Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce that a program of
ground IP geophysics has begun 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 approximately twelve
line-kilometres 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
both gold and silver bearing. The new work was originally scheduled
to commence near the end of September but was pushed back several
weeks due to delays on the part of the contractor.
Abacus recently reprocessed the historic IP
data, which very clearly shows two flat-lying anomalies (see
Company website). The largest target is approximately 600 metres
long by 500 metres wide. Both targets are open along strike to the
northeast and southwest. The Company doubled the claim size in July
of 2020 to cover the southwestern strike extent of these
anomalies.
The reprocessing has highlighted the fact that
the best portions of the two 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 current IP program is designed
to extend these anomalies both to the northeast and to the
southwest, to enable a drill program to be planned.
Past drilling was neither extensive enough, deep
enough nor optimally placed to adequately test the targets. Despite
this, three historic diamond drill holes appear to have just grazed
these two anomalies. 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
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 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, P.Geo.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 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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