i have been out for some time but thought this was a real goer.
G'day U812, - ABU has significant optionality-priority focus being Hyperion & Bumblebee.
IGO-ABU-J.V.-Bumblebee prospect
multi-element IOCG deposit
Wikipedia -Iron Oxide Copper Gold Deposits
These ore bodies range from around 10 million tonnes of contained ore to 4,000 million tonnes
or more, and have a grade of between 0.2% to 5% copper, with gold contents ranging from
0.1 to 3+ grams per tonne (parts per million).
These ore bodies tend to express as cone-like, blanket-like breccia sheets within granitic margins,
or as long ribbon-like breccia or massive iron oxide deposits within faults or shears.
The tremendous size, relatively simple metallurgy and relatively high grade of IOCG deposits can produce extremely profitable mines.
The deposit type was first recognised, though not named as IOCG, by discovery and study of the supergiant Olympic Dam copper-gold-uranium deposit, and South American examples.
Bumblebee prospect
multi-element IOCG deposit first round drilling intercepts.
ASX-6th Oct-2015
2 metres averaging 1.3g/t gold, 34.6g/t silver, 7.4% copper, 1.3% lead, 1.6% zinc
and 0.09% cobalt ~25 metres below surface
o 7 metres averaging 3.3g/t gold, 37.7g/t silver, 3.2% copper, 0.9% lead, 1.3% zinc
and 0.08% cobalt ~30 metres below surface
o 5 metres averaging 2.4g/t gold, 12.4g/t silver, 1.4% copper, 0.2% lead, 1.0% zinc
and 0.1% cobalt ~48 metres below surface.
These initial thus far results were close to surface & the first in the entire region!
Asx 23 03-2015
IGO has since completed an electromagnetic (EM) survey
Highlights
• Strong and clear conductor identified
• Coincident with surface geochemical anomaly and mineralised drill intercepts
• 500 metres strike and greater than 200 metres depth extent
• Diamond drilling program and DHEM to follow in the June quarter
The modelled conductor displays characteristics consistent with being associated with mineralisation,
however in the absence of deeper drilling there is no conclusive evidence that the source of the
conductor is the extension of mineralisation intersected in the air-core program.
IGO are planning to drill a series of diamond holes to test the conductor and provide further
information on its location, size and source.
Down hole EM (DHEM) surveys will be carried out on these planned holes with the aim of further defining the target.
This work is expected to be performed in the June quarter of 2016.
In addition to enhancing the prospectively of the Bumblebee Prospect and providing a clear target
for further drilling, the EM program appears to indicate that soil geochemistry and ground
electromagnetic surveying could be effective and efficient exploration tools at the
Lake Mackay Project.
This is the same type of Geophysical survey used to help identify the Nova high quality
nickel and copper deposit in the Fraser Range in WA's Goldfields-10.2 million tonne deposit being
300 mts in strike length, down dipped at 47 degrees & has been determined as being 1,000mts
in length-Sirius share price went from 5cent to $5.00 in Approx. three months.
IGO brought Sirius Resources at $4.38 per share for a total of $1.8 billion.
The Bumblebee Prospect is located within the Lake Mackay Project on exploration licence EL24915,
a tenement wholly owned by ABM, Bumblebee is situated close to the northern boundary of EL24915, however the mineralisation and the EM conductor have been interpreted to dip south towards the
centre of the tenement.
Exploration licence application EL29748, held by Castile Resources Pty Ltd (“Castile”), a subsidiary
of Metals X Limited, is situated immediately north of EL24915. ABM and IGO have entered into a
joint venture and farm-in agreement with Castile whereby they have the right to earn an interest
up to 76.925% (pro-rata IGO 70% and ABM 30%) in EL29748.
Obviously got IGO's -Geos & management excited as IGO has since acquired 9% of
ABM Resources & thus committed themselves to an exploration spend of 6 Million
over four years.
IGO have also secured the adjoining tenement - right to earn an interest up to
76.925% (pro-rata IGO 70% and ABM 30%) in EL29748.
U812-this post is already long enough -ABU's about to commence drilling of Hyperion's shallow
200,000 OZ deposit with extensional discovery 300mts & 600mts from the core deposit made.
DYOR on this, & consider its location relative to NST planned expansion of the central
Tanami Gold processing plant .
The above is but some of ABU's optionality, as you can see by recent share price action
selling now imo seemingly been all but exhausted at these ridiculously oversold prices
glath-salt
(20min delay)