ABM Resources (ASX: ABU) has delivered a bumper set of numbers today from the highly prospective Twin Bonanza Gold Camp Project, which already hosts 1.67 million gold ounces.
Results from the phase one of the Old Pirate bulk sampling and trenching program from 207 samples provided a combined strike length of three veins equalling 166 metres at 19.17 grams per tonne (g/t) gold.
The peak assay was 697g/t gold with 61 samples grading greater than 10g/t gold.
The three individual trench results are:
- 95 metres at 27.96g/t gold, open along strike;
- 46 metres at 10.59g/t gold, open along strike; and
- 25 metres at 8.50g/t gold.
Where the story gets even more interesting is 440 samples from phase 2 from other veins are in transit to the lab for testing, to be supported with another 700 samples from phase three.
Darren Holden, managing director, told Proactive Investors today that these results from Old Pirate - plus more results pending before the end of the year - will be used for a maiden resource at the project, to be delivered in the March quarter of 2012.
The significance of this new resource is the potential to then push the total resource for Twin Bonanza past the 2 million gold ounce milestone.
Holden added, “The average grade of the veins sampled in the Phase 1 bulk trenching at Old Pirate is approximately 2 to 3 times our previous estimates.
"This sampling constitutes the first phase of the most comprehensive systematic study to date of overall grade of the veins in this high grade system and is designed to be used in the resource estimation work.”
About Old Pirate
The Old Pirate Prospect is located 1800 metres from the 1.67 million ounce Buccaneer resource, with gold at the prospect distributed throughout a series of quartz veins within interlayered sandstone and shale sedimentary rocks.