Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to provide drill results from the
2021 program on the Willow porphyry copper project in the Yerington
copper camp, southeast of Reno, Nevada.
The Company drilled three holes totaling
approximately 1700 metres on Willow in 2021 (see Company website
for locations). All holes intersected the Luhr Hill granite, which
is the host rock of the four known porphyry copper-molybdenum
(Cu-Mo) deposits in the Yerington camp. Two holes drilled on Willow
by Abacus in 2018 also identified the Luhr Hill granite, with one
of these just entering the granite before being lost.
All 2021 holes hit significant composited
intervals of low-grade copper and molybdenum mineralization, which
are detailed in the table below. All were well mineralized and
altered, with individual intervals as high as 0.37% Cu over 1.1 m
in AW21-001 and 0.38% Cu over 0.2 m in AW21-003. The results
indicate close proximity to a porphyry copper center and clearly
indicate that further drilling is warranted.
Hole |
From |
To |
Interval(m)* |
Cu (%) |
Mo (ppm) |
Cu GxT (%-m) |
|
|
|
|
|
|
|
AW18-002 |
499.60 |
571.80 |
72.20 |
0.11 |
68.0 |
7.97 |
|
|
|
|
|
|
|
AW21-001 |
478.00 |
535.50 |
57.50 |
0.118 |
96.0 |
6.76 |
including |
|
|
|
|
|
|
AW21-001 |
501.50 |
535.50 |
34.00 |
0.189 |
160.7 |
6.35 |
|
|
|
|
|
|
|
AW21-002 |
239.80 |
548.20 |
308.40 |
0.079 |
47.6 |
24.4 |
including |
|
|
|
|
|
|
AW21-002 |
456.70 |
494.60 |
37.90 |
0.096 |
124.3 |
3.65 |
|
|
|
|
|
|
|
AW21-003 |
426.00 |
428.50 |
2.50 |
0.12 |
20.0 |
0.30 |
|
|
|
|
|
|
|
*True widths are unknown but are estimated at
80-85% of the drilled interval
The G X T value in the table above is grade vs
thickness, which gives an idea of the relative amount of
mineralization present in each hole. Drill hole AW18-002 was the
best hole of the 2018 program. Collars in 2021 were chosen 200 m
west (AW21-001), 200 m SE (AW21-002) and 400 m NW (AW21-003) of
AW18-002.
Sampling was mostly done on 0.6-1.7 m intervals
over the bottom portion of each hole, but the sampling was not
continuous. There were 55 samples taken in AW21-001 over 239 m, 48
samples in AW21-002 over 364 m and 47 samples taken in AW21-003
over 320 m. Intercepts are calculated weighted averages using
Target software, with the assumption being that the intervals
without analyses ran the same as the average. They are not intended
for use in any future resource calculation, but instead to give an
idea of the approximate grade and location of Cu and Mo
mineralization.
“I am pleased with the Willow drill results to
date,” commented Paul G. Anderson, President and CEO of Abacus.
“The Company continues to intersect the Luhr Hill granite, the host
granite for the porphyry copper deposits in the camp, and these are
clearly mineralized with copper and moly over significant widths.
The Company continues to believe that a porphyry copper center with
better mineralization exists on Willow. Porphyry copper systems are
large in extent, and most of Willow remains untested.”
The Company analyses all drill holes for a large
suite of geochemical elements, which provides a great deal of data
to vector into further drilling. This work is complicated by the
fact that the originally upright porphyry system is now lying on
its side, with many of its features buried by later volcanics. The
upper parts of the holes were not sampled, as they contain no
porphyry units.
Cu-Mo porphyry deposits at Yerington occur at
the contact of the Luhr Hill granite porphyry and surrounding
volcanic rocks, or else close to the granite but associated with
porphyry dyke swarms further into the volcanic package. As there
are no known instances of this granite in the camp without an
associated porphyry, the discovery of Luhr Hill granite on Willow
marks a key new discovery, which means that there is a very high
likelihood of a Cu-Mo deposit being found on Willow.
Abacus completed geological, geochemical and
geophysical work on Willow beginning in 2017, identifying an
extensive zone of intense silicic and advanced argillic alteration,
marked by coincident geological, geochemical and geophysical
signatures typical of a porphyry Cu-Mo deposit. A short core
drilling program the following year identified the Luhr Hill
granite on Willow with copper values in the 0.1% to 0.2% Cu range
along with elevated Mo. The Molybdenum values are a particularly
strong indicator that you are close to a porphyry copper
center.
The Company’s target is essentially identical to
the two largest porphyry deposits in the Yerington camp, namely the
past-producing Yerington mine and the undeveloped Ann Mason
deposit. Because the target at Willow is covered by later
volcanism, prospecting by drill and sampling for geochemistry is
the only effective means of trying to locate a porphyry center, and
this often takes several drill campaigns to achieve, with each
successive campaign vectoring closer to a porphyry center.
Of the porphyries in the camp, the Ann Mason
deposit lies adjacent and east of Willow and is held by HudBay
Minerals. In 2021, Hudbay announced an updated PEA on Ann Mason
with a revised M&I resource of 2.2 billion tonnes at 0.34% Cu.
Lion Copper and Gold (formerly Quaterra Resources) control the
Yerington, Bear and MacArthur porphyries further to the east.
Anaconda mined the Yerington porphyry between 1952 until 1978,
producing 1.6 billion pounds of copper. MacArthur ((M&I of
159MT at 0.212% Cu)* has seen some past production and is currently
undergoing a Prefeasibility Study. In March of 2022, Lion announced
that Rio Tinto had taken an option on the company’s Yerington
assets. Nevada Copper is in production to the southeast at its
Pumpkin Hollow skarn (P&P of 572 MT at 0.4% Cu).
Abacus has the right to earn a 75% ownership
interest in the Willow property from Almadex America Inc, a wholly
owned subsidiary of Almadex Minerals Ltd. The Company also has a
lease on the contiguous Nev-Lorraine claims giving it the right to
explore and to elect to purchase these claims outright over a
ten-year period. The entire claim group is known as the Willow
Property.
Abacus also holds a 20% ownership interest in
the Ajax copper-gold porphyry 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.
*Data is from the respective Company websites.
The Quaterra report is by M3 Engineering and Technology Corp, May
23, 2012. Amended NI 43-101 Technical Report Preliminary Economic
Assessment Lyon County, Nevada, US.
**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 CEO
About Abacus
Abacus is a mineral exploration and mine
development company currently focused on copper and gold in B.C.
and Nevada. The Company’s main asset is 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 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. KGHM
have recently reopened an office in Kamloops, B.C. to facilitate
First Nation, community and governmental engagement in order to
advance the project towards a potential resubmission of the
environmental application.
Abacus also holds an option on the 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.
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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