New Hosted Mineralised Zone
It has been a busy week or two at ABM with a couple of very significant announcements.
Firstly Craton Capital signed an irrevocable agreement to invest $8M and take a cornerstone position in ABM. Craton are a very strong international precious metals fund that has an excellent reputation. This deal supports ABM by building a stronger cash reserve to accelerate exploration and resource drill-outs of several of our new discoveries. We expect the closing of this deal to occur later this week. You can view the full release here.
Secondly, there has been another discovery announced today that is in close proximity to our 1.67Moz Buccaneer Porphyry Deposit. The grades reported at the Eastern Contact Zone are significant because they represent Buccaneer style gold mineralisation in a never before tested area of the porphyry body. We will be following this strong sign of mineralisation on the eastern contact further to the north to test for higher grade components.
In addition, the release today included extensions of Buccaneer as well as an update on the testing of other nearby targets. It looks like the follow up holes at the Caribbean Zone hit the same kind of mineralisation (with assays pending); and Landlubber intersected a intrusive rock possibly comparable to the Buccaneer porphyry also with assays pending. In a matter of a month or two we have already identified three new mineralised systems close to Buccaneer (Caribbean, Empress and East Contact Zone) and have a couple of interesting other zones such as Landlubber which we wait for the results with eager anticipation. You can view the full release here.
You can expect drill results to flow at a quicker rate with a back-log of samples at our staging point on the
For those of you that will be attending this year’s Diggers and Dealers conference in
Published 18th July 2011