Abacus Announces Start of Drilling at Willow in Nevada
April 24 2018 - 6:00AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce that a diamond drill
is presently being mobilized to the Company’s Willow and adjacent
Nev-Lorraine properties in the Yerington, Nevada copper camp.
The drill program is designed to test a newly
defined 2.0 km by 2.2 km portion of a broad, intense silicic and
advanced argillic alteration zone marked by coincident geological,
geochemical and geophysical signatures typical of a porphyry copper
deposit (see News Release dated February 02, 2018). 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.
“The Company is excited to be able to drill test
this newly developed porphyry copper target,” commented Paul G.
Anderson, President of Abacus. “We have developed a compelling
model in less than a year of work on the property, that may have
pinpointed a fifth porphyry in the camp that other companies have
tried to find in the past.”
The Company has been on the property for almost
two weeks, preparing for the program, and reviewing the model with
a consultant who has worked in the Yerington camp since the 1960s.
This individual has agreed that the Company’s model is valid, and
further commented that it was a target he had recommended in the
1970s. The Company plans to drill approximately three holes, one to
800 metres and two at 600 metres.
The Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Advanced projects in the camp
include Ann Mason (1.4BT at 0.32% Cu), owned by Mason Resources,
Nevada Copper's Pumpkin Hollow (572 MT at 0.4% Cu) which is in
development, and Quaterra Resources’ MacArthur oxide project (159MT
at 0.212% Cu) which is in prefeasibility.
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. (see News Release
dated February 15, 2017). The Company has recently acquired 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 (see News Release dated February 6, 2018).
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.
For further information, please contact Investor
Relations at (416) 722-2456.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About Abacus
Abacus 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 Meidz 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. The Ajax project awaits a final decision from the Federal
Cabinet on whether the project can proceed. On December 14, 2017, a
decision was made by the B.C. Minister of Environment and Climate
Change Strategy and 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.
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