ABM Resources (ASX: ABU) has recently been delivered a strong of impressive gold intersections to the market from the Twin Bonanza Gold Camp, with the company today granted a trading halt by the ASX pending the release of a proposed capital raising.
ABM Resources has recently delivered some very high grade near surface gold discoveries from the Old Pirate prospect, with the company now looking at an option of processing ore at nearby mine.
Old Pirate contains a series of high grade gold-bearing quartz veins which outcrop at surface and have been intersected by drilling to about 200 metres depth.
A recent surface bulk longitudinal trenching program resulted in exposing gold bearing veins between 0.3 metres and 6 metres wide, and resulted in 582 metres combined strike length averaging 23.98g/t gold.
The processing agreement allows the company to assess the economic potential of processing the ore at the Coyote Gold Mine which is within easy trucking distance being located just 45 kilometres from Old Pirate, and is owned by Tanami Gold.
The halt will last until the earlier of an announcement being released to the market, or the opening of trade on Monday 30 January.