Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce that a diamond
drilling program is about to begin at Jersey Valley, within the
Battle Mountain trend of north-central Nevada.
The Company has signed a contract for
approximately 1100 metres of core drilling, designed to test two of
the five anomalous trends identified in the Induced Polarization
(IP) geophysical survey completed late last year. Four holes will
be drilled, ranging in depth from 250 to 300 metres.
The IP survey detected 44 separate targets,
which have been grouped into five separate ENE trending zones, four
of which are open in at least one direction. Three zones have
signatures characteristic of epithermal precious metal
mineralization and two others have signatures associated with gold
skarns. The property lies within an active hydrothermal
environment, with an operating geothermal power plant on the claim
group.
The 2020 IP survey was designed to bracket four
historic lines of IP done by a previous operator in 2005. The
historic survey was laid out to target a depth of approximately 200
metres, while the new survey was designed to penetrate to depths of
over 400 metres.
JV-1 and JV-2 are the two main IP target zones
(see map on Company website), and both extend the anomalies 500
metres along strike from the historic IP survey. They lie on either
side of a fault thought to be the conduit for mineralizing fluids
feeding epithermal mineralization. JV-1 can be traced for at least
700 m and JV-2 for at least 900 m. Three historic diamond drill
holes appear to have just grazed JV-1 and JV-2, but past drilling
was neither extensive enough, deep enough nor optimally placed to
adequately test the targets, leaving them essentially untested.
Historic drill hole 06JC014C was collared within
the northeast part of JV-2, but it tested a weaker anomaly and
missed a stronger, slightly deeper anomaly. Despite this, the hole
intersected 1.18 g/t silver over 13.1 m near the top and then 0.19
g/t gold over 13.4 m within a slightly wider intercept of 2.36 g/t
Ag over 16.5 m near the end of the hole.
Hole 06JC015C was collared 200 m west of
06JC014C and it also intercepted JV-2. It returned 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. This upper
intercept is within a weaker anomaly, and the lower seems to have
just hit the top of a much better target.
Likewise, the northeast edge of JV-2 was
intersected by historic drill hole 06JC017C, which assayed narrow
zones of anomalous gold and silver throughout, and then 0.18 g/t
gold and 2.98 g/t Ag over 29.87 m. at the end of the hole. This
hole also grazed the edge of a second order target
All three holes have disseminated sulphides
throughout, including pyrite and stibnite. All contain anomalous
gold and silver, along with a suite of other elements typical of
these precious metal bearing systems. 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 Jersey Valley property is prospective for
epithermal precious metal mineralization in an active hydrothermal
environment, like the Taupo volcanic zone in New Zealand, and is
also prospective for Au-Ag skarns.
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 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
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*.
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 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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