Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce that it has acquired a
new gold project in Nevada. The Company has signed a letter of
intent with a private Nevada company that provides a 15-year lease
with annual option payments and the right to purchase the entire
property at any time. The aggregate option payments for the first
three years total USD 85,000 with no work commitments.
The Jersey Valley property is within the Battle
Mountain trend of Nevada, in close proximity to both the
Phoenix/Fortitude mine complex (approximately 14 Moz gold plus
significant Ag and Cu past production and a proposed mine life to
2063) and the Cove/McCoy Mine (3.4 Moz gold and 110 Moz Ag past
production) *. The Jersey Valley property has a well-maintained
sealed road running through it, which provides access to a 15 MW
geothermal power plant located on the border of the claim
group.
Past operators at Jersey Valley have defined two
large stocks which intrude a sequence of volcaniclastics, chert,
argillite and limestones. The contact with the intrusives is marked
by a prominent fault zone filled with silicified epithermal breccia
and decalcified limestone carrying anomalous precious metal values.
Selected rock chip grab sampling shows widespread precious metal
mineralization adjacent to both stocks, with values up to 5.8 g/t
Au and 114 g/t Ag (however, the reader is cautioned that these
grades are not necessarily representative of the mineralization
hosted on the property). A previous drill hole through the breccia
intersected 0.59 g/t Au over 40 ft, including 2 g/t Au over 2
ft.
A large hot springs sinter outcrops
approximately 500 metres away from the intrusives, with the
intervening area covered by alluvium but marked by an intense
magnetic low. The magnetic low is thought to define a large area of
alteration, and previous geochemical surveys outline high antimony,
arsenic, mercury and silver values typical of the geochemical
signature of epithermal mineral targets.
Widespread shallow drilling of the magnetic low
intersected anomalous gold and silver values in almost every drill
hole, with values increasing at the ends of the holes. One drill
hole ended in 245 feet of pyritic, silicified sediments that
assayed 265 ppb Au and 3.28 g/t Ag. Most of the drilling was
targeted on IP geophysical targets and did not cross structural
contacts. In addition, most of the drilling appears to have been
too shallow to have effectively tested the magnetic anomaly.
“We have been looking for some time for a gold
project to complement our existing Nevada assets,” commented Paul
G. Anderson, President of Abacus. “Jersey Valley has all the
hallmarks of a classic epithermal gold property, in close proximity
to some very large mines. We also have power not nearby, but
actually on the claims.”
In addition to Jersey Valley, the Company
continues to advance its Ajax copper-gold project, located near
Kamloops, British Columbia. Abacus holds a 20% ownership interest
in the project, which is managed by base metal major KGHM Polska
Miedź S.A., who hold the remaining 80%. The Ajax Project contains
significant quantities of copper and gold, within a NI 43-101
Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t
Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs
Cu, 2.6 Moz Au and 5.3 Moz Ag. **
Besides Ajax, the Company holds options and
leases on the Willow and adjacent Nev-Lorraine copper-molybdenum
properties in the Yerington copper camp, southeast of Reno, Nevada.
Drilling by the Company in 2018 intersected a key intrusive rock
unit on Willow that hosts all known porphyry Cu-Mo deposits at
Yerington. This rock unit was not previously known to exist on the
Company’s property, and it represents a key new discovery. The
target is large and robust, and it remains essentially
untested.
The technical information in this news release
has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo.,
a Qualified Person within the meaning of National Instrument
43-101.
* Newmont Mines and Premier Gold Mines
websites
** Wardrop Engineering Inc. 2012. Ajax
Copper/Gold Project, Kamloops, British Columbia – Feasibility Study
Technical Report. Doc. No. 1054610300-REP-R0004-02. January
2012.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About Abacus
Abacus is a mineral exploration and mine
development company currently focused on its optioned Willow
copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous
Nev-Lorraine claims subject to a ten-year lease agreement.
The Company also holds a 20% ownership interest, together
with KGHM Polska MiedźS.A. (80%), in the proposed copper-gold Ajax
Mine located southwest of Kamloops, B.C., which has recently
undergone a joint provincial and federal environmental assessment
process. On December 14, 2017, a decision was made by the B.C.
Minister of Environment and Climate Change Strategy and the
Minister of Energy, Mines and Petroleum Resources to decline to
issue an environmental assessment certificate for the Project.
For the latest reports and information on Abacus’ projects,
please refer to the Company’s website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that
are deemed “forward-looking statements”. All statements in this
release, other than statements of historical facts, that address
events or developments that Abacus expects to occur, are
forward-looking statements. Forward- looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward- looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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