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Tanami Project Area The Northern Tanami area is located 400km west of Tennant Creek and 200km south east of Halls Creek. Both the Twin Bonanza Porphyry Gold Project and Old Pirate High Grade Gold Project are located in the Tanami Project area, (their details available under Our Leading Project). Additional projects due for Drilling in 2011 include the Hyperion and Soldier sub projects.
Twin Bonanza Gold Camp
The Twin Bonanza Gold Camp is centred approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border. The Project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont Asia Pacific’s multi-million ounce Callie Gold Mine. The camp hosts multiple deposit styles including bulk tonnage / low grade deposits such as the Buccaneer Porphyry Gold Deposit (1.67Moz Inferred Resource) and vein hosted high grade systems such as the Old Pirate Prospect.
Figure 2: Twin Bonanza Gold Camp.
High grade gold prospects at Twin Bonanza generally consist of narrow quartz veins containing coarse particulate gold. The quartz veins are hosted within paleo-proterozoic sedimentary sequences.
Figure 3: Gold in quartz vein from Old Pirate South (approx. 3mm).
The Old Pirate High Grade Gold Prospect consists of a 3 kilometre long gold anomaly located approximately 1800 metres from the Buccaneer Porphyry Gold Prospect. Drill results indicate gold extends from surface to at least 200 metre depth. Gold is generally very coarse and erratically distributed throughout the veins. During the year ABM reported rock chip samples grading greater than 2000g/t gold (refer release 8 July 2010) and individual drill assay results up to 1360g/t gold.
Subsequent results from reverse circulation drill hole OPRC100021 revealed 2 metres averaging 413.5g/t gold within 9 metres averaging 100.9g/t gold and additionaly 5 metres averaging 13.34g/t gold including 3 metres averaging 21.85g/t gold.
Figure 4: Map showing select historic and ABM drill holes at Old Pirate mapped veins and rock-chip samples. Preliminary metallurgical test-work was carried out on approximately 100kg of quartz vein material gathered from 5 outcropping veins at the Old Pirate Gold Prospect. Quartz vein samples were selected to approximate the average visual nature of the veins based on quartz colour and other minor element content. A total 85.4% of gold was extracted using gravitational methods and a total of 99.5% of gold was extracted using gravitational and cyanide methods. The head-grade of the overall sample was calculated at 6.05g/t gold. Drilling is underway to test the southern extensions of Old Pirate with several holes completed and pending assay. A bulk surface trenching program to assess the overall grade of outcropping, and near surface veins is also underway.
Bulk Tonnage Prospects - Twin Bonanza Bulk tonnage gold deposits around the world are those generally with grades between 0.5 and 1.5 g/t gold with considerable tonnage and characterised with low-strip ratio throughout the prospect area. Porphyry/ intrusive related gold systems around the world, such as Fort Knox in Alaska (Kinross Gold Corp) show that despite the low-grade these systems can deliver long mine life, low strip ratios and highly profitable gold mines producing typically hundreds of thousands of ounces of gold per annum.
The 1.67Moz Buccaneer Porphyry Gold Deposit is a porphyry hosted / intrusive related gold system identified at the Twin Bonanza Gold Camp. The prospect consists of a 3 kilometre by 1.6 kilometre syeno-monzonite porphyry which is almost entirely anomalous in gold as indicated by surface samples and shallow geochemical drilling samples.
The porphyry body extends for a further 2 kilometres to the north of the current drilling. Testing of possible mineralised zones elsewhere in the porphyry have formed part of the 2011 program. Gold is hosted in quartz veins and fractures and is associated with other minerals such as arsenopyrite and chalcopyrite. The Buccaneer Porphyry is the only intrusion related / hosted gold resource deposit identified to date in the Tanami region. Details of the resource estimation are shown in Table 1 below.
Note – Million Tonnes (MT) rounded to 3 significant figures; gold grade rounded to 2 significant figures and Million Ounces (Moz) rounded to 3 significant figures.
Caribbean Zone
The Caribbean Zone is located approximately 250 metres to the north-west of the Buccaneer Porphyry Gold Deposit and is close to the contact of the porphyry. The zone is characterised by a very intense chlorite and quartz alteration associated with between 5% and 20% sulphide (principally pyrite and arsenium pyrite). ABM is currently planning further follow up drilling at the Caribbean Zone with a view to developing this to a JORC compliant resource estimation this year.
Figure 5: Caribbean Zone plan view (A) and cross-section (B). Empress Zone The Empress Zone represents an oxide gold zone hosted by veins in sedimentary rocks. The zone is located east of the faulted contact between the Buccaneer Porphyry and the surrounding sediments. The orientation of the mineralisation cannot be established with a single hole. However, further work is pending on this area and mineralisation remains open to the north, south and east of the existing intercept in BCRC100049.
Figure 6: Cross-section of drill hole BCRC100049 Eastern Contact Zone
The Eastern Contact Zone is a disseminated and micro-fracture hosted mineralisation style geologically very similar to Buccaneer. Hole BCRC100048 was drilled from within the sediments and intersected the porphyry contact at approximately 180 metres. Mineralised intersection commenced at 250 metres down-hole with the hole ending in mineralisation at 354 metres. This mineralised zone is open along-strike, as well as both below and above to surface. Further holes are being planned to test for higher grade mineralisation in this area.
Cypress Prospect
The new discovery at the Cypress Prospect is defined by 800 metres by 800 metres of anomalous gold in regolith (defined by shallow RAB and vacuum drilling by previous explorers). It is open along strike in both directions up and down in dip and is located on western contact of porphyry with a similar style and a potential link to the Caribbean Zone. ABM targeted Cypress with 4 initial deep and widely spaced holes. CYRC100004 intersecting contact shear / vein related mineralisation returning 26 metres averaging 5.53g/t gold (0.5g/t cut-off) including 7 metres averaging 20.13g/t gold.
The prospect is the northern half of the Buccaneer Porphyry body and located approximately 1 kilometre north of the Company’s 1.67Million ounce Buccaneer Porphyry Resource and 3.5 kilometres north west of the Old Pirate High Grade Prospect.
Figure 7: Plan View Map of Cypress to Caribbean to Buccaneer. Map includes schematic contours of grade at the Buccaneer Porphyry.
Targets drilled with results pending include: · Landlubber arsenic anomaly; parallel and west of the Old Pirate Trend. · Corsair Prospect; 3.5km by 1.2km gold anomaly on the Old Pirate trend with up to 3.55g/t gold in shallow drilling. · Cypress Prospect · Various targets on the Port Starboard trend spanning over 13km of strike length anomalous in gold-arsenic-antimony-copper including: o Port Prospect: 1.8km by 0.5km gold anomaly in shallow drilling; o Anomaly 19 Prospect: 3.9km by 0.6km gold anomaly in shallow drilling; o Anomaly 18 Prospect: 3.1km by 0.6km gold anomaly in shallow drilling; o Starboard Prospect: 2.5km by 1.3km gold anomaly in shallow drilling. · Marauder Prospect; 460m by 150m anomaly with up to 2.54g/t gold in trench samples and 8.08g/t gold in rock samples. · Bandit Prospect; 2km ridge with scattered surface anomalism and veins including rock samples up to 12.99g/t gold. · · McFarlanes Prospect; 1.3km by 1.1km gold anomaly in shallow drilling associated with syenite porphyry Additional regional targets include: · · Vampire Prospect; 0.85km by 0.5km gold anomaly in shallow drilling and rock samples including 83g/t gold and 37.2g/t gold. · · Hat Prospect; 1.2km by 2.1km gold anomaly in shallow drilling. · Black Cat Prospect; 1km by 0.5km gold anomaly with up to 6.37g/t gold in shallow drilling. Hyperion Gold Project
Five individual prospects have been identified within the Hyperion Project area – Hyperion Central, Hyperion West, Hyperion South, Stony Ridge and Jasper Hill.
In late 2010, ABM drilled a total of 14 holes into the Hyperion Central and Hyperion South and Brokenwood prospects to a maximum depth of 390 metres, drilling a total of 2,478 metres to date. Drill results from ABM’s 2010 drilling program at Hyperion include 22 metres grading 2.57g/t gold and 11 metres grading 4.29g/t gold.
ABM also conducted a geophysical gravity survey at the Hyperion Gold Project. The survey was designed to search for a possible buried intrusion (granite body) which is the possible source of mineralisation at Hyperion. This work indicated an overall gravity low to the south of the main Hyperion gold mineralisation, which is interpreted to be a buried intrusion, and also highlighted several cross-cutting geological structures that are assisting with target definition in this area.
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ABM Resources NL
Level 1, 141 Broadway, Nedlands WA 6009Tel: +61 8 9423 9777 Fax: +61 8 9423 9733 ABN: 58 009 127 020 |
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