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ABM Resources starts sale process for Bonanza gold property

ABM Resources NL said Oct. 11 that it started the divestment process for its Bonanza gold property in Australia's Northern Territory, after receiving several "unsolicited expressions of interest."

Several parties are undertaking due diligence on the project, with the company expecting to provide further updates toward the end of the year. ABM Resources noted that the divestment would provide additional funding for its highest-priority projects.

Discussions are also underway to form a joint venture for the company's South Tanami gold project.

In addition, diamond drilling has started on the Hyperion-Tethys prospect at ABM Resources' Suplejack gold project. The program, which will include approximately 2,000 meters of reverse circulation pre-collars and diamond core, is expected to be completed in November.

Both South Tanami and Suplejack are also located in Northern Territory.