Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to provide an update regarding
ongoing work undertaken on its Jersey Valley gold property, within
the Battle Mountain trend of northern Nevada.
The Company has been delayed in implementing a
previously planned field program due to closures, travel
restrictions and other effects of the COVID 19 pandemic. In its
place, the Company has taken the time to locate and acquire the raw
magnetic and IP geophysics done over Jersey Valley by a previous
operator. This data has now been fully reprocessed by JL Wright
Geophysics, and it shows the presence of compelling untested drill
targets.
Jersey Valley is underlain by an uplifted range
of sediments and intrusives to the east and an extensive basin
covered by gravels to the west, separated by a prominent,
brecciated range front fault. A distinctive sinter associated with
hot springs activity is exposed out in the valley gravels. The
previous operator completed a large-scale ground magnetic survey in
the early 2000’s which extended well beyond the current property.
They then initiated a limited four-line IP survey over the gravels
in the valley.
The reprocessed IP data very clearly shows two
targets marked by moderate to high chargeability and low
resistivity. The first is a shallow, relatively flat resistivity
low that appears to plunge moderately to the southwest, and it is
present on all four IP lines. The second target is smaller and
deeper but is also present on all lines.
The first IP anomaly underlies a gold-in-soil
anomaly defined by a previous operator. Two historic diamond drill
holes appear to have just grazed this anomaly but were not
optimally oriented. Both contain >1% pyrite with occasional
realgar and stibnite throughout the holes. Numerous anomalous gold
and silver intercepts are associated with typical gold pathfinder
minerals, in particular elevated levels of arsenic, antimony and
mercury.
The best results from drill hole 06JC014C were
1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold
over 13.4 m near the end. Drill hole 06JC015C assayed 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. All intercepts
are down hole lengths as insufficient drilling was done to
determine true widths.
The second IP anomaly appears to have been
intersected by historic drill hole 06JC017C, which hit narrow zones
of anomalous gold and silver throughout, including 0.18 g/t gold
over 29.87 m. at the end of the hole (also a down hole rather than
true width).This hole was drilled beneath an outcropping sinter,
which is related to ongoing hot springs geothermal activity.
The reprocessed IP geophysics was also used to
interpret structures (faults) in the basin. Structures are both
parallel to and at high angles to the range front fault. Of note is
the fact that structures appear to bracket both resistivity
anomalies, possibly indicating sub-basins within the larger
basin.
The Company believes that the reprocessing has
highlighted the fact that the best portions of the IP targets are
essentially untested. Past drilling clearly indicates that they
contain gold and silver, along with a suite of other elements
typical of these precious metal bearing systems. The reprocessing
also identified several high angle chargeability anomalies that may
be feeders to the extensive flat lying anomalies.
Past drilling was neither extensive enough, deep
enough nor optimally placed to adequately test the system. Next
steps are further drill testing of these targets, possibly preceded
with an expansion of the geophysics on adjacent lines. A new figure
showing the reprocessed IP will be posted on the Company website
shortly.
As demonstrated by past operators, the Jersey
Valley property is prospective for both intrusion- related sediment
hosted, and epithermal precious metal mineralization. The property
is located within north-central Nevada within the Battle Mountain
trend, in close proximity to both the Phoenix/Fortitude mine
complex (approximately 14 Moz gold plus significant Ag and Cu past
production and a proposed mine life to 2063) and the Cove/McCoy
Mine: 3.4 Moz gold and 110 Moz Ag past production. (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 edge of the claim group.
The Company also has two additional properties
of merit. The Willow and adjacent Nev-Lorraine copper-molybdenum
properties are in the Yerington copper camp, southeast of Reno,
Nevada. 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.
The Company also continues to advance its Ajax
copper-gold project, located near Kamloops, British Columbia.
Abacus holds a 20% ownership interest in the project, 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*. KGHM have begun the process of re-engaging the project
stakeholders geared toward potentially resubmitting the
environmental application for the project.
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 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. 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 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 Information
This 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
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Sep 2024 to Oct 2024
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Oct 2023 to Oct 2024