That sounds fairly straightforward to me.
Use a lot of muffling and a felt mallet, roll off the low end to accent the smack of the mallet against the head, and close mic it. it's probably a singleheaded drum from the sound of it. I would try it with the head really slack/loose, because that will yield alot of attack without much tone (I mean so loose the metal almost rattles and there are wrinkles in the head) or you can go the opposite, which is super tight, but you'll need more muffling to deaden the kick's midrange.
The key behind good double bass playing, is a really dead kickdrum sound, because each individual strike cuts through then.
I used to be on Lamb of God's "Street Team" (Awesome band, btw) and got to meet them when they played locally, and I don't think he was triggering - his kicks sounded like he had them tuned super tight though.
Tim
