New Kamloops Office for Ajax Project
December 03 2020 - 7:00AM
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 opened
a new Kamloops office for the Ajax project within the past two
weeks. This follows the appointment in September of a new Ajax
Superintendent, who has begun the task of First Nation, community
and governmental engagement.
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 Company also has a lease on the Jersey
Valley gold property. The project is within the Battle Mountain
trend of north-central Nevada in close proximity to both the
Phoenix/Fortitude mine complex (a gold skarn with approximately 14
Moz gold plus significant Ag and Cu past production and a proposed
mine life to 2063) and the Cove/McCoy Mine (a Carlin-type gold
deposit with 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 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. AndersonPresident 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. The Company also holds a 20% ownership interest,
together with KGHM Polska Miedź 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 or call
604-682-0301.
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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