Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to provide an update on its
Jersey Valley, Nevada gold property, acquired late last year.
The Jersey Valley property is believed to host
epithermal precious metal mineralization, representative of the
upper portions of a porphyry system. The property lies within the
Battle Mountain trend of northern 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). Past production data is from the Newmont Mines and
Premier Gold Mines websites. The reader is cautioned that the
mineralization hosted on nearby properties is not necessarily
indicative of mineralization hosted on the Company’s Jersey Valley
gold property.
The Company has completed a review of past
exploration data on the property, which mainly consists of soil and
rock geochemistry, some ground geophysics and a widely spaced
program of shallow Reverse Circulation Drilling plus limited
Diamond Drilling. Some of the databases are incomplete, especially
drill data from the 1980’s. Past drilling on the property was
widespread and shallow. One drill hole ended in 245 feet of
pyritic, silicified sediments that assayed 265 ppb Au and 3.28 g/t
Ag. The Company believes that past drilling was not deep enough to
adequately test the system.
The Company has now decided on a field program
on the property, that is intended to better define drill targets.
This will involve a program of mapping and rock sampling, with a
concurrent program of ground geophysics, which is scheduled to
start as soon as the property is accessible this spring. 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 edge of the claim group.
The purpose of the sampling program is to
collect a suite of rock samples to be analyzed by spectral analysis
for multiple elements. Epithermal systems contain a diagnostic
suite of alteration elements, the identification of which can
narrow down drill targets, especially in combination with existing
data on the property. Spectral analysis worked well at the
Company’s Willow Cu-Mo porphyry project near Yerington, Nevada.
Many of the same type of hydrothermal processes active at depth in
a porphyry system such as Willow, are also thought to be present at
Jersey Valley, but at much shallower depths.
The Company also has two additional properties
of merit. The Willow and adjacent Nev-Lorraine copper-molybdenum
properties are 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 significant new discovery.
The target is large and robust, and it remains essentially
untested.
The Company also 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*. KGHM have begun the process of re-engaging the project
stakeholders geared toward potentially resubmitting the
environmental application for the project.
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.
* 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.
Abacus also holds a 15 year lease on the Jersey Valley gold
property, near Battle Mt., Nevada. The Company’s main asset is a
20% ownership interest, together with KGHM Polska Meidz S.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.
Tel: 604.682.0301
email: info@amemining.com
website: www.amemining.com
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