BUSINESS – EXPLORATION DISCOVERY AND DEVELOPMENT • Resource Estimation work underway for Old Pirate and Buccaneer with results expected to be finalised by early February 2013. • Golden Hind Discovery • Drilling reveals some of the best ever intersections on the whole project area: • 42m averaging 44g/t gold including 15m averaging 118.5g/t gold. • 17m averaging 29.43g/t gold including 6m averaging 80.56g/t gold. • Old Pirate Deposit Extensions • First drill results from the East Side Vein include 5m averaging 8.72g/t gold. • Longitudinal surface vein sampling extends Western Limb of Old Pirate a further 71m strike length averaging 52.3g/t gold. • Drill results from the northern extensions of the Western Limb Lode include 2m averaging 87.88g/t gold. • Western Limb widens at depth with high-grade drill results with 17m averaging 7.66g/t gold. • New ‘Heartland’ veins discovered located between Western and Eastern Limbs of Old Pirate with longitudinal surface sampling including 62m strike length averaging 82.25g/t gold and 29m strike length averaging 16.93g/t gold. • Old Glory Prospect • Located 250m north of Golden Hind and 500m south of Old Pirate; shows potential for a third open pit in the Old Pirate area. • Surface sample results average 19.69g/t gold over a 12m by 5m area and mineralisation extends over multiple surface veins with 285m strike length vein averaging 4.24g/t gold. • First two RC holes intersect mineralised zones with 3m averaging 8.33g/t gold and 5m averaging 7.36g/t gold. BUSINESS – INFRASTRUCTURE / PERMITTING DEVELOPMENT (PREP. FOR MINING) • Initial environmental surveys completed. • Pilot plant design work for bulk sampling / trial mining continues focusing on scalable gravity gold plant. • Bulk sampling / trial mining permits pending. Approvals received from Central Land Council and Mineral Titles Division at the Northern Territory Department of Resources with Mine Management Plan (Mining and Environmental Compliance Division) expected to be finalised shortly. • Mineral Lease application lodged.
ABU Price at posting:
3.9¢ Sentiment: None Disclosure: Held
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