ABM Resources NL (ASX:ABU) is focused on gold projects in the Northern Territory of Australia. The Twin Bonanza Gold Camp with its multiple targets has both high-grade gold deposits and porphyry style (bulk tonnage) deposits. ABM is the largest exploration license holder in the Central Desert regions of the Northern Territory. The Company believes that the region is capable of further world-class gold discoveries.
A mineral lease application for Old Pirate has been completed and lodged with the relevant Northern Territory authorities during the Quarter.
The application for the extraction of a 10,000 tonne bulk sample from the Old Pirate Deposit and the Golden Hind Prospect is awaiting authorisation. The Company has received approval from the Central Land Council and the Titles Division at the Department of Resources. The Mine Management Plan is expected to be processed by the Mining and Environmental Compliance Division shortly. The purpose of the bulk sample is to reconcile gold grade and gravity recovery. It is proposed to install a small-scale gravity gold plant on site for this work, with the intention that this plant will be readily and inexpensively scalable for a full mining operation.
Further details will be released following the grant of the authorisation. It is intended to complete the bulk sample under the conditions of the Exploration License.
Resource Estimation work is underway and is intended to be finalised by early February, 2013. The work involves both an update for Old Pirate (including Golden Hind) as well as a re-optimisation of the Buccaneer Porphyry Gold Deposit focusing on the higher grade zones within the overall low-grade / bulk tonnage system.
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About ABM Resources NL:
ABM Resources (ASX:ABU) is an exploration company developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high grade potentially short-term production scenarios such as Old Pirate and the Golden Hind, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Kroda Gold Project. In addition, ABM Resources is committed to regional exploration programs throughout its extensive holdings.
ABM Resources NL T: +61-8-9423-9777 F: +61-8-9423-9733 WWW: www.abmresources.com.au
ABM Resources NL
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