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ABM Resources hits gold production record

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ABM Resources (ASX:ABU) has poured 3,805 ounces of gold in December from its project in the Northern Territory, named Old Pirate which was a monthly record.

For period to end of December 2015, 16,405 ounces were poured from the mine.

Processing of gold is set to pick up as the plant moves onto a continuous basis, in place of the previous roster of two weeks on / one week off, from now until mining ceases in April 2016.

Under new chief executive officer of ABM Brett Lambert, targetted gold production for year one is 50,000 to 60,000 ounces.

Potentially stepping beyond mining at Old Pirate is ABM’s Buccaneer deposit which is located just 5 kilometres from Old Pirate, with an indicated and inferred Resource of 15.3 million tonnes at 2.23g/t for 1.1 million ounces of gold of contained gold.

However, this is likely to increase based on recent drilling results, including a hit of 19 metres at 5.82g/t gold.

With broad zones of mineralisation there is potential for low cost bulk mining.

Tellingly, testwork on Buccaneer core saw gold recoveries at Buccaneer of 96.3%.

Recently ABM Resources and Independence Group (ASX:IGO) extended an agreement which granted IGO the right to explore a number of exploration licenses held by ABM in the Lake Mackay region.

 

 

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