ABM Resources (ASX: ABU) has received all 192 drill samples from the Old Pirate Program, part of the Twin Bonanza Project in the Northern Territory.
Of the 2010 Old Pirate program, a total 17 drill samples graded greater than 0.5g/t gold, and were re-assayed using screen-fire methods.
The average significant intercept is; 9.72g/t gold x metre at 1g/t cut-off, with the average of 192 screen fire assay samples is 4.22g/t gold (also top cut to nominal 50g/t).
All holes intersected significant mineralised quartz veins.
As well as results from Old Pirate (Central and South), the company has obtained an intercept of; 11 metres grading 3.55g/t gold including 1 metre grading 32.1g/t gold from the Old Pirate Far North Prospect, located 1 kilometre north of the main Old Pirate area.
This result is potentially significant because it confirms that a previously untested anomaly is fertile for high-grade gold and further exploration work is being planned.
Highlights from Old Pirate over phase 1 and 2 include:
- 43m at 7.0g/t gold, including 17m at 16.72g/t gold;
- 5m at 274g/t gold;
- 11m at 3.55g/t gold; and
- 1m at 32.1g/t gold.
ABM has added that visible gold has been sighted in outcrop at Old Pirate and Old Pirate Northern Extensions, which are located 100 metres north of the Old Pirate Central area of drilling, where the company had previously received a rock chip result of 95.5g/t gold.
The company continues with design and preparation of permits for 2000 to 5000 tonne bulk sample at Old Pirate.
In other ABM news, drilling is ongoing at the Buccaneer Porphyry Gold Prospect, with a further 7 holes completed and pending assay, with phase 1 drilling complete at the Hyperion Gold Project, with results on 14 drill holes expected soon.
Twin Bonanza consists of multiple targets and early stage discoveries including Old Pirate, Old Pirate South, TB Hornfels and the bulk tonnage Buccaneer Porphyry Zone.
ABM is the largest exploration land holder in the the Tanami-Arunta regions, and has an aggressive exploration approach to bring multiple discoveries to resource stage as soon as possible.