17/07/2007 - 07:37

ABM Resources secures 70% interest in the Erayinia JV

17/07/2007 - 07:37

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Nedlands-based ABM Resources NL has advised its Melbourne-based Joint Venture partner Great Gold Mines NL it has secured 70 per cent interest in the Erayinia Joint Venture Project.

ABM Resources secures 70% interest in the Erayinia JV

Nedlands-based ABM Resources NL has advised its Melbourne-based Joint Venture partner Great Gold Mines NL it has secured 70 per cent interest in the Erayinia Joint Venture Project.

An analysis of the recent 40 sq km geophysical survey over the Erayinia northern section has resulted in a significant exploration program for base metals and rare metals developed for this area.

 

Announcement pasted below:


ABM Resources NL secures 70% interest in the Erayinia Joint Venture Project.
ABM Resources NL is pleased to inform that it has advised its Joint Venture partner Great Gold Mines NL it has met its expenditure requirements to secure a 70% interest in the Erayinia Joint Venture.
RC Drilling update:
The RC drilling program has been completed at the resource definition target King E1. Assays from the previous diamond drilling and the RC drilling in this resource definition program are now awaited. The final four pre collars drilled by the RC rig will be tailed in 4-5 weeks with the return of the diamond drilling rig.

 

Analysis of the recent 40 sq km geophysical survey over the Hook area (northern section) at the Erayinia JV with Great Gold Mines NL has been completed. Interpretation of the survey data has resulted in a significant exploration program for base metals and rare metals being developed for this area.
The RC rig that has just completed drilling at the resource definition target at King E1 (in the south of the JV ground) is moving to the Hook area to commence drilling. These targets are an estimated 25 km north from King E1.
The survey was conducted in a similar fashion to the one completed over the southern part of the Erayinia block. The flight-height was a nominal 60m and flight lines were 50m apart in an east-west direction.
Relevant features observed are:
1. Similar to the magnetometry imagery between E1 and E14, the Hook area has several "thumbprint" structures adjacent to the linear stratigraphic anomalies; Calypso (E 25) is one such "thumbprint". RC drilling is to commence shortly at the Calypso target.
2. "Strata" in the west of the survey area have been dilated; a ring-like anomaly (about 800 m diameter) is located in this zone. This is similar in character to a carbonatite located about 50 km to the north-east.
3. The "Hook area" (7 km long) has been asymmetrically folded around a north south axis. It is apparent more than one stage of folding occurred.
4. Lineations, readily visible in image processed data, suggest an axial plane cleavage. This area is to be drill tested for gold mineralisation.
Soil geochemistry is an obvious means of refining the geophysical targets before drill sampling. However apart from the Calypso area where rock outcrops have been observed the Hook area regolith is unknown. Therefore some stratigraphic drill holes will be completed before such a survey is undertaken to measure the effectiveness of a soil survey.
All the magnetometric structures will be tested by soil and/or drill sample chemistry within the next six months.

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