slowly resource is being recognised

Sounds good, have to agree with there thinking and think the target is about right.


ABM Resources (ABU)

Analyst: Ben Crowley, Hartleys

Recommendation: Speculative buy

Price target: 12c
Pulled this from mining news broker watch.

Thursday’s close: 4.7c

Comments: ABM has released resource estimates for its Twin Bonanza and Hyperion projects in the Northern Territory. The estimates include an updated resource for the Buccaneer deposit and maiden resources for the high-grade Old Pirate and Hyperion deposits. In our view, Hyperion is beginning to show some promise and the estimation of a good, albeit small, grade resource is a good early indication of the exploration potential of the project. The increase in the resource at Buccaneer is positive but we feel until the heap-leach concept can be proven, the viability of the deposit as a stand-alone operation is in question. However, the size of the Old Pirate resource is an unexpected bonus. We see upside at Old Pirate and significant optionality across ABM’s portfolio of projects.