Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to provide assay results from
recently completed drilling on the Company’s Willow and
adjacent Nev-Lorraine properties in the Yerington copper camp,
southeast of Reno, Nevada. The properties are collectively known as
the Willow Project.
Hole 002 was the deepest of three holes drilled,
and the results demonstrate that both Cu and Mo mineralization are
present throughout the hole but are concentrated at depth
associated with the Luhr Hill Granite (see table below). The Cu
values, in the 0.1% to 0.2% Cu range, indicate possible close
proximity to a porphyry copper center. The results warrant further
drilling to fully delineate this attractive target.
Of particular significance besides the Cu
values, are the Mo values seen in these holes. The Mo values at
Willow are similar in tenor to the large Ann Mason deposit to the
east, where the Measured and Indicated Mo resource is quoted at
0.006% (Mason Resources quotes 412 Mt at 0.33% Cu and 0.006% Mo at
a 0.2% Cu cutoff on their website). Molybdenum values are a
particularly strong indicator that you are close to a porphyry
copper center.
The bulk of the mineralization relates to the
newly discovered Luhr Hill Granite on the property, or to
associated porphyry dykes above the granite. As outlined in the
last news release (see News Release dated August 8, 2018), the
Company’s recent discovery of the Luhr Hill Granite is a key
outcome of the drilling, as all known porphyry copper deposits in
the Yerington camp are associated with this granite.
Note that based on visual observations of the
core, the Company elected not to assay the entire core, but to
instead take a representative 2-3 metre sample every 15 metres and
to run it for a full multi-element geochemistry suite (including Cu
and Mo). This approach allows the collection of a great deal more
data in order to vector in to an orebody.
Significant Cu and Mo assay results are
tabulated below:
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Hole ID |
From (M) |
To (m) |
Interval (m) |
Cu (%) |
Mo (ppm) |
Rock Type |
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|
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|
|
AW-18-001 |
164.7 |
167.7 |
3.0 |
0.10 |
0.0017 |
Jurassic Qtz Monzodiorite |
AW-18-001 |
255.3 |
258.3 |
3.0 |
0.03 |
0.0154 |
Jurassic Porphyry |
AW-18-002 |
83.6 |
85.9 |
2.3 |
0.24 |
0.0023 |
Jurassic Volcanics |
AW-18-002 |
180.8 |
183.8 |
3.0 |
0.02 |
0.0154 |
Jurassic Qtz Monzodiorite |
AW-18-002 |
262.8 |
265.8 |
3.0 |
0.10 |
0.0050 |
Tertiary Porphyry |
AW-18-002 |
333.7 |
336.1 |
2.4 |
0.06 |
0.0133 |
Jurassic Porphyry |
AW-18-002 |
355.6 |
358.4 |
2.8 |
0.08 |
0.0113 |
Jurassic Qtz Monzodiorite |
AW-18-002 |
410.8 |
413.4 |
2.6 |
0.10 |
0.0026 |
Jurassic Porphyry |
AW-18-002 |
438.9 |
441.6 |
2.7 |
0.10 |
0.0033 |
Jurassic Porphyry |
AW-18-002 |
487.8 |
490.4 |
2.6 |
0.10 |
0.0042 |
Jurassic Luhr Hill Granite |
AW-18-002 |
499.6 |
502.3 |
2.7 |
0.12 |
0.0075 |
Jurassic Luhr Hill Granite |
AW-18-002 |
536.8 |
539.5 |
2.7 |
0.13 |
0.0066 |
Jurassic Porphyry |
AW-18-002 |
549 |
550.8 |
1.8 |
0.17 |
0.0130 |
Jurassic Luhr Hill Granite |
AW-18-002 |
560.9 |
563.3 |
2.4 |
0.10 |
0.0091 |
Jurassic Porphyry |
AW-18-002 |
569.1 |
571.8 |
2.7 |
0.14 |
0.0061 |
Jurassic Luhr Hill Granite |
AW-18-002 |
577.7 |
580.5 |
2.8 |
0.10 |
0.0053 |
Jurassic Porphyry |
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“We are very pleased with these initial
results,” commented Paul G. Anderson, President of Abacus. “We have
not only discovered the Luhr Hill granite at Willow, which is the
metal driving engine in the area, but have demonstrated that it is
also Cu-Mo bearing on our property. Further drilling will be
required, but we are confident that we are close to defining a new
porphyry copper deposit, to add to the four already known in the
camp.”
Of the three holes drilled on Willow, hole 001
was terminated at shallow depth due to drilling difficulties. Holes
002 and 003 both intersected the Luhr Hill granite at depth,
although hole 003 was stopped shortly after entering this unit, and
it only returned anomalous Cu values in the sub-0.1% Cu range. Both
holes 002 and 003 also intersected porphyry dykes and early halo
veins associated with the Luhr Hill Granite. The early halo veins
are significant, as they are found in other porphyry copper
deposits in the camp and are also associated with economic porphyry
copper deposits worldwide.
The Company continues to compile data from the
recent drilling, and to integrate it with data collected in 2017.
The recent drilling program tested only a very small proportion of
the 2.0 km by 2.2 km porphyry target that the Company outlined
earlier this year. As porphyry copper systems are large in extent,
these deposits generally require more than one drill campaign in
order to pinpoint the location and extent of a deposit.
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 (M&I of 1.4BT at 0.32% Cu), owned by Mason
Resources, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at
0.4% Cu) which is in development, and Quaterra Resources’ MacArthur
oxide project (M&I of 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 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 (see News
Release dated February 6, 2018).
All analytical work was performed by ALS USA
Inc. in Reno, Nevada. The lab has a 10% QA/QC protocol involving
standards, blanks, analytical and prep duplicates, and the
Company’s results were considered to fall within acceptable
ranges.
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
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