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Market:	ASX
Sector:	General Mining
EPIC:	ABU
Latest Price:	0.06 (0.00%)
52-week High:	0.08
52-week Low:	0.03
Market Cap:	149.39M

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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 hits high grade gold in best ever drill intersection at Twin Bonanza

Monday, July 12, 2010 by Jeff Coote

ABM Resources (ASX: ABU) had more good news for investors today, as it released the latest assay results for the first hole at the Old Pirate Prospect on the Twin Bonanza Project area, that confirm high grade gold mineralisation.

Twin Bonanza is located in the Tanami region of the Northern Territory of Australia approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia border.

Highlights include: hole OPRC100001 returned 35 metres @ 6.35g/t Gold (0.3g/t cut-off) from 22 metres including 17 metres @ 12.73g/t Gold (1.0g/t cut-off) or 8 metres @ 21.78g/t Gold (2.0g/t cut-off).

Assays are currently pending on 4 holes.

The aim of the drilling is to adequately test beneath the Southern Zone to a depth of approximately 200m to 300m and to follow up extensions to the north throughout the entire 3km strike-length.

Darren Holden, managing director, said “the presence of high-grade gold over appreciable widths in near-surface results in our very first hole on this prospect is very encouraging."

"This is the best ever drill intersection from this project and we are now beginning to understand the geometry of mineralisation and hope to advance this prospect to initial resource stage by the end of the year,” he added.

ABM Resources has re-interpreted previous explorer’s holes in which some hit high grade mineralisation and others had modest results.

As a result of these new interpretations, ABM has determined that the correct way to drill the quartz saddle reefs is with either vertical holes along the anticline axis or with holes angled from south to north (and not east – west as per previous explorers).

ABM’s first hole at Old Pirate, OPRC100001, was drilled vertically and intersected mineralised quartz veins from 22 metres to 57 metres down-hole.

Old Pirate is one of 7 target areas on the Twin Bonanza Project, which includes the Buccaneer Porphyry bulk tonnage target.

ABM has completed 5 initial holes at Old Pirate. In addition, the company recently reported high grade rock chip results from Old Pirate South for up to 2163g/t gold.

Overall the Old Pirate gold anomaly extends some 2 kilometres to the north of the main Old Pirate area, and 500 metres to the south of Old Pirate South prospect.

The company expects the assay results from the remaining four holes at Old Pirate in the coming weeks.

The drill rig has now moved to the Buccaneer Porphyry Prospect and TB Hornfels Prospect where ABM Resources is completing an initial 10 holes before returning to the Old Pirate and the Old Pirate South Prospects.

One hole has been completed at the TB Hornfels Prospect and one has been completed at the Buccaneer Porphyry Prospect with samples being despatched on both holes.

ABM is the largest exploration land holder in the Tanami-Arunta region.

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