ABM’s main objective is to explore and advance its 153 sq. km Ferensola Project, in Northern Sierra Leone, which is highly prospective for iron, gold and coltan.
In order to maximise the value of ABM’s Ferensola license and since ABM listed in 2012, ABM has implemented various exploration campaigns, targeting gold, iron and coltan mineralisation. The exploration undertaken follows industry best practice using expert independent consultants and has been designed in a strategic manor to test the license scale potential along with specific target areas of exploration to advance the projects towards the declaration of mineral resources.
Exploration has followed a typical knowledge generation workflow and has included:
On 30 May 2017 we committed to a Phase Three contract of 5,000m focused on targeting the high grade intersections encountered at Sanama Hill and to improve the confidence in the geological interpretation and support a more accurate determination of the contained gold at Sanama Hill and also to further assess the high grade gold intersections encountered at TZ4 the Southern Target.
On 8 May 2017 we completed our Phase Two 3,800m drilling contract. This encompassed scout drilling on TZ2 & TZ4, the Eastern Target & the Southern Target, respectively and limited further drilling on Sanama Hill. On the Southern Target two drill holes confirm the presence of gold, including 5.2g/t over 1.22m in one hole and two intervals of 0.8m grading 1.59g/t and 1.79g/t in another 130m distant, so providing encouragement for the lateral continuity of gold mineralization. On Sanama Hill a new very high grade and thick zone of mineralization was encountered in FDD014, returning 15.9g/t over 3.1m within a far wider zone of 21m averaging 3.65g/t.
On 6 January 2016, we received all remaining assay results from our gold drilling campaign on the company’s Ferensola Gold Project. SRK Consulting (UK) Ltd previously defined an independent JORC compliant gold Exploration Target (the “Exploration Target”) for the Ferensola Gold Project with a tonnage range of between 5 and 7 million tonnes (“Mt”) at a grade range of between 4 and 8 grammes per tonne (“g/t”) of gold (“Au”), which equates to between 0.8 and 1.5 million ounces Au. The Exploration Target has been restricted to a 2 km strike length segment of a regional fold belt that has a potential overall strike length in excess of 10 km. Overall, drilling has identified multiple sub-parallel mineralised shears over a strike length of approximately 350 m. The total length-weighted grade of all significant drill intersections, including the resampled historic drillholes, equates to 4.48 g/t Au with estimated true thickness ranging from 0.4 m to 7.1 m and averaging 1.5 m. In addition, six goldstone samples and one quartz-pyrite float sample from up to 2 km outside of the Exploration Target returned average grades of 8.4 g/t Au and 69.2 g/t Au respectively and highlights additional licence scale mineralisation potential. Further gold exploration programmes are currently being finalised.
A scout drilling programme, targeting iron mineralisation proven to extend from African Minerals Limited’s 12.8Bt Tonkolili mine licence area, confirmed that ABM’s flagship Ferensola assets host consistently high grade iron mineralisation, with best intersections of 14.59m at 55.54% Fe and 73.18m at 43.66% Fe.
On 16 December 2014 ABM declared a JORC Compliant Oxidised Resource of 55.5Mt at 45.39% Fe with a total resource of 514.5 Mt Fe at 31.8% Fe.
In addition to the above, SRK have identified an exploration target comprising an additional 100Mt to 250Mt, with a grade range of between 20% Fe and 35% Fe that lies below the optimised pit shell and have recommended a short drill programme of 6 holes at an average of 150m depth per hole which has the potential to add to resource accordingly.