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PRODIGY GOLD NL — Interim / Quarterly Report 2011
Jul 6, 2011
65615_rns_2011-07-06_59233057-2edf-4d1b-9a36-f279190b2b08.pdf
Interim / Quarterly Report
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QUARTERLY REPORT
For the 3 Months Ended 30 June 2011
HIGHLIGHTS
CORPORATE
• Strong Cash position 30th June 2011 ~ $8.74 Million.
BUSINESS – GOLD EXPLORATION AND DISCOVERY
- Drilling recommenced (following the wet season) at Twin Bonanza targeting:
- Extensions of the 1.67Moz Gold Buccaneer Porphyry Deposit
- Extensions of Old Pirate High Grade Gold Discovery
- New discoveries in the broader Twin Bonanza Gold Camp.
- Drill Results from Twin Bonanza include:
- Extensions to Buccaneer Porphyry Gold Deposit
- New discovery at the Caribbean Zone
- New Discovery at the Empress Zone.
- Metallurgical tests at Old Pirate (Twin Bonanza) indicate high recovery of gold via gravitational methods (85.4%), and high total recovery (99.5%). The recovered grade from ~100kg of vein samples was 6g/t gold.
- Regional drilling commenced at the Kroda Gold Project.
PROJECTS
ABM Resources NL ("ABM" or the "Company") is focussed on gold and gold-copper projects in the Northern Territory of Australia.
The Twin Bonanza Gold Camp with its multiple targets is showing considerable potential for both high-grade gold deposits and porphyry style (bulk tonnage) deposits. During the quarter, drilling continued to test multiple targets at Twin Bonanza including extensions to the 1.67million-ounce maiden Inferred Resource at the Buccaneer Porphyry Gold Deposit.
ABM is the largest exploration license holder in the Tanami – Arunta regions of the Northern Territory. The Company firmly believes that the region is capable of further worldclass gold discoveries. ABM continues to prioritise its targets and a full target summary can be found in Appendix 1.

Figure 1. ABM Project Location Map in the Northern Territory.
Exploration Summary from June Quarter
During the Quarter, ABM:
-
- Received drill results extending the mineralised footprint of the Buccaneer Porphyry Gold Deposit.
-
- Drilled a new discovery at the Caribbean Zone located north-west of Buccaneer.
-
- Drilled a new discovery (results announced 04/07/2011) at the Empress Zone located east of Buccaneer.
-
- Commenced drilling at the Kroda Gold Project.

Figure 2. Location Map / Project Map of ABM's Projects.
Twin Bonanza Gold Camp
The Twin Bonanza Gold Camp contains more than thirty targets, including the Buccaneer Porphyry Gold Deposit and the Old Pirate Gold Prospect. Twin Bonanza is centred approximately 22 kilometres south of the Tanami Road and 14 kilometres east of the Western Australia – Northern Territory border. The Project spans the highly prospective "Trans Tanami Structure" – an inferred regional / tectonic geological feature which hosts numerous gold deposits including Newmont's multi-million ounce Callie Gold Mine.

Figure 3. Twin Bonanza Gold Camp - a cluster of >30 targets.
Buccaneer Porphyry Gold Prospect – Including 1.67Moz Maiden Resource
The Twin Bonanza Gold Camp includes the 1.67Moz Buccaneer Gold Porphyry Deposit. The mineralisation extends from near surface to depths greater than 390 metres and is open in several directions. The current Inferred Resource estimate does not yet include any of the peripheral targets, such as the Old Pirate High Grade Prospect, where the Company reported 43 metres grading 7.0g/t gold and 5 metres grading 274g/t gold in drilling in 2010, or any of the other discoveries including the Caribbean Zone and the Empress Zone. Details of the resource estimation are shown in Table 1 below (for full details refer to announcement 21st Feb 2011).
Table 1. Inferred Resource Tonnes / Grade Table at varying cut-offs (announced 21 February 2011).
| Cut-off Grade(g/t) | MillionTonnes(Mt) | Gold Grade(g/t) | Contained Gold(Million Ounces(Moz)) |
|---|---|---|---|
| 0.2 | 65.8 | 0.79 | 1.67 |
| 0.5 | 36.9 | 1.01 | 1.19 |
| 1.1 | 8.7 | 2.01 | 0.56 |
Note – Million Tonnes (MT) rounded to 3 significant figures; gold grade rounded to 2 significant figures and Million Ounces (Moz) rounded to 3 significant figures.
Extensions of the Buccaneer Porphyry Gold Deposit
During the quarter ABM targeted extensions to the Buccaneer Porphyry Gold Deposit. New drill results announced include:
- Hole BCRC100042 targeting north easterly extensions and beneath the Buccaneer Deposit with:
- o 241 metres averaging 0.53g/t gold (0.2g/t cut-off) including two separate higher grade zones of:
- 70 metres averaging 0.7g/t gold (0.5g/t cut-off)
- 43 metres averaging 1.21g/t gold (0.5g/t cut-off).
- o 241 metres averaging 0.53g/t gold (0.2g/t cut-off) including two separate higher grade zones of:
- Hole BCRC100037 targeting westerly extensions of Buccaneer intersected:
- o 174 metres averaging 0.49g/t gold (0.2g/t cut-off) including:
- 23 metres averaging 2.33g/t (0.5g/t cut-off) including:
- 8 metres averaging 6.23g/t gold (1.1g/t cut-off) and
- 1 metre averaging 44.9g/t gold.
- 23 metres averaging 2.33g/t (0.5g/t cut-off) including:
- o 174 metres averaging 0.49g/t gold (0.2g/t cut-off) including:
- Hole BCRC100036 intersected the first recognised multi-element (gold-coppersilver-molybdenum) mineralisation on Buccaneer with:
- 19 metres averaging 0.83g/t gold, 0.24% copper, 0.031% molybdenum, 1.38g/t silver.
The Buccaneer Porphyry Gold Deposit is hosted in a porphyrytic syeno-monzonite (a rock similar to granite). The porphyry body extends for a further 2 kilometres to the north of the current drilling. Testing of possible mineralised zones elsewhere in the porphyry will form part of the 2011 program. Gold is hosted in quartz veins and fractures and is associated with other minerals such as arsenopyrite and chalcopyrite. The higher grade zones are currently inferred to dip gently to the north-east and/or are steeper dipping north-south striking zones. Detailed geological work is still ongoing and this model may change.
The Buccaneer Porphyry is the only intrusive hosted gold resource deposit identified to date in the Tanami region. Other deposits such as the Callie, Coyote and the Central Tanami mines are hosted primarily in quartz veins within metapmorphosed sedimentary and mafic igneous rocks.
During the quarter ABM drilled several peripheral targets around Buccaneer which led to the discovery of the Caribbean and the Empress Zones.

Figure 4. Plan view of the Buccaneer Porphyry Prospect showing drill hole locations and geology. Map includes inferred composite contour at various grade cut-offs from drilling projected from various levels to surface i.e. does not represent single level plan- slice. Refer to previous press releases for details of the various cut-offs and intercept calculations.
New Discovery - Caribbean Zone
ABM identified a new zone of mineralisation located north-west of the Buccaneer Porphyry Gold Resource. Drilling at this zone intersected 21 metres averaging 2.55g/t gold including 13 metres averaging 3.93g/t gold. The Caribbean Zone is an inferred north-south striking fault / vein zone currently interpreted to link mineralisation in hole BCRC100045 with a mineralised zone intersected in historic drilling, which includes 5 metres grading 27.35g/t gold including 2 metres grading 67.44g/t gold. Drilling is underway to further test this target.

Figure 5. Caribbean Target Zone with inferred projection linking mineralised zones in holes BCRC100045 and BCRC10006.
New Discovery - Empress Zone
The Empress Zone discovery is a newly recognised zone of oxide gold mineralisation hosted in quartz veins within sedimentary rocks located approximately 250 metres east of the Buccaneer Porphyry Deposit. The Empress Zone was drilled during the quarter and results were announced on 04/07/2011. Near surface drill results from the first hole at the Empress Zone intersected 43 metres at 1.02g/t gold including 10 metres at 2.64 g/t gold.

Figure 6. Cross Section of drill hole BCRC100049 at the Empress Zone.
Old Pirate Gold Prospect (High Grade)
The Old Pirate High Grade Gold Prospect consists of a 3 kilometre long gold anomaly located approximately 1,800 metres from the Buccaneer Porphyry Gold Prospect.
Old Pirate consists of outcropping gold bearing quartz veins hosted by sediments. More than 15 individual veins have been mapped covering an overall area of 600 metres by 250 metres and range from 30cm to several metres in width. Drill results indicate gold extends from surface to at least 60 metres depths. Gold is very coarse and can be high grade in the veins as indicated by some rock chip samples grading greater than 2000g/t gold (refer release 8 July 2010). Historic drill results and more recent drilling by ABM Resources in 2010 confirm the potential of the area.
Significant intersections include:
- 43m @ 7.0g/t gold inc:
- o 17m @ 16.72g/t gold
- 5m @ 274g/t gold inc:
- o 1m @ 1360g/t gold
- 6m @ 26.69g/t gold
- 7m @ 22.98g/t gold
- 10m @ 11.86g/t gold
- 13m @ 6.24g/t gold
- 3m @ 10.30g/t gold
- 1m @ 46.40g/t gold.
Refer to press releases dated 02/02/2010, 03/03/2010, 15/06/2010, 08/07/2010, 12/07/2010, 27/07/2010, 31/08/2010 and 15/11/2010 for full details.
Old Pirate Gold Prospect Metallurgical Test-Work
Preliminary Metallurgical test-work was carried out on 100kg of quartz vein material gathered from 5 outcropping veins at the Old Pirate Gold Prospect. Quartz vein samples were selected to approximate the average visual nature of the veins based on quartz colour and other minor element content. A total 85.4% of gold was extracted using gravitational methods and a total of 99.5% of gold was extracted using gravitational and cyanide methods. The head-grade of the overall sample was calculated at 6.05g/t gold.
Drilling is underway to test the southern extensions of Old Pirate with 1 deep diamond core and 3 deep reverse circulation (RC) holes complete and pending assay.
In the coming quarter ABM will conduct a bulk-trenching test of the near surface and outcropping veins at Old Pirate.
Twin Bonanza Gold Camp – Additional Targets
In addition to the Buccaneer Porphyry Gold Deposit, the Old Pirate High Grade Gold Prospect and the new Caribbean and Empress Zones, ABM has identified and prioritised a further 28 regional targets on the western and eastern side of the 40km x 40km Twin Bonanza Gold Camp. ABM intends to drill approximately 10 of the these extensional targets in the coming 2 quarters.

Figure 7. Old Pirate Vein System with drill results, rock chip results and location of metallurgical samples.
Barrow Creek Regional Project
Kroda Gold Project
The Kroda Gold Project is located 18 kilometres west of the Stuart Highway, 30 kilometres north from the town of Barrow Creek and 200 kilometres south of Tennant Creek. The project consists of 4 individual prospects (Kroda 1 to 4) with a combined anomalous strike length of 14 kilometres. The principal target commodity is gold, however, Kroda 2 in particular has anomalous copper associated with the gold. The Project is well serviced with infrastructure and is located on pastoral land close to the Stuart Highway, the Ghan Rail Line and the Northern Territory Gas Pipeline.
The Kroda Gold Project is located within the Company's Barrow Creek Regional Project area. The Barrow Creek Regional Project consists of a 160 kilometre long geophysical gravity trend with associated metamorphosed sedimentary rocks, dolerite intrusions and large granite intrusions. The region has several known mineral occurrences including gold, copper, nickel, zinc, tin and tantalum.

Figure 8. Location of the Barrow Creek Regional Project and Kroda Gold Project.
During the quarter, drilling commenced on the multi-target Kroda Gold Project with an initial program of 12 to 14 holes planned to depths of between 100 metres and 300 metres. This work follows up on previous shallow drilling at Kroda 3 which returned:
- 6 metres averaging 25.90g/t gold and
- 15 metres averaging 5.85g/t gold.
In addition, a copper target located at the Kroda 2 prospect will also be tested. As at the end of the quarter a total of four holes had been completed with results expected shortly.
Hyperion Gold Project
During the quarter ABM conducted a geophysical gravity survey at the Hyperion Gold Project. The survey was designed to search for a possible buried intrusion (granite body) which is the possible source of mineralisation at Hyperion. This work indicated an overall gravity low to the south of the main Hyperion gold mineralisation, which is interpreted to be a buried intrusion, and also highlighted several cross-cutting geological structures that may provide other short-term drill targets.
Previously announced drill results from ABM at Hyperion include:
- 22 metres averaging 2.57g/t gold including:
- o 11 metres averaging 4.29g/t gold
- 8 metres averaging 2.86g/t gold
- 5 metres averaging 3.65g/t gold and
- 7 metres averaging 2.26g/t gold.
These drill results confirmed deeper extensions of the Hyperion Gold System and are in addition to oxide gold zones results drilled by previous explorers, including:
- 60 metres averaging 2.57g/t gold including:
- o 21 metres averaging 4.27g/t gold
- 28 metres averaging 5.07g/t gold including:
- o 13 metres averaging 10.41g/t gold.
Priorities going forward include:
2011 Priority Discovery Stage Projects:
- Twin Bonanza Gold Camp Project:
- o Buccaneer Porphyry Gold Prospect further define extensions
- o Follow up drilling on the Caribbean Zone discovery
- o Follow up drilling on the Empress Zone discovery
- o Old Pirate High Grade Gold Prospect extensional drilling and bulk trenching, with a view to estimating a resource during 2011
- o Testing of other regional targets at Twin Bonanza such as MacFarlanes, Landlubber, Corsair prospects etc.
2011 Other Planned Activities:
- Kroda Gold Project
- o Drill testing ongoing of the extensive near surface gold and gold-copper prospects at the Kroda Gold Project in the Barrow Creek Project area following up on previous results.
- Lake Mackay Gold-Copper Project:
- o Drill testing of the Iron Oxide Copper Gold targets such as Tekapo and Taupo where previous results have returned 23 metres grading 2.5g/t gold and 4 metres grading 2.6% copper. Geophysical gravity data shows an 8km by 6km gravity anomaly.
- Hyperion Gold Project:
- o Follow up targeting / testing and possible initial resource estimation work*.*
NON CORE ASSETS
ABM continues to look at divestment options for its non-core assets.
Discussions on the divestment are ongoing with several parties on the Erayinia volcanogenic massive sulphide target in Western Australia and the Mimosa Gold Project in Mozambique.
TENEMENT PORTFOLIO
ABM has 35 granted licenses and 82 exploration license applications in the Northern Territory totalling more than 30,000 square kilometres. ABM has developed a strong working relationship with the Central Land Council and anticipates the granting of several regional exploration project areas in the coming months.
CORPORATE
Option Exercise
During the quarter 500,000 unlisted options were converted to fully paid ordinary shares at a price of 3 cents per share.
Yours faithfully
DARREN HOLDEN Managing Director
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
ASX ANNOUNCEMENTS
During the quarter the following ASX announcements were released regarding the Company's activities and projects:
| 20/06/2011 | Drilling Commences at the Kroda Gold Project |
|---|---|
| 17/06/2011 | Broadcast -ABM hits New Gold Zone and Extends Mineralisation |
| 16/06/2011 | Further Success at Buccaneer - Discovery at Caribbean Zone |
| 09/06/2011 | First 2011 Drilling Extends Buccaneer |
| 27/05/2011 | Notice under Section 708A and Appendix 3B |
| 10/05/2011 | Updated Investor Presentation |
| 09/05/2011 | Exploration Update Twin Bonanza Program Ahead of Schedule |
| 28/04/2011 | Broadcast - ABM launches 2011 program |
| 27/04/2011 | Extensional Drilling Underway at Buccaneer Western Zone |
| 18/04/2011 | Quarterly Activities and Cashflow Report |
| 12/04/2011 | Presentation - 20 20 Investors Series |
| 04/04/2011 | Metallurgical Tests Reveal High Quality Ore - 99.5% Recovery |
Appendix 1. ABM Asset Summary. Note – readers are referred back to previous announcements for full reporting of exploration results on a particular prospect or project.
| Discovery Stage Projects – Several mineralised intercepts confirmed continuous overstrike length with at least one sub-project pending drill to define extents or resource. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Sub-Project | Target Style | Infrastructure /Access | Extents | Best Intersections /Potential | 2010/2011Proposed andCompletedActivity | Refer ASXAnnouncement Date ForFurther Details | |||
| Twin Bonanza Gold Camp Project | |||||||||
| Buccaneer | Porphyryrelated gold. | 22km south ofTanami Road.All weathertracks. 60kmfrom CoyoteMill. | 3km by 1.5kmextents. | 1.67Moz MaidenResource. | Test extensionsof the WesternZone and otherextensionalareas Q2, 2011. | 01/02/2010 ,03/03/2010,15/06/201019/08/2010,31/08/2010,13/09/2010,22/09/2010,18/10/2010,13/12/2010,13/01/2011,21/02/2011,22/02/2011,28/02/2011,22/03/2011,27/04/2011,09/05/2011,09/06/2011,16/06/2011 &04/07/2011 | |||
| Old Pirate | High gradesedimentaryhosted veins. | 25km south ofTanami Road.All weathertracks. 60kmfrom CoyoteMill. | Extendableover 3km ofAnomalieslargelyuntested to theNorth andSouth ofCentral OldPirate area. | 43m @ 7.0g/t goldincl 17m @ 16.72g/tgold5 metres grading274g/t gold including1m 1360g/t gold.Surfacereconnaissance withrock-chip samples>2000g/t Au.Metallurgical testreveals high qualityore with 99.5%Recovery. | Phase 1 and 2drilled 17 holesto depths of up to409m drilling atotal of 4,614m.2011 – furtherdrilling and bulktrenching Q3,2011. | 02/02/2010,03/03/2010,15/06/2010,08/07/2010,12/07/2010,27/07/2010,31/08/2010,15/11/2010 &04/04/2011 | |||
| Caribbean Zone | High gradefault zone inporphyry. | 22km south ofTanami Road. | 120m to 250mlong fault / veinzone | 21 metres @ 2.55g/tgold including 13m@ 3.93g/t gold.Historic resultsincluding 2m @67.44g/t gold. | Further drilling | 16/06/2011 | |||
| Empress Zone | Oxide goldzone hostedby veins insedimentaryrocks. | 22km south ofTanami Road. | Not yet defined | 43 metres @ 1.02g/tgold including 26m at1.43g/t gold including10m at 2.64g/t gold. | Further drilling | 04/07/2011 | |||
| Twin BonanzaGold CampCompanionProjects –Cypres;Marauder, CasaAnomaly 19,Mavericks | Various. | 18 to 25kmsouth of TanamiRoad. 18 to45km fromCoyote Mill. | Combinedanomalismover 8 sq km.Largelyuntested bydrilling. | Total of 30 targets atthe Twin BonanzaGold Camp includingOld Pirate andBuccaneer. | Reconnaissanceand if successfultest multipletargets Q3, 2011. | 03/03/2010,31/01/2011,03/02/2011 &18/04/2011 |
| Northern Tanami Gold Project | ||||||
|---|---|---|---|---|---|---|
| Hyperion Central | High gradesedimentaryhosted veins. | 18km NNE ofGroundrushMine. Allweather roads. | 500m x 100mdrilled zone inoverall 2km ofanomalies.Open at depth(drilled to 60 to100m so far). | 60m @ 2.57g/t Auending inmineralisation inc.21m @ 4.57g/t Auending inmineralisation.8m @ 2.86g/t Au.5m @ 3.65g/t Au7m @ 2.26 g/t Au | Phase 1 drilled 8holes to depthsof 390m, drillinga total of 1,278m.Review andfurtherextensionaltesting andgravitygeophysicalsurvey | 09/03/2010 ,04/11/2010 &11/01/2011 |
| Hyperion South | High gradesedimentaryhosted veins. | 18km NNE ofGroundrushMine. Allweather roads | 120m strikelength open | 28m @ 5.07g/t Auinc. 13m @ 10.41g/tAu.[email protected]/t Au inc.11m @ 4.29g/t Au | Phase 1 drilled 5holes to depthsof 222m, drillinga total of 900m.Review andfurtherextensionaltesting. | 09/03/2010,04/11/2010 &11/01/2011 |
| Hyperion JasperHill | High gradesedimentaryhosted veins. | 18km NNE ofGroundrushMine. Allweather roads. | 120m strikelength open | 25m @ 1.05g/t Auinc. 16m @ 1.30g/tAu. | 09/03/2010 &04/11/2010 | |
| HyperionCompanionProjects – HypWest; Grange,Brokenwood, OldSoldier | High gradesedimentaryhosted veins. | 18km NNE ofGroundrushMine. Allweather roads. | Multiple targets>6 sq km ofanomalism. | 3m @ 8.53g/t Au, 3m@ 6.42g/t Au. | Reconnaissanceand if successfultest multipletargets.Brokenwood :1 hole drilled todepth of 300m. | 09/03/2010 &11/01/2011 |
| Kroda Gold Project | ||||||
| Kroda 3 | High gradesedimentaryhosted veins. | 18km fromStuart Highway(near BarrowCreek). | 540m by 300manomalouszone definedby shallowdrilling. | 27m @ 6.42g/t Auinc. 6m @ 25.9g/t Auending inmineralisation37m @ 2.75g/t Au,inc. 15m @ 5.85g/tAu. | Test depthextensions andalong strike. DrillQ2-Q3 2011. | 16/03/2010,17/03/2010 &20/06/2011 |
| KrodaCompanionProjects 1, 2, 4 | High gradesedimentaryhosted veins. | 18km fromStuart Highway(near BarrowCreek). | More than14km ofcombinedstrike length ofanomalismdefined withshallow drilling/ reconnaissance | 9m @ 2.39g/t Au, 6m@ 3.32g/t Au. | 2 holes plannedfor Kroda 1.Kroda 2, Kroda4.Reconnaissanceand desktopanalysis. | 16/03/2010,17/03/2010 &20/06/2011 |
| Stafford Gold Zone | ||||||
| Sabre | High gradesedimentaryhosted veins. | 200km NW ofAlice Springs,70km fromTanami Roadvia tracks fromYuendumu. | 600m by 240mdrilled zone. | 35m @ 2.02g/t Auincluding 17 m @3.93g/t Au including2m @ 18.15g/t Au. | Deep drill testcompleted Q2,2010. | 18/01/2010,24/05/2010,15/06/2010 &07/07/2010 |
| Falchion | High gradesedimenthosted veins. | 200km NW ofAlice Springs,70km fromTanami Roadvia tracks fromYuendumu. | 400m x 270mdrilled zone. | 29m @ 2.32g/t Au,inc 12m @ 3.76g/tAu.32m @ 1.84g/t Au,inc 16m @ 3.67g/tAu. | Deep drill testcompleted Q2,2010. | 18/01/2010 &07/07/2010 |
| Stafford GoldZone CompanionProjects –Yataghan,Yataghan South,Assegai,Claymore | High gradesedimenthosted veins. | 200km NW ofAlice Springs,70km fromTanami Roadvia tracks fromYuendumu. | 20 kilometresof anomalousstrike length ofthe StaffordGold Zone.Companionprojects widelyspaced /shallow drilling. | Up to 2m @ 4.1g/tAu in shallow drilling. | Tested Yataghanand Assegai withno significantintercepts. | 18/01/2010 &07/07/2010 |
|---|---|---|---|---|---|---|
| RewardPolymetallicCompanionProject | Breccia hostedCu-Ag-Pb-Au. | 200km NW ofAlice Springs,70km fromTanami Roadvia tracks fromYuendumu. | 250m x 100moutcrop of rockchips. | Rock-chips returnedup to 20.3% copperand 271g/t silver. | Reconnaissancereturned highgrade coppersilver in Q2 2010. | 18/01/2010 &13/05/2010 |
Emergent Projects – Large Scale Anomalies in New Districts Pending Drilling
| Sub-Project | Target Style | Infrastructure /Access | Extents | Best Intersections /potential | 2010/2011Proposed andcompletedActivity | Refer ASXAnnouncement Date ForFurther Details | |
|---|---|---|---|---|---|---|---|
| Tekapo | IronOxideCopper-Gold(TennantCreek / ErnestHenry Style). | 400km east ofAlice Springs,60km fromNyrripi. | 1.2km by 600mgeochemanomaly CuAu-Ag-Bi-MoSb. | 16m @ 3.4g/t Au and4m @ 2.67% Cu. Nodrilling in bedrock(surface regolithzone). | 2011 Drill 300mholes into bedrock to test CuAu-Ag-Bi-Mo-Sb.Q3 2011. | 07/01/2010 | |
| Dodger | Shear hostedgold +intrusionrelated basemetals. | 400km east ofAlice Springs,68km fromNyrripi. | Regolith (RAB)anomaly 2.5kmlong. | 4m @ 3.56g/t Au.Untested in freshrock. Several parallelsystems. Majorunderlying intrusionas the potentialsource. | 2011 Drill 200mholes into bedrock to testregional shearzone.Pendingpermitting | 07/01/2010 | |
| Taupo | IronOxideCopper-Gold(TennantCreek / ErnestHenry Style). | 400km east ofAlice Springs,99km fromNyrripi. | Regolith (RAB)anomaly 8kmby 1km Cu-AuPb-Zn-Bi. | No test of fresh rock.All regolith drilling indepleted horizon. | Reconnaissance2011 and ifwarranteddrilling.Q3 2011. | 07/01/2010 | |
| Lake MackayCompanionProjects –Wakatipu,Manapouri | IOCG, Shearhosted gold,intrusiverelated gold. | 400km east ofAlice Springs. | Regolith (RAB& Vacuum)anomalies overvariableextents. | No test of fresh rock.All regolith drilling indepleted horizon. | Reconnaissance2011and ifwarranteddrilling.Q3 2011.Pendingpermitting | 07/01/2010 |
Lake Mackay Projects
Tanami / Arunta Region Emergent Regional Projects
| NorthernTanami- Soldier /Birrindudu | Sedimentaryhosted veins. | ~80km north ofTanami /GroundrushMines. | ExtensiveGeochemistryand magneticanomalies over8 sqkm. | No test of fresh rock. | Reconnaissanceand possible testQ3/Q4, 2011. | 23/11/2009 |
|---|---|---|---|---|---|---|
| North Arunta | Porphyryrelated goldandsedimentaryhosted veindeposits. | 70km north ofYuendumu. | UnprospectedELAs spanningthe prolificTrans-TanamiGeologicalStructure. | No work to date.Regional structuraltargets. | Conversion ofELA to ELssubject toTraditionalOwner ApprovalsReconnaissance. | 23/11/2009 |
| Lake Mackay | IronOxideCopper-Gold,High GradeVein. | 450km east ofAlice Springs,100km fromNyrripi. | UnprospectedELAs spanningmajorstructures. | No work to date.Regional structuraltargets. RemoteAustralia. | Conversion ofELA to ELssubject toTraditionalOwner ApprovalsReconnaissance. | 23/11/2009 |
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
ABM RESOURCES NL
A.C.N. 009 127 020 30 June 2011
ABN Quarter ended ("current quarter")
Consolidated statement of cash flows
| Current quarter | Year to date | |||
|---|---|---|---|---|
| Cash flows related to operating activities | (12 months) | |||
| $A'000 | $A'000 | |||
| 1.1 | Receipts from product sales and related debtors - | |||
| 1.2 | Payments for | (a) exploration & evaluation | (1,785) | (7,092) |
| (b) development (business) | (85) | (287) | ||
| (c) production | ||||
| (d) administration | (241) | (1,416) | ||
| 1.3 | Dividends received | |||
| 1.4 | Interest and other items of a similar nature received | 46 | 408 | |
| 1.5 | Interest and other costs of finance paid | |||
| 1.6 | Income taxes paid | |||
| 1.7 | Other (provide details if material) | |||
| Net Operating Cash Flows | (2,065) | (8,387) | ||
| Cash flows related to investing activities | ||||
| 1.8 | Payment for purchases of: | (a) prospects | - | (187) |
| (b) equity investments | ||||
| (c) other fixed assets | (45) | (399) | ||
| 1.9 | Proceeds from sale of: | (a) prospects | - | 40 |
| (b) equity investments | ||||
| (c) other fixed assets | 9 | 9 | ||
| 1.10 | Loans to other entities | |||
| 1.11 | Loans repaid by other entities | |||
| 1.12 | Other (provide details if material) | |||
| Net investing cash flows | (36) | (537) | ||
| 1.13 | forward) | Total operating and investing cash flows (carried | (2,101) | (8,924) |
- See chapter 19 for defined terms.
| Current quarter | Year to date | ||
|---|---|---|---|
| (12 months) | |||
| $A'000 | $A'000 | ||
| 1.13 | Total operating and investing cash flows (broughtforward) | (2,101) | (8,924) |
| Cash flows related to financing activities | |||
| 1.14 | Proceeds from issues of shares, options, etc. | 34 | 13,968 |
| 1.15 | Proceeds from sale of forfeited shares | - | (33) |
| 1.16 | Proceeds from borrowings/environmental bonds | - | 35 |
| 1.17 | Repayment of borrowings | ||
| 1.18 | Dividends paid | ||
| 1.19 | Payments for environmental bonds | (192) | (192) |
| Net financing cash flows | (158) | 13,778 | |
| Net increase (decrease) in cash held | (2,259) | 4,854 | |
| 1.20 | Cash at beginning of quarter/year to date | 11,003 | 3,890 |
| 1.21 | Exchange rate adjustments to item 1.20 | ||
| 1.22 | Cash at end of quarter | 8,744 | 8,744 |
| Payments to directors of the entity and associates of the directors |
Payments to related entities of the entity and associates of the related entities
- 1.23 Aggregate amount of payments to the parties included in item 1.2 116
- 1.24 Aggregate amount of loans to the parties included in item 1.10
- 1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
- 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
- 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available
Add notes as necessary for an understanding of the position.
| Amount available | Amount used | ||
|---|---|---|---|
| $A'000 | $A'000 | ||
| 3.1 | Loan facilities | ||
| 3.2 | Credit standby arrangements |
Estimated cash outflows for next quarter
| $A'000 | ||
|---|---|---|
| 4.1 | Exploration and evaluation | 3,200 |
| 4.2 | Development | 60 |
| 4.3 | Production | |
| 4.4 | Administration | 440 |
| Total | 3,700 |
Reconciliation of cash
| accounts is as follows. | Reconciliation of cash at the end of the quarter (as shown in theconsolidated statement of cash flows) to the related items in the | Current quarter$A'000 | Previous quarter$A'000 |
|---|---|---|---|
| 5.1 | Cash on hand and at bank | 646 | 365 |
| 5.2 | Deposits at call | 8,098 | 10,638 |
| 5.3 | Bank overdraft | ||
| 5.4 | Other (provide details)Funds held in trust until shares will be issued | ||
| Total: cash at end of quarter (item 1.22) | 8,744 | 11,003 |
Changes in interests in mining tenements
| Tenement reference | Nature of interest(note (2)) | Interest atbeginningof quarter | Interest atend ofquarter | ||
|---|---|---|---|---|---|
| 6.1 | Interests in miningtenements relinquished,reduced or lapsed | Refer attached | |||
| 6.2 | Interests in miningtenements acquired orincreased | Refer attached |
- See chapter 19 for defined terms.
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price persecurity (seenote 3) (cents) | Amount paidup per security(see note 3)(cents) | ||
|---|---|---|---|---|---|
| 7.1 | +securitiesPreference(description) | ||||
| 7.2 | Changes during quarter(a) Increases through issues(b) Decreases throughreturns of capital, buybacks, redemptions | ||||
| 7.3 | +Ordinary securities | 2,489,971,853 | 2,489,971,853 | ||
| 7.4 | Changes during quarter(a)Increases through issues | 500,000 | 500,000 | 0.03 | 0.03 |
| (b) Decreases throughreturns of capital, buy-backs | |||||
| 7.5 | +Convertible debtsecurities (description) | ||||
| 7.6 | Changes during quarter(a) Increases through issues(b) Decreases throughsecurities matured,converted | ||||
| 7.7 | Options (description andconversion factor) * | 580,000,000 | Exercise PriceVarious | Expiry dateVarious | |
| 7.8 | Issued during quarter | ||||
| 7.9 | Exercised during quarter | 500,000 | 0.03 | ||
| 7.10 | Expired during quarter | ||||
| 7.11 | Debentures(totals only) | ||||
| 7.12 | Unsecured notes (totalsonly) |
* On exercise of these options up to a further 166,500,000 options will be issued ($0.015 @ 5 years from issue date).
Compliance statement
-
- This statement has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
-
- This statement does give a true and fair view of the matters disclosed.
Sign here: ............................................................ Date: 7 July 2011 (Company Secretary)
Print name: Jutta Zimmermann
Notes
-
- The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
-
- The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
-
- Issued and quoted securities - The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
-
- The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
-
- Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
SUMMARY OF MINING TENEMENTS AND AREAS OF INTEREST
| FOR THE QUARTER ENDED 30 June 2011 | ||||
|---|---|---|---|---|
| Areas of interest | Tenements | Economic | Notes | |
| Entity's Interest | ||||
| * Northern Territory | ||||
| TANAMI | ||||
| Birrindudu | EL23523 | 100 | application | |
| EL27705 | 100 | granted | ||
| EL28560 | 100 | application | ||
| EL28566 | 100 | application | ||
| EL5888 | 100 | granted | ||
| EL5889 | 100 | granted | ||
| EL8809 | 100 | granted | ||
| SEL28326 | 100 | application covers ELs 5888 & 8809 | ||
| Supplejack | EL9250 | 100 | granted | |
| EL26623 | 100 | application | ||
| EL27566 | 100 | granted | ||
| EL27570 | 100 | application | ||
| EL27812 | 100 | granted | ||
| EL27979 | 100 | application | ||
| EL27980 | 100 | application | ||
| Matrix | EL26609 | 100 | revised application | |
| SEL28333 | 100 | application covers ELs 8845 & 9474 | ||
| Cervantes | EL26619 | 100 | application | |
| EL27125 | 100 | application | ||
| EL27126 | 100 | application | ||
| Bonanza | EL22178 | 100 | granted | |
| EL22228 | 100 | granted | ||
| EL22848 | 100 | granted | ||
| EL22850 | 100 | granted | ||
| EL23208 | 100 | granted | ||
| EL24436 | 100 | granted | ||
| EL24437 | 100 | granted | ||
| EL8602 | 100 | granted | ||
| EL8825 | 100 | granted | ||
| EL25194 | 100 | application | ||
| EL25844 | 100 | application | ||
| EL26610 | 100 | application | ||
| EL26616 | 100 | revised application | ||
| EL27124 | 100 | revised application | ||
| EL27127 | 100 | revised application | ||
| EL27339 | 100 | application | ||
| EL27378 | 100 | application | ||
| EL27813 | 100 | application | ||
| EL28394 | 100 | application | ||
| SEL23659 | 100 | granted | ||
| SEL23661 | 100 | granted | ||
| application covers western SEL23661 & | ||||
| SEL28322 | 100 | EL2228 | ||
| SEL28323 | 100 | application covers eastern SEL23661 &EL22178 | ||
| SEL28324 | 100 | application covers western EL22178 &EL22848 | ||
| SEL28325 | 100 | application covers ELs 8825 & 8602 | ||
| SEL28327 | 100 | application covers ELs 8576 & 8932 | ||
| SEL28328 | 100 | application covers ELs 10139 & 8727 |
* All Northern Territory tenements in process of transfer to ABM Resources NL
| FOR THE QUARTER ENDED 30 June 2011Continued | ||||
|---|---|---|---|---|
| Areas of interest | Tenements | Economic | Notes | |
| Entity's Interest | ||||
| * Northern TerritoryTANAMI | ||||
| Pargee | EL24344 | 100 | granted | |
| EL10139 | 100 | granted | ||
| EL26608 | 100 | revised application | ||
| South Tanami | EL25191 | 100 | application | |
| EL25192 | 100 | application | ||
| EL28784 | 100 | application | ||
| EL28785 | 100 | application | ||
| Euro | EL25845 | 100 | application | |
| EL26590 | 100 | application | ||
| EL26591 | 100 | application | ||
| EL26592 | 100 | application | ||
| EL26593 | 100 | application | ||
| EL26613 | 100 | application | ||
| EL26615 | 100 | application | ||
| EL26618 | 100 | application | ||
| EL26620 | 100 | application | ||
| EL26621 | 100 | application | ||
| EL26622 | 100 | application | ||
| EL26673 | 100 | application | ||
| EL27604 | 100 | application | ||
| LAKE MACKAY PROJECT | ||||
| Taupo | EL8696 | 100 | granted | |
| Tarawera | EL10305 | 100 | application | |
| EL10306 | 100 | application | ||
| EL23898 | 100 | revised application | ||
| EL24299 | 100 | application | ||
| EL24473 | 100 | application | ||
| EL24492 | 100 | application | ||
| EL24567 | 100 | application | ||
| EL24915 | 100 | application | ||
| EL24949 | 100 | application | ||
| EL25630 | 100 | application | ||
| EL25632 | 100 | application | ||
| EL25866 | 100 | application | ||
| EL27780 | 100 | application | ||
| EL27872 | 100 | application | ||
| EL27894 | 100 | application | ||
| EL27906 | 100 | granted | ||
| EL8695 | 100 | application | ||
| EL9343 | 100 | revised application | ||
| Tekapo | EL24858 | 100 | application | |
| EL9442 | 100 | granted | ||
| EL9449 | 100 | granted | ||
| SEL28028 | 100 | application | ||
| Te Anau | EL8697 | 100 | granted |
* All Northern Territory tenements in process of transfer to ABM Resources NL
| FOR THE QUARTER ENDED 30 June 2011Continued | |||
|---|---|---|---|
| Areas of interest | Tenements | EconomicEntity's Interest | Notes |
| * Northern Territory | |||
| NORTH ARUNTA | |||
| Walkeley Project | EL22554 | 100 | revised application |
| EL22555 | 100 | revised application | |
| EL26903 | 100 | application | |
| Bonita | EL23926 | 100 | application |
| EL23927 | 100 | revised application | |
| Reynolds Range | EL23655 | 100 | granted |
| EL23888 | 100 | granted | |
| EL28083 | 100 | granted | |
| Barrow Creek | EL23880 | 100 | granted |
| EL23883 | 100 | granted | |
| EL23884 | 100 | granted | |
| EL23885 | 100 | granted | |
| EL23886 | 100 | granted | |
| EL25030 | 100 | application | |
| EL25031 | 100 | application | |
| EL25033 | 100 | application | |
| EL25034 | 100 | application | |
| EL25035 | 100 | application | |
| EL25036 | 100 | application | |
| EL25041 | 100 | application | |
| EL25042 | 100 | application | |
| EL25044 | 100 | application | |
| EL28515 | 100 | application | |
| EL28727 | 100 | application | |
| EL8766 | 100 | granted | |
| SEL26825 | 100 | granted | |
| Western Australia | |||
| Dalgaranga | M59/106 | 100 | |
| Erayinia | E28/1228 | 70 | Hawthorn Resources Ltd 30% |
| E28/1611 | 70 | Hawthorn Resources Ltd 30% | |
| E28/1612 | 70 | Hawthorn Resources Ltd 30% | |
| Mozambique | 1435L | 67.33 | JV with AYR Resources Africa and local |
| partners, ABM earning up to 86.33% | |||
| 2295L | 67.33 | JV with AYR Resources Africa and local | |
| partners, ABM earning up to 86.33% | |||
* Some Northern Territory tenements are still in process of transfer to ABM Resources NL