Mineral Resources and Infrastructure / Permitting in Preparation for Mining During the Quarter ABM continued the process of installing additional infrastructure at the Twin Bonanza Gold Camp which will be used for both the exploration phase and for the progression to the potential mining operation. 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.
ABU Price at posting:
3.9¢ Sentiment: None Disclosure: Held
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