Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) announces that it has successfully completed
an initial three hole diamond drilling program on the Company’s
Willow and adjacent Nev-Lorraine properties in the Yerington copper
camp, southeast of Reno, Nevada.
A key outcome of the drilling was the
identification of the Luhr Hill Granite, a unit not previously
known to exist on the Company’s properties. The discovery is
significant because the copper mineralization in all known porphyry
copper deposits in the Yerington copper camp is associated with
this unit or with granite porphyry dykes that radiate outwards from
the Luhr Hill Granite. The nearest previously known occurrence of
the Luhr Hill Granite is within the major Ann Mason porphyry copper
deposit approximately seven kilometres to the east of Willow.
The Luhr Hill Granite was identified at depths
of 300 m and 400 m respectively in two of the three holes drilled,
with the third hole terminated at shallower depths due to drilling
difficulties. Several granite porphyry dykes thought to be related
to the Luhr Hill Granite were also identified in these two drill
holes, along with a type of veining known as “early halo veins”.
This type of vein is distinctive in appearance, and it is
associated with economic porphyry deposits worldwide. It is also a
feature of the known Yerington deposits. The veins encountered in
Abacus’s drilling contain some copper and molybdenum
mineralization, and assay results will be released when received
and compiled.
“The identification of the Luhr Hill Granite on
Willow and Nev-Lorraine, the metal producing rock for the known
porphyry copper deposits at Yerington represents a key new
discovery in the district,” commented Paul G. Anderson, President
of Abacus. “The recent drilling has thus validated the model
developed over the past year on the property, and will allow the
Company to continue to vector in on areas of mineralization.”
The drill program was designed to test a very
small portion of 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 or Cu-Mo 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 target on Willow and Nev-Lorraine remains
large and robust and is essentially untested, as only two holes
have been drilled into the target area. Porphyry copper systems are
large in extent, and these deposits generally require more than one
drill campaign in order to pinpoint the location and extent of a
deposit. Additional drilling will be required to fully delineate
this attractive target.
The Company is currently compiling geological,
spectrographic and assay data from the recent drilling, and
integrating it with data collected in 2017 by the Company from
historic nearby drill holes. As this initial short drill program
was intended as a “proof of concept” of the model, a decision was
taken to only sample a 2-3 metre section of core every 15 metres
for full, multi-element geochemistry, including copper and
molybdenum. The advantage of this approach is the collection of a
great deal of data to use to develop drill targets.
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.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson 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.
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. 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.
Suite 1000 – 1050 West Pender
StreetVancouver, B.C. V6E 3S7 CanadaTel:
604.682.0301
email: info@amemining.comwebsite:
www.amemining.com
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Feb 2024 to Mar 2024
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Mar 2023 to Mar 2024