Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) wishes to provide an update to its
shareholders on the 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%.
Abacus is pleased to report that KGHM has hired
a new Ajax Superintendent, whose duties will initially be focused
on First Nations, community and governmental engagement in order to
advance the project towards a potential resubmission of the
environmental application. Mr. Michal Wypych is a current resident
of Kamloops, and he had prior involvement in the Ajax project. KGHM
is currently looking for office space in Kamloops, in order to
provide the project with an increased community presence.
“Ajax remains a priority for both Abacus and for
our partner, and we are pleased to see that the Ajax project will
once again have a community-based presence,” commented Paul G.
Anderson, President of Abacus. “We understand that our partner has
work to do in order to revitalize the project, and we welcome this
first step.”
The Ajax Project underwent a joint provincial
and federal environmental review starting in 2011, which culminated
in the decision 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 in December of 2017. Despite this
setback, KGHM in consultation with Abacus has continued to work to
advance the project, including evaluating various strategies geared
toward potentially resubmitting the environmental application.
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. (Wardrop Engineering Inc. 2012. Ajax Copper/Gold
Project, Kamloops, British Columbia – Feasibility Study Technical
Report. Doc. No. 1054610300-REP-R0004-02. January 2012).
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 Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Advanced projects in the camp
include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Hudbay
Mining, Nevada Copper’s Pumpkin Hollow (P&P of 572 MT at 0.4%
Cu) which is in mine construction, and Quaterra Resources’
MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in
prefeasibility.
Abacus also holds the Jersey Valley gold
property, prospective for both intrusion-related sediment hosted,
and for epithermal precious metal mineralization, within the Battle
Mountain trend of north-central Nevada. Jersey Valley is 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. (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 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.
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.
Tel: 604.682.0301
email: info@amemining.com
website: www.amemining.com
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