Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to
announce its first Mineral Resource Estimate (“MRE”) for the
Flordin Project, a 100% owned gold deposit located in the Abitibi
greenstone belt, 85 km east of the Sleeping Giant plant 100% owned
by Abcourt, and 30 km north of the town of Lebel-sur-Quévillon,
Quebec.
Figure 1: Regional Map
This MRE reflects the results of approximately
73.4 thousand metres of drilling, of which 34.9 thousand metres
were carried out from 2010 to 2020. The MRE was carried out by the
firm InnovExplo of Val d'Or. The MRE uses a base case valued at a
gold price of $1,650/oz. Please read the notes below Table 1 for
the full list of the MRE evaluation criteria.
Highlights
- 134,700 ounces of Measured and Indicated Resources in 1,758,000
tonnes at an average grade of 2.38 g/t Au;
- 59,700 ounces of Inferred Resources in 575,000 tonnes at an
average grade of 3.23 g/t Au;
- This MRE as well as the 3D model of the veins and the mineral
structures will serve as a basis for carrying out an exploration
campaign in the summer of 2023 with the aim of exploring the
extensions of the deposit and potentially increasing the mineral
resources.
Pascal Hamelin, President and CEO of Abcourt,
said: “We are pleased to now own a third deposit with a mineral
resource estimate near our Sleeping Giant mill. With our ore
processing plant having all its permits, having processing and
storage capacity, Abcourt has the potential to become a significant
producer in a mining camp without any mill and several orphan
deposits belonging to several companies.
Figure 2: Longitudinal View of the Flordin
deposit
Table 1: Mineral Resources Estimate of
the Flordin Gold Project
Potential open pit mining (cut off at 0,5 g/t Au) |
Potential long holes mining (cut off at 3,1 g/t Au) |
Potential room & pillars mining (cut off at 4,6 g/t Au) |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Measured Resources |
86,000 |
2.58 |
7,100 |
0 |
0.00 |
0 |
0 |
0.00 |
0 |
Indicated Resources |
1,444,000 |
2.15 |
99,900 |
227,000 |
3.75 |
27,500 |
1,000 |
5.46 |
200 |
Measured & Indicated Resources |
1,530,000 |
2.18 |
107,000 |
227,000 |
3.77 |
27,500 |
1,000 |
6.22 |
200 |
Inferred Resources |
244,000 |
2.38 |
18,600 |
323,000 |
3.83 |
39,800 |
8,000 |
5.16 |
1 300 |
Notes to the 2023 MRE
- The effective date of the 2023 MRE is May 15, 2023.
- The independent and qualified persons (as defined by NI 43-101)
for the 2023 MRE are Olivier Vadnais-Leblanc, P.Geo., Carl
Pelletier, P.Geo., Eric Lecomte, P.Eng., and Simon Boudreau,
P.Eng., from InnovExplo Inc,
- The mineral resource estimate follows the CIM Definition
Standards (2014) and follows the CIM MRMR Best Practice Guidelines
(2019).
- These mineral resources are not mineral reserves because they
do not have demonstrated economic viability. The results are
presented undiluted and are considered to have reasonable prospects
for eventual economic extraction (RPEEE).
- The estimate encompasses 364 mineralized veins and structures
developed using Genesis and interpolated using LeapFrog Edge.
- 1 m composites were calculated within the mineralized zones
using the grade of the adjacent material when assayed or a value of
zero when not assayed. High-grade capping supported by statistical
analysis was done on composites and was set to 25 g/t Au.
- The estimate was completed using a sub-block model in Leapfrog
Edge. A 10m x 2m x 2m (X,Y,Z) parent block size and a 1.25m x 0.25m
x 0.25m (X,Y,Z) sub block size was used.
- Grade interpolation was obtained by Inverse Distance Squared
(ID2) using hard boundaries.
- A density value of 2.8 g/cm3 was assigned to all mineralized
zones.
- Mineral resources were classified into Measured, Indicated and
Inferred. Measured resources are defined within a distance of 8m
from underground or surface channel and from a minimum of three (3)
drill holes in areas where the drill spacing is less than 50 m.
Indicated resources are defined with a minimum of three (3) drill
holes in areas where the drill spacing is less than 50 m. The
Inferred category is defined with two (2) drill hole in areas where
the drill spacing is less than 75 m where there is reasonable
geological and grade continuity.
- The requirement of a reasonable prospect of eventual economic
extraction is satisfied by having cut-off grades based on
reasonable parameters for potential surface and underground
extraction scenarios, minimum widths and constraining volumes. The
estimate is presented for potential underground scenarios (realized
in Deswik) over a width of 1.7m for blocks 16m high by 16m long at
a cut-off grade of 3.10 g/t Au for the long-hole method (LT) and
4.60 g/t Au for the conventional room and pillar (CP) method.
Cut-off grades reflect the actual geometry and dip of the
mineralized envelopes. The pit of the 2023 mineral resource
estimate is locally constrained by an optimized surface in Whittle
using a rounded cut-off grade of 0.5 g/t Au. Cut-off grades reflect
the actual geometry and dip of the mineralized envelopes. The
cut-off grades were calculated using the following parameters: a
slope of 50° in the rock and 30° in the overburden, a pit mining
cost = C$4.65/t, an underground mining cost of C $169.50/t for LT
and C$262.00/t for CP, a processing cost of C$21.50/t, general and
administrative costs of C$12.00/t, selling costs of C$5.00/oz, a
price of gold of US$1,650 per ounce, a USD/CAD exchange rate of
1.33 and a mill recovery rate of 91.7%. Cut-off grades should be
re-evaluated in light of future market conditions (metal prices,
exchange rates, mining cost, etc.).
- The number of metric tonnes was rounded to the nearest
thousand, following the recommendations in NI 43-101 and any
discrepancies in the totals are due to rounding effects. The metal
contents are presented in troy ounces (tonnes x grade / 31.10348)
rounded to the nearest hundred. Numbers may not add up due to
rounding.
- The independent and qualified persons for the 2023 MRE are not
aware of any known environmental, permitting, legal, political,
title-related, taxation, socio-political, or marketing issues that
could materially affect the Mineral Resource Estimate.
Table 2: MRE sensitivities according to
the price of gold
Sensitivities |
|
|
|
Measured Resources |
Indicated Resources |
Inferred resources |
Potential mining method |
Gold Price ($US) |
Cutoff grade (g/t Au) |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Tonnes |
Grade(g/t Au) |
Ounces Au |
Open pit |
1,320 $ |
0.65 |
37,000 |
3.93 |
4,600 |
587,000 |
2.82 |
53,100 |
133,000 |
2.67 |
11,400 |
Long holes |
3.9 |
|
|
|
137,000 |
4.68 |
20,600 |
146,000 |
4.62 |
21,600 |
Rooms & Pillars |
5.7 |
|
|
|
2,000 |
6.21 |
300 |
3,000 |
6.39 |
700 |
Open pit |
1,485 $ |
0.6 |
80,000 |
2.71 |
7,000 |
1,102,000 |
2.36 |
83,600 |
193,000 |
2.55 |
15,800 |
Long holes |
3.5 |
|
|
|
165,000 |
4.27 |
22,700 |
212,000 |
4.22 |
28,800 |
Rooms & Pillars |
5.1 |
|
|
|
2,000 |
5.43 |
400 |
5,000 |
5.56 |
900 |
Open pit |
Base Case1,650 $ |
0.5 |
86,000 |
2.58 |
7,100 |
1,444,000 |
2.15 |
99,900 |
244,000 |
2.38 |
18,600 |
Long holes |
3.1 |
|
|
|
227,000 |
3.75 |
27,500 |
323,000 |
3.83 |
39,800 |
Rooms & Pillars |
4.6 |
|
|
|
1,000 |
5.46 |
200 |
8,000 |
5.16 |
1,300 |
Open pit |
1,815 $ |
0.45 |
90,000 |
2.50 |
7,200 |
2,432,000 |
1.90 |
148,500 |
504,000 |
1.94 |
31,300 |
Long holes |
2.9 |
|
|
|
199,000 |
3.55 |
22,700 |
376,000 |
3.64 |
44,000 |
Rooms & Pillars |
4.2 |
|
|
|
2,000 |
5.10 |
300 |
13,000 |
4.82 |
1,900 |
Open pit |
2,063 $ |
0.4 |
93,000 |
2.44 |
7,300 |
4,041,000 |
1.69 |
219,100 |
961,000 |
1.76 |
54,500 |
Long holes |
2.5 |
|
|
|
152,000 |
3.14 |
15,300 |
522,000 |
3.21 |
53,900 |
Rooms & Pillars |
3.7 |
|
|
|
4,000 |
4.38 |
500 |
17,000 |
4.16 |
2,200 |
This MRE adheres to current Canadian standards for the
disclosure of mineral resources and reserves as created by the
Canadian Institute of Mining (“CIM”) and defined in the CIM
Definition Standards for Mineral Resources and Mineral Reserves
dated May 2014 (“ICM Definition Standards”). The MRE also complies
with the CIM Best Practice Guidance on Estimating Mineral Resources
and Mineral Reserves dated November 2019 (“CIM MRMR Best Practice
Guidance”).
This MRE includes the amalgamation of blocks of various grades
(“mandatory blocks”) included within potential mining forms
respecting the reasonable prospect of eventual economic extraction,
as specified by the CIM in 2019.
Qualified Persons
The qualified persons independent of the issuer,
responsible for estimating the resources of the Discovery property,
within the meaning of NI 43-101, are Olivier Vadnais-Leblanc,
P.geo., Carl Pelletier, P.geo., Simon Boudreau, P.Eng., and Eric
Lecomte, P.Eng., of InnovExplo Inc.
Messrs. Vadnais-Leblanc, Pelletier, Boudreau and
Lecomte declare that they have read this press release and that the
scientific and technical information relating to the resource
estimate presented therein is correct.
Mr. Pascal Hamelin, ing, President and Chief
Executive Officer of the Company, has verified and approved the
technical information contained in this press release.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration
corporation with strategically located properties in northwestern
Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where
it concentrates its activities.
ABOUT INNOVEXPLO INC.
InnovExplo Inc. is a consulting firm offering
services in mining exploration, mining geology, mineral resources,
mining engineering, environment and sustainable development. Since
its founding in 2003, InnovExplo Inc. has worked on 450 different
mandates for 170 junior mining exploration and producing companies.
The firm has produced more than 300 geological or engineering
reports for projects affecting almost all of the spheres of
activity of a mining project, from exploration to operation,
including mainly the drafting of technical reports in accordance
with the Regulation 43-101.
For further information, please visit our
website at www.abcourt.com , and consult our filings under
Abcourt's profile on www.sedar.com, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING INFORMATION
Certain information contained herein may
constitute “forward-looking information” under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be
achieved” or other similar expressions. Forward-looking statements
are based on Abcourt’s estimates and are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Abcourt to be materially different from those expressed or implied
by such forward-looking statements or forward-looking information.
Forward-looking statements are subject to business and economic
factors and uncertainties, and other factors that could cause
actual results to differ materially from these forward-looking
statements, including the relevant assumptions and risks factors
set out in Abcourt’s public documents, available on SEDAR at
www.sedar.com. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Although Abcourt believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements and
forward-looking information. Except where required by applicable
law, Abcourt disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
The TSX Venture Exchange and its regulatory
service provider (as defined in the policies of the TSX Venture
Exchange) assume no responsibility for the adequacy or accuracy of
this press release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f16a7283-a95c-4b89-900c-8a3c80380755
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e59517e-cde1-4198-a739-743214e437bc
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