Twin Bonanza Project
The Twin Bonanza Project is located in the Tanami Region of the Northern Territory approximately 22 km south of the Tanami Road and 14 kilometres east of the Western Australia / Northern Territory Border.
The Buccaneer Porphyry including 1.67Moz Gold Deposit
The Buccaneer Porphyry Gold Prospect is just one of thirty targets which make up the Twin Bonanza Gold Camp area.
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| Figure 2. Twin Bonanza Collection of 30 targets. |
In February 2011, after only 5 months of drilling at Twin Bonanza ABM received its first independent Resource Estimation (by SRK Consulting (Australasia) Pty Ltd) on the 100% ABM owned Buccaneer Gold Porphyry Prospect. The resource comes to surface, is open in several directions and at depth and does not yet include the Old Pirate High Grade Prospect where the Company previously reported 43m grading 7.0g/t gold and 5m grading 274g/t gold in shallow drilling in 2010. Details of the resource estimation are shown in Table 1 below.
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Cut-off Grade
(g/t)
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Million Tonnes
(Mt)
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Gold Grade (g/t)
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Contained Gold (Million Ounces (Moz))
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0.2
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65.8
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0.79
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1.67
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0.5
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36.9
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1.01
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1.19
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1.1
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8.7
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2.01
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0.56
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Table 1. Inferred Resource Tonnes / Grade Table at varying cut-offs.
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.
The Buccaneer Porphyry is the only intrusion related / hosted gold resource deposit identified to date in the Tanami region and is of comparable or larger footprint than many world-class systems. On a broad scale the Buccaneer Porphyry consists of a 3km by 1.6km gold anomaly defined by shallow geochemistry drilling. Within this zone an area approximately 200,000 square metres has received further deeper drilling. ABM has currently completed >65 holes at Buccaneer to test the system from surface to depths >350metres.
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| Figure 3. Plan view of of the Buccaneer Porphyry Prospect showing drill hole locations and geology. Map includes inferred composite contour at various grade cut-offs from drilling projected from various levels to surface i.e. does not represent single level plan-slice –refer to cross-sections for indications of width. |
The 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 was first confirmed in hole BCRC100045 and along with hole BCRC100054 and historic hole TBRC0006, which intersected 2 metres averaging 62.44g/t gold, has an inferred strike length of approximately 200 metres and is open in all directions.
Figure 4. Caribbean Zone plan view (A) and cross-section (B)
Old Pirate
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.
The prospect consists of outcropping gold bearing quartz veins hosted by sediments. More than 15 individual veins have been mapped covering an overall area of 600 metres by 250 metres and range from 30cm to several metres in width. 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. Historic drill results and more recent drilling by ABM Resources in 2010 confirm the potential of the area.
Significant intersections on Old Pirate include:
43m @ 7.0g/t gold including 17m @ 16.72g/t gold
5m @ 274g/t gold including 1m @ 1360g/t gold
6m @ 26.69g/t gold
7m @ 22.98g/t gold
Significant intersections on Old Pirate Northern Extensions include:
9m @ 100.9g/t gold including 2m @ 413.5g/t gold
5m @ 13.34g/t gold including 3m 21.85g/t gold
Figure 5. Coarse gold in pan concentrate from hole OPRC100021 at Old Pirate Northern Extensions
Old Pirate Phase 1 Bulk Longitudinal Trenching Program
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Phase 1 of Old Pirate Bulk Trenching Statistics
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Total number of samples
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207
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Average weight per sample
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3.67kg
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Total weight of samples
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759.29kg
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Minimum grade (Au g/t)
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0.064g/t gold
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Maximum grade (Au g/t)
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697g/t gold
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Total samples >10g/t, re-assayed using Fire Assay / AA25 ore-grade method.
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61 (out of 207) averaging 54.8g/t gold
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Total samples >100g/t, re-assayed using AA25 over limit dilution method.
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6 (out of 207) averaging 259g/t gold
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Total area of vein exposed in Phase 1
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277.5 square metres
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Arithmetic mean (average) of assays
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17.92g/t gold
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Weighted mean (average weighted by sample weight) of assays
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19.17g/t gold
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Table 1. Statistics of all 207 Samples from the Phase 1 bulk trenching program.
In Summary:
- Overall weighted average from 207 samples from combined strike length of 3 veins = 166 metres averaging 19.17g/t gold.
- Peak assay of 697g/t gold with 61 samples grading greater than 10g/t gold (average 54.8g/t gold) and 6 samples grading greater than 100g/t gold (average 259g/t gold).
- Individual vein-trench results are:
o 95 metres averaging 27.96g/t gold (open along strike) including:
§ 12 metres averaging 115.10g/t gold
§ 6 metres averaging 37.09 g/t gold
§ 22 metres averaging 29.95g/t gold.
o 46 metres averaging 10.59g/t gold (open along strike) including
§ 32 metres averaging 13.74g/t gold.
o 25 metres averaging 8.50g/t gold including:
§ 6 metres averaging 19.68g/t gold.
- Individual veins exposed range from 10cm to 5 metres in width.
The average grade of the veins sampled is approximately 2 to 3 times previous estimates. This sampling constitutes the first phase of the most comprehensive systematic study to date of overall grade of the veins in this high grade system and is designed to be used in the resource estimation work.
Figure 6. Location of Phase 1 trench results within the overall Old Pirate system showing select drill intercepts and rock-chip
samples as well as areas of veins for Phase 2 and proposed trenching for Phase 3 programs.
