G'day all
Thus far since mining, processing wind up & final gold recovery in May/June
only four months ago, ABU has completed RC drilling program at Suplejack ,
results extending mineralisation -Tethy's/Hyperion over 1.3km's-inclusive of
intersections like 21mts at 3.96g p/t & 14mts at 5.32g p/t & 10mts at 4.32g p/t.
Discovered two new prospects with significant gold intercepts.
Pandora 9mts at 6.32g p/t.
Brokenwood 3mts at 9,34g p/t.
Just announced on the 11th Oct that Diamond drilling is about to or
has commenced at Hyperion/Tethy's-Results will confirm if mineralisation
continues at depth results eagerly awaited as conformation of depth extensions
would add significant tonnage volumes & thus in ground value.
Independence Group has become significant holders on ABU's registry by acquiring
approx.. 9% our J.V.-partner is earning its 70% joint venture interest in
ABM’s Lake Mackay tenements by sole funding $6 million of exploration
expenditure.
Is or about to commence its second R.C. drilling program at Lake Mackay
we await the results.
Completed its 51,800km aeromagnetic survey of all the exploration licenses
-approx. 7,000 sq km's in ABU's lake Mackay tenements -Results pending.
The BOD has deferred plans for raising additional capital as ABU has forecasted
cash reserves of $5,500,000 as of the end third quarter & in the most recent ASXPandora 9mts at 6.32g p/t.
Release ASX-11th Oct -has stated it has received several unsolicited
expressions of interest in Twin Bonanza-( Old Pirate & Buccaneer )
& has therefore commenced a formal process inviting third party interest &
further stated that any decision to sell or J.V. these assets will be dependent
on offers received representing superior value to share holders.
The fact there are several bidders gives strong indication any acceptance of a
J.V.-sale or a combination of will be attractive or as we observed re-MLX & NST's
bid for TAM it will likely be trumped.
So the question investors should ask themselves is what do we think a
large cash injection through the sale of twin Bonanza would do to ABU's
share price ?
Considerations that are likely imo
No capital raising & thus dilution required-(how many potential investors have
been holding off from investing in ABU as they feared the possibility of share holdings
being diluted through Capital Raising -this would instantly evaporate ).
Expansion of exploration activities & thus increasing likely hood of discovery or
extensional expansion- discovery from known deposits.
A large boost to cash reserves will drive the share price proportionately
eg if cash equivalent of existing market cap -share price would likely double & some
as risk diminishes & likely hood of potential discovery increases.
We quiet obviously have a good many drill targets that have recently been
prioritised as being ABU's core focus.
Tethys's /Hyperion its location relative to groundrush NST/TAM committed expansion
of the central Tanami gold processing facility to 180,000 OZ P/A is compelling -
its not like there is no interest in the Tanami Region.- we are surrounded by billion
dollar company's either conducting & expanding mining operations recently acquiring
& or attempting to acquire assets in the region or conducting significant exploration
activities.
Namely-Northern Star, Metals X Limited, Independence Group
& Newmont Mining Corporation.
What other potential further drivers of the share price are there?
J.V.-of North Arunta
J.V.-of South Tanami
IGO discovery through its -6 Million au of committed exploration-Lake Mackay.
ABU's extensional enhancement discovery of Hyperion/Tethys 1.3km's of mineralisation.
ABU's likely increased exploration & discovery through drilling of known prioritised gold targets.
ABU's exploration of recently Discovered new prospects with significant gold intercepts.
Brokenwood 3mts at 9,34g p/t.
Its not that we don't have numerous advanced & prioritised gold targets to pursue.
So as we have only recently reverted back to being an exploration company some four
months ago & ABU's portfolio has attracted the attention of our new Chairman-
Tommy McKeith | LinkedIn whom was appointed end of June & our M.D Matt Briggs | LinkedIn has only just taken the helm- commenced as of 4th October given there
experience & when considering they both would have both conducted extensive due
diligence prior to taking on the respective positions speaks volumes, therefore
when taking into consideration all of the above - ABU is imo progressing very well indeed.
imo-dyor
gltah-salt
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