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PRODIGY GOLD NL — Capital/Financing Update 2012
Mar 11, 2012
65615_rns_2012-03-11_7074e08c-d009-44c7-a077-ad85dbe25fd1.pdf
Capital/Financing Update
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ASX:ABU
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ASX ANNOUNCEMENT / MEDIA RELEASE
12[th ] March, 2012
Further Hyperion Gold Project Drill Results Show Wide Mineralised Zones
ABM Resources NL (“ABM” or “The Company”) is pleased to provide an update on exploration activities in the Northern Territory.
Drilling results from the Hyperion Gold Project:
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Reverse Circulation hole HYRC100023 at the Hyperion Central Prospect intersects:
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26 metres averaging 2.95g/t gold (0.3g/t cut-off) including:
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17 metres averaging 4.36g/t gold (0.5 g/t cut-off) including:
- 13 metres averaging 5.46g/t gold (1.0g/t cut-off).
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Reverse Circulation hole HYRC100012 at the Hyperion Central Prospect intersects:
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35 metres averaging 1.27g/t gold (0.3g/t cut-off) including:
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1 metre grading 8.44g/t gold (1.0g/t cut-off) and
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24 metres averaging 1.71g/t gold (1.0g/t cut-off).
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Reverse Circulation hole HYRC100015 at the Hyperion Central Prospect intersects:
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26 metres averaging 1.17g/t gold (0.5g/t cut-off) including:
- 19 metres averaging 1.42g/t gold (1.0g/t cut-off).
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Reverse Circulation hole HYRC100022 at the Hyperion Central Prospect intersects:
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38 metres averaging 1.06g/t gold (0.3g/t cut-off) including:
- 18 metres averaging 1.62g/t gold (0.5g/t cut-off).
Darren Holden, Managing Director of ABM Resources said, “The Hyperion Gold Project continues to return excellent near surface drill results and the system continues to show extensive wide zones of mineralisation. ABM has started compiling these results into the first JORC compliant resource on this project.”
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Hyperion Gold Project
The Hyperion Gold Project is 100% owned by ABM and is located 18 kilometres north-northeast of the Groundrush Gold Deposit (Tanami Gold NL). The Hyperion Gold Project consists of a composite 2 kilometre by 500 metre gold anomaly defined by over 300 shallow rotary air blast (RAB) holes. Gold mineralisation at Hyperion is principally hosted in structurally controlled quartz-carbonate veins associated with felsic dykes and dolerite within a sedimentary rock sequence. The project area bears several geological similarities to the Groundrush Deposit located nearby.
The Hyperion Central Prospect has confirmed mineralisation over a strike length of 600 metres within an anomaly more than 1 kilometre long. Mineralisation extends from surface to a depth of at least 250 metres below surface.
The Hyperion South Prospect has confirmed mineralisation over a strike length of 250 metres within an anomaly 800 metres long. Mineralisation extends from near surface to at least 200 metres depth.
ABM's 2011 drill program at Hyperion consisted of 20 reverse circulation (RC) drill holes for a total of 3,354 metres of drilling for extensional exploration and resource estimation purposes. Refer to Appendix 1 and 2 for full details.
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Figure 1. Long Section of the Hyperion Central Prospect showing centroids of mineralised intercepts with intercepts labelled with g/t gold multiplied by intercept length (g/t*m) and key intersections from the 2011 season also labelled.
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Figure 2. Map view of the Hyperion Central, South & West Prospects with latest significant intercepts labelled.
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Figure 3. Location map of Hyperion Gold Project relative to the Twin Bonanza Project and the Groundrush Mine.
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About ABM Resources
ABM Resources is an exploration company developing several gold discoveries in the Tanami-Arunta region of the Northern Territory of Australia. The Company's assets include the Twin Bonanza Gold Camp including the large scale / bulk tonnage Buccaneer Porphyry Gold Deposit which has several new extensional zones discovered in 2011 and the Old Pirate High-Grade Gold Prospect where the Company recently announced 726 metres of combined vein strike length averaging 24.01g/t gold from surface trenching (refer announcement dated 8/2/2012). In addition, regionally the Company has discoveries at the Hyperion Gold Project and the Kroda Gold Project and is also focused on unlocking the potential of one of the largest blocks of exploration licenses in Australia.
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Figure 4. ABM Project Location Map Northern Territory
Signed
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Darren Holden – Managing Director
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Competent Persons Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Darren Holden who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Holden is a full time employee of ABM Resources NL and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr Holden consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.
For Further Information Please Contact
Jutta Zimmermann Darren Holden Berdine Mastaglia CFO / Company Secretary Managing Director Investor Relations Manager +61 8 9423 9777 +61 8 9423 9777 +61 8 9423 9777
APPENDIX 1. 2011 Program - Hyperion Drill Hole Details and Status.
| Hole ID | Prospect | Easting (m) |
Northing (m) |
Elevation above sea level |
Inclination (degrees) |
Azimuth (degrees) |
Depth (metres) |
Results Status |
|---|---|---|---|---|---|---|---|---|
| HSRC100006 | Hyperion South | 613687 | 7836804 | 415 | -60 | 86.5 | 252 | Reported |
| HSRC100007 | Hyperion South | 613688 | 7836773 | 418 | -60 | 86.5 | 198 | Reported |
| HSRC100008 | Hyperion South | 613661 | 7836743 | 411 | -60 | 356.5 | 150 | Reported |
| HSRC100009 | Hyperion South | 613541 | 7836795 | 419 | -60 | 356.5 | 150 | Reported |
| HYRC100009 | Hyperion Central | 612999 | 7836790 | 419 | -60 | 356.5 | 174 | Reported |
| HYRC100010 | Hyperion Central | 613051 | 7836761 | 419 | -60 | 356.5 | 78 | Reported |
| HYRC100011 | Hyperion Central | 613069 | 7836689 | 412 | -60 | 356.5 | 108 | Reported |
| HYRC100012 | Hyperion Central | 613059 | 7836715 | 408 | -60 | 356.5 | 138 | Reported |
| HYRC100013 | Hyperion Central | 613100 | 7836684 | 415 | -60 | 356.5 | 78 | Reported |
| HYRC100014 | Hyperion Central | 613110 | 7836681 | 413 | -60 | 356.5 | 108 | Reported |
| HYRC100015 | Hyperion Central | 613149 | 7836150 | 416 | -60 | 356.5 | 174 | Reported |
| HYRC100016 | Hyperion Central | 613201 | 7836213 | 414 | -60 | 356.5 | 120 | Reported |
| HYRC100017 | Hyperion Central | 613195 | 7836241 | 401 | -60 | 356.5 | 150 | Reported |
| HYRC100018 | Hyperion West | 612596 | 7836323 | 406 | -60 | 356.5 | 180 | Reported |
| HYRC100019 | Hyperion Central | 612899 | 7836831 | 412 | -60 | 356.5 | 198 | Reported |
| HYRC100020 | Hyperion Central | 612897 | 7836761 | 413 | -60 | 356.5 | 198 | Reported |
| HYRC100021 | Hyperion Central | 612898 | 7836679 | 417 | -60 | 356.5 | 216 | Reported |
| HYRC100022 | Hyperion Central | 613049 | 7836669 | 412 | -60 | 356.5 | 222 | Reported |
| HYRC100023 | Hyperion Central | 613130 | 7836668 | 411 | -60 | 356.5 | 186 | Reported |
| HYRC100024 | Hyperion Central | 613149 | 7836604 | 412 | -60 | 356.5 | 276 | Reported |
First 2 letter prefix: HS = Hyperion South, HY = Hyperion Central and Hyperion West. Second 2 letter prefix: RC = Reverse Circulation.
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APPENDIX 2. Significant intercept tables for latest round of Hyperion results.
Table 1.1. Significant intercepts for latest round of results from 2011 drilling at Hyperion Gold Project at 1.0g/t gold cut-off.
| Hole ID | Depth From (m) |
Depth To (m) |
Interval (m) |
Gold (g/t) |
|---|---|---|---|---|
| HYRC100009 | 96 | 97 | 1 | 2.64 |
| HYRC100009 | 146 | 147 | 1 | 1.23 |
| HYRC100012 | 79 | 103 | 24 | 1.71 |
| HYRC100012 | 32 | 33 | 1 | 8.44 |
| HYRC100015 | 116 | 135 | 19 | 1.42 |
| HYRC100020 | 106 | 107 | 1 | 1.05 |
| HYRC100020 | 182 | 183 | 1 | 1.73 |
| HYRC100022 | 156 | 159 | 3 | 1.63 |
| HYRC100022 | 175 | 191 | 16 | 1.76 |
| HYRC100023 | 147 | 160 | 13 | 5.46 |
| HYRC100024 | 196 | 197 | 1 | 1.10 |
| HYRC100024 | 215 | 221 | 6 | 1.43 |
Significant intercepts calculated for holes HYRC100009, HYRC100012, HYRC100015, HYRC100020, HYRC100022, HYRC100023 and HYRC100024 at a 1.0g/t gold cut-off, minimum 1 metre width and maximum 5 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold.
Table 1.2. Significant intercepts for latest round of results from 2011 drilling at Hyperion Gold Project at 0.5g/t gold cut-off.
ff. |
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|---|---|---|---|---|
| Hole ID | Depth From (m) |
Depth To (m) |
Interval (m) |
Gold (g/t) |
| HYRC100009 | 48 | 49 | 1 | 0.77 |
| HYRC100009 | 75 | 76 | 1 | 3.92 |
| HYRC100009 | 90 | 97 | 7 | 0.59 |
| HYRC100012 | 76 | 104 | 28 | 1.54 |
| HYRC100013 | 44 | 45 | 1 | 0.71 |
| HYRC100015 | 109 | 135 | 26 | 1.17 |
| HYRC100019 | 44 | 45 | 1 | 1.76 |
| HYRC100019 | 165 | 166 | 1 | 0.79 |
| HYRC100020 | 84 | 85 | 1 | 2.07 |
| HYRC100020 | 106 | 109 | 3 | 0.60 |
| HYRC100020 | 182 | 185 | 3 | 0.97 |
| HYRC100020 | 193 | 194 | 1 | 4.46 |
| HYRC100022 | 154 | 161 | 7 | 1.10 |
| HYRC100022 | 173 | 191 | 18 | 1.62 |
| HYRC100023 | 138 | 139 | 1 | 0.58 |
| HYRC100023 | 146 | 163 | 17 | 4.36 |
| HYRC100024 | 5 | 6 | 1 | 1.17 |
| HYRC100024 | 196 | 202 | 6 | 0.74 |
| HYRC100024 | 210 | 221 | 11 | 1.05 |
Significant intercepts calculated for holes HYRC100009, HYRC100012, HYRC100013, HYRC100015, HYRC100019, HYRC100020, HYRC100022, HYRC100023 and HYRC100024 at a 0.5g/t gold cut-off, minimum 1 metre width and maximum 5 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold.
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Table 1.3. Significant intercepts for latest round of results from 2011 drilling at Hyperion Gold Project at 0.3g/t gold cut-off.
ff. |
||||
|---|---|---|---|---|
| Hole ID | Depth From (m) |
Depth To (m) |
Interval (m) |
Gold (g/t) |
| HYRC100009 | 35 | 40 | 5 | 0.41 |
| HYRC100009 | 75 | 98 | 23 | 0.42 |
| HYRC100009 | 115 | 116 | 1 | 0.55 |
| HYRC100009 | 145 | 147 | 2 | 0.93 |
| HYRC100012 | 32 | 36 | 4 | 2.24 |
| HYRC100012 | 75 | 110 | 35 | 1.27 |
| HYRC100012 | 122 | 123 | 1 | 0.30 |
| HYRC100013 | 69 | 73 | 4 | 0.44 |
| HYRC100015 | 88 | 89 | 1 | 0.41 |
| HYRC100015 | 109 | 142 | 33 | 0.95 |
| HYRC100015 | 162 | 163 | 1 | 0.32 |
| HYRC100019 | 44 | 47 | 3 | 0.71 |
| HYRC100019 | 59 | 66 | 7 | 0.81 |
| HYRC100019 | 91 | 92 | 1 | 0.34 |
| HYRC100019 | 140 | 141 | 1 | 0.52 |
| HYRC100019 | 191 | 192 | 1 | 0.49 |
| HYRC100020 | 7 | 8 | 1 | 0.46 |
| HYRC100020 | 84 | 94 | 10 | 0.30 |
| HYRC100020 | 182 | 194 | 12 | 0.70 |
| HYRC100022 | 137 | 138 | 1 | 0.34 |
| HYRC100022 | 153 | 191 | 38 | 1.06 |
| HYRC100022 | 205 | 206 | 1 | 1.91 |
| HYRC100022 | 217 | 218 | 1 | 0.31 |
| HYRC100023 | 122 | 123 | 1 | 0.37 |
| HYRC100023 | 137 | 163 | 26 | 2.95 |
| HYRC100024 | 2 | 9 | 7 | 0.38 |
| HYRC100024 | 180 | 181 | 1 | 1.17 |
| HYRC100024 | 195 | 221 | 26 | 0.71 |
Significant intercepts calculated for holes HYRC100009, HYRC100012, HYRC100013, HYRC100015, HYRC100019, HYRC100020, HYRC100022, HYRC100023 and HYRC100024 at a 0.3g/t gold cut-off, minimum 1 metre width and maximum 10 metre internal dilution. All samples processed at ALS Global Laboratories in Alice Springs (NT) and Perth (WA) using Fire Assay for gold. Note Hole HYRC100021 did not hit significant intercepts and is not included in the table.
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