ABM Resources (ASX: ABU) is making rapid progress with its drilling at the Buccaneer Western Zone at Twin Bonanza Gold Camp, bringing the program ahead of schedule with first assay results expected shortly.
ABM expects to achieve its targeted 40,000 to 60,000 metres for the 2011 season at the current rates of drilling of more than 250 metres per day.
The first 10 deep reverse circulation holes targeting the Western Zone extensions have already been drilled on the company’s 1.67 million ounce Buccaneer Porphyry Gold Deposit.
Samples from the first three holes (1084 metres total) have been received by the laboratory and analysis is underway. Samples from the other holes are in transit to laboratory.
Darren Holden, managing director, said “drilling has had an excellent start and we are already ahead of our planned schedule with the first 10 holes complete and the first assay results expected shortly.
"The drilling is encountering expected rock-types, quartz veins, alteration and arsenic anomalism, and we remain encouraged about the targeting at the Western Zone where previous results returned 81 metres grading 2.03 g/t gold including higher grades such as 12 metres grading 8.22 g/t gold."
The Twin Bonanza Gold Camp spans an area 40km by 40km in the Northern Territory and the company has identified over 30 targets.
The project spans the highly prospective “Trans Tanami Structure” an inferred regional / tectonic geological feature which hosts numerous gold deposits including mining giant Newmont’s (NYSE: NEM) multi-million ounce Callie Gold Mine.
ABM geologists are currently mapping several areas at Twin Bonanza and have identified two new targets with quartz veins observed at surface hosted in sediments. Sampling is underway on these prospects.
ABM is well funded and has now sourced a third rig for regional work to cover targets such as the Kroda Gold Project and the Lake Mackay Iron Oxide Copper-Gold targets with work scheduled to commence in late May.
In the second quarter of 2011, ABM aims to upgrade some of the Resource at Twin Bonanza to an “Indicated Resource” category.