Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce that a program of
ground IP geophysics is about to begin at its Jersey Valley gold
property, within the Battle Mountain trend of north-central Nevada.
The new high-resolution Time Domain Induced
Polarization survey will consist of six lines of two kilometres
each bracketing four historic lines of IP done by a previous
operator in 2005. The historic IP has extensive, virtually untested
anomalies, and limited past drilling shows that these are gold and
silver bearing. The work is scheduled to commence near the end of
September and once complete, an initial program of drilling will be
undertaken.
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.
Abacus recently reprocessed the IP data, which
very clearly shows two flat-lying anomalies marked by moderate to
high chargeability and low resistivity (see Company website). Both
targets are open along strike to the northeast and southwest. The
largest target is approximately 600 metres long by 500 metres wide.
The Company doubled the claim size in July of 2020 in order to
cover the southwest strike extent of these anomalies.
Past drilling was neither extensive enough, deep
enough nor optimally placed to adequately test the system. Despite
this, three historic diamond drill holes appear to have just grazed
these two anomalies. All three holes contained >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, hit narrow
zones of anomalous gold and silver throughout, and then 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.
As demonstrated by past operators, the Jersey
Valley property is 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 Company also has additional properties of
merit in Nevada. The Willow and adjacent Nev-Lorraine
copper-molybdenum properties are in the Yerington copper camp,
southeast of Reno. 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.
In addition, Abacus holds a 20% ownership
interest in the Ajax copper-gold project, located near Kamloops,
British Columbia., 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 has recently hired a new Ajax
Superintendent (see News Release dated September 1, 2020), whose
duties will initially be focused on First Nations, on community and
on governmental engagement in order to advance the project towards
a potential resubmission of the environmental application.
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 AbacusAbacus 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 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 InformationThis
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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