Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce an expansion of the
property position at its Jersey Valley gold property, within the
Battle Mountain trend of north-central Nevada.
Based on recently reprocessed and reinterpreted
geophysics (see News Release dated July 8, 2020) the Company has
approximately doubled the property size by staking an additional 30
claims. The reprocessing exercise clearly showed that the two main
IP targets were close to the claim boundaries or off the original
claim group. The new claims now cover the southwest and western
strike and down dip extensions of all known targets at Jersey
Valley.
“The acquisition and reprocessing of historic
geophysics at Jersey Valley has clearly upgraded and defined the
gold-silver targets” commented Paul G. Anderson, President of
Abacus. “The new claims will allow the Company to potential expand
these targets, the largest of which is approximately 600 metres
long by 500 metres wide”.
Jersey Valley is underlain by an uplifted range
of sediments and intrusives to the east and an extensive basin
covered by gravels to the west, separated by a prominent,
brecciated range front fault. A distinctive sinter associated with
hot springs activity is exposed out in the valley gravels. The
previous operator completed a large-scale ground magnetic survey in
the early 2000’s which extended well beyond the current property
and then initiated a limited four-line northwest oriented IP survey
over the valley gravels.
The reprocessed IP data very clearly shows two
flat-lying anomalies marked by moderate to high chargeability and
low resistivity. Both targets are open to the northeast on the
original claim group, and to the southwest and west on the newly
staked claims.
Three historic diamond drill holes appear to
have just grazed these two anomalies but were not optimally
oriented. All three holes had >1% pyrite, occasional realgar and
stibnite, and numerous additional gold-silver intercepts associated
with elevated levels of arsenic, antimony and mercury. The best
results were:
- Drill hole 06JC014C intersected 1.18 g/t silver over 13.1 m
near the top and then 0.19 g/t gold over 13.4 m near the end of the
hole.
- Drill hole 06JC015C assayed 0.18 g/t gold and 3.6 g/t silver
over 6.09 m part way through the hole and then 1.58 g/t gold over
1.52 m near the end of the hole.
- Drill hole 06JC017C, which hit narrow zones of anomalous gold
and silver throughout, including 0.18 g/t gold over 29.87 m. at the
end of the hole.
- Note that all intercepts are down hole lengths as insufficient
drilling was done to determine true widths.
- Note further that these results are historic in nature and
although the author was not involved in the original work, proper
industry standard sampling and data verification procedures appear
to have been followed
The Company believes that the reprocessing has
highlighted the fact that the best portions of the IP targets are
essentially untested, although past drilling clearly indicates that
they contain gold and silver, along with a suite of other elements
typical of these precious metal bearing systems. The reprocessing
also identified several high angle chargeability anomalies that may
be feeders to the extensive flat lying anomalies, along with
structures parallel to and at high angles to the range front fault.
Of note is the fact that structures appear to bracket both
resistivity anomalies, possibly indicating sub-basins within the
larger basin.
Past drilling was neither extensive enough, deep
enough nor optimally placed to adequately test the system. Next
steps are further IP geophysics to expand the existing survey,
followed by drill testing of these targets. The Company website has
been updated to show the IP anomalies on the original claim
group.
As demonstrated by past operators, the Jersey
Valley property is prospective for both intrusion- related sediment
hosted, and epithermal precious metal mineralization. The property
is located within north-central Nevada within the Battle Mountain
trend, 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 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 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: 604.682.0301email:
info@amemining.com website: www.amemining.com
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