Western Australian based ABM Resources (ASX:ABU) has received a change of interest notice from non-executive chairman Michael Etheridge, who acquired 2,000,000 shares at $0.03 per share for a total value of $60,000.
For the March quarter, ABM successfully upgraded the resource for Old Pirate High-Grade Gold Deposit:
- a 43% increase in ounces of gold in total resource.
- a 300% increase in ounces of gold in the Indicated Resource category.
- a 27% increase in overall grade.
- a 56% increase in Indicated Resource grade.
ABM is well on the way to trial mining at Old Pirate, with a Processing Permit issued for the Project. Significantly, permission was received to sell gold product immediately from the trial despite extraction from Exploration Lease.
A Mineral Lease application is progressing with applications and documentation lodged with various statutory offices.
The trial mining will involve 10,000 tonnes to be mined under Stage One Trial Mine, targeting 10g/t gold recovered for more than 3000 ounces of gold and extracting top 2.5m to 5m of select veins at surface.
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