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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	ABU
Latest Price:	0.04 (2.78% )
52-week High:	0.08
52-week Low:	0.03
Market Cap:	119.92M

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ABM Resources Full ABM Resources profile here

ABM Resources' (ASX: ABU) projects include the Twin Bonanza Project – a cluster of high grade and bulk tonnage targets.

Following the acquisition of certain Exploration Licenses and Exploration License Applications from Tanami Gold (ASX: TAM) and Newmont (NYSE: NEM) in the Northern Territory, ABM Resources is now one of the largest land-holders in Australia exploring for gold and gold-copper deposits.

ABM Resources: trenching of 726m at 24g/t gold at Old Pirate lifts ore processing dynamics

Wednesday, February 08, 2012 by John Phillips

ABM Resources (ASX: ABU) continues to light up the market with some very strong gold results at the Old Pirate prospect, which is hosted within the 1.67 million gold ounce Twin Bonanza Gold Camp - located near the Western Australia – Northern Territory border.

Phase four trenching results have now extended the overall surface vein to date to 726 metres at 24.01 grams per tonne (g/t) gold.

The actual results from phase four which expanded the overall vein were 24.70g/t gold over a combined vein strike length of 144 metres (118 samples), with a peak value of 320g/t gold.

Other highlights include that 30 of the sample graded above 10g/t gold with an average of 88.15g/t gold; and 9 of the sample above 100g/t gold with an average of 187.55g/t gold.

Darren Holden, managing director, commented on the positive results: “These results from the Old Pirate sampling program have once again extended the system with some spectacular grades.

"It is remarkable to think that these veins are outcropping at surface or just below the shallow soil profile and, in places, are running in excess of 100g/t gold.

"Overall the gold anomalism at Old Pirate extends over a 4 kilometre long trend and the possibility of uncovering further veins with detailed exploration work remains a distinct possibility.”

Potential revenue generator

What makes these results so important for ABM Resources, is that just last month the company signed an agreement to assess the economic potential of processing the Old Pirate ore at the Coyote Gold Mine.

This mine is within easy trucking distance being located just 45 kilometres from Old Pirate, and is owned by Tanami Gold.

Importantly, the agreement is non-exclusive with ABM Resources retaining the full optionality of potentially advancing Old Pirate as a stand-alone mining operation or as part of a future development plan.

The high grade nature of the trenching results now place ABM Resources in a very interesting position to consider processing some of the ore, which could turn the company into a self funding gold explorer.

ABM Resources well funded after $15.1 million placement

The company remains well funded after a successful placement in January, which comprised 275 million shares at $0.055 to raise $15.1 million - which was well supported by institutional and sophisticated investors in Australia and internationally.

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