012 8:37 PM

    ABM Resources (ASX: ABU) has discovered high grade gold at depth at the Western Limb of the Old Pirate high grade gold deposit in the Northern Territory following recent extensional drilling.

    The Western Limb, which is exposed over a strike length of 500 metres, is a narrow quartz veined structure at surface with considerable high grade and visible gold.

    Highlights from drilling include:

    - 17 metres at 7.66 grams per tonne (g/t) gold from 189 metres, including 3 metres at 41.15g/t gold;
    - 18 metres at 5.5g/t gold from 168 metres, including 10 metres at 8.23g/t gold;
    - 7 metres at 3.83g/t gold from 150 metres, including 2 metres at 12.47g/t gold;
    - 3 metres at 8.12g/t gold from 134 metres; and
    - 1 metres at 22.5g/t gold from 57 metres.

    The results are from the testing of Western Limb with nominal 25 metre spaced drill holes from surface to a depth of up to 200 metres.

    The structure appears to be wider and to comprise multiple gold-bearing veins at depth. The latest results show the Western Limb has mineralised drilled widths up to 18 metres (about 10 metres true width) at depth.

    ABM has previously unearthed drill intercepts of 5 metres at 274g/t gold and 5 metres at 52.27g/t gold among other high grade intersections.

    Darren Holden, managing director, commented: "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."

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

    Old Pirate

    The Old Pirate Gold Deposit is a high grade system with current resources of 427,400 ounces of gold at 7.95g/t gold (top cut) or 565,000 ounces averaging 10.95g/t gold (uncut).

    Gold bearing quartz veins range from a few centimetres to over 6 metres in width and extend over an area of about 800 metres by 200 metres.

    One of the main objectives of the 2012 work at Old Pirate is to understand and delineate the dimensions of the system.

    Since the start of the field season in May 2012, ABM has focused on extending this high grade/coarse gold system and infilling gaps within the resource.

    Importantly, ABM is well capitalised to achieve its exploration milestones in 2012 and into 2013 with $17.5 million in cash at the end of September 2012.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.