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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	ABU
Latest Price:	0.06 (-3.39% )
52-week High:	0.08
52-week Low:	0.03
Market Cap:	152.06M

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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 identifies further high grade gold at Old Pirate

Tuesday, August 31, 2010

ABM Resources (ASX: ABU) has reported that reconnaissance work at its Old Pirate High Grade Gold Prospect at the Twin Bonanza Project has extended the zone of high grade veins to 600 metre strike length, with up to 108g/t and 95.5g/t Gold in new rock chip samples.

Old Pirate is a 3 kilometre anomaly with multiple high-grade gold zones in quartz veins hosted in sedimentary rocks. Further coarse visible gold has been found at surface and the phase 2 drilling program is almost complete with samples being delivered to the laboratory.

The rock-chip samples were located 150 metres north of previous ABM drilling. More coarse visible gold has been found in multiple veins at Old Pirate South Area with samples returning up to 108g/t gold.

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. It has an overall gold anomalism spanning an area of approximately 100 square kilometres.

Over 20 individual continuous gold bearing quartz lodes have been identified and mapped to date. Old Pirate Central and South Area are now showing high grade gold bearing veins over an area covering 600 metres by 250 metres. Old Pirate southern extensions extend the mineralised vein array a farther 1 kilometre.

The drill rig was returned to Old Pirate on 19th August, and drilling is nearly completed for a further 12 hole program.

In addition, at the Buccaneer porphyry bulk tonnage gold prospect samples have been received in the laboratory and are pending assays for remaining 4 holes. Buccaneer Phase 2 drilling is planned to start shortly.

Darren Holden, managing director, said the planning for a Phase 2 of drilling at Buccaneer is underway using advanced 3D computer based modelling techniques and geological interpretation. This drilling will commence upon completion of the current Phase 2 work at Old Pirate.

The Old Pirate High Grade Gold and Buccaneer Porphyry Bulk Tonnage Gold Prospects are just two of seven targets which make up the Twin Bonanza Project.

The Project spans the highly prospective “Trans Tanami Structure” – an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont’s (NYSE: NEM) multi-million ounce Callie Gold Mine.

ABM is the largest exploration land holder in the the Tanami-Arunta regions. The company has an aggressive exploration approach and aims to bring multiple discoveries to resource stage as soon as possible.

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