Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce that it has acquired
new claims by staking open ground adjacent to its newly acquired
Jersey Valley gold property along the Battle Mountain trend of
Nevada.
The Company has staked 21 new claims to add to
the original 11 claims that comprised the core Jersey Valley
property. The property is now approximately 265 hectares in size,
and it covers an area of 2.4 km by 1 to 1.4 km. The addition claims
cover the strike extension of the favourable geology, as well as
all known geophysical targets.
Past work at the Jersey Valley property has
demonstrated the existence of a preserved epithermal gold system,
marked by an outcropping sinter zone surrounded by an area of
alluvial cover. The area of the sinter is underlain by an intense
magnetic low, thought to define a large area of alteration.
Previous geochemical surveys over this area outline high antimony,
arsenic, mercury and silver values typical of the geochemical
signature of epithermal mineral targets.
Widespread shallow drilling of the magnetic low
by past operators intersected volcaniclastic and sedimentary rocks
containing anomalous gold and silver values in almost every drill
hole, with values increasing at the ends of the holes. One drill
hole ended in 245 feet of pyritic, silicified sediments that
assayed 265 ppb Au and 3.28 g/t Ag. Most of the drilling appears to
have been too shallow to effectively test the altered rocks below
the sinter, and the magnetic anomaly remains essentially
untested.
A related target exists nearby, where the
volcanics and sediments are bordered by two prominent intrusive
stocks. The contact zone is filled with silicified epithermal
breccia and decalcified limestone carrying anomalous precious metal
values. Selected rock chip grab sampling shows widespread precious
metal mineralization adjacent to both stocks, with values up to 5.8
g/t Au and 114 g/t Ag (however, the reader is cautioned that these
grades are not necessarily representative of the mineralization
hosted on the property). A previous drill hole through the breccia
intersected 0.59 g/t Au over 40 ft, including 2 g/t Au over 2
ft.
“We are pleased to have been able to stake open
ground adjacent to the core claim group” commented Paul G.
Anderson, President of Abacus. “The expanded claim group covers all
know targets in the area, and we look forward to integrating this
prospective gold project into our existing Nevada and B.C. copper
projects.”
The Jersey Valley property is within the Battle
Mountain trend of Nevada, 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) *. 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 border of the claim
group.
In addition to Jersey Valley, the Company
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. **
Besides Ajax, the Company holds options and
leases on the Willow and adjacent Nev-Lorraine copper-molybdenum
properties 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 key new discovery. The
target is large and robust, and it remains essentially
untested.
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.
* Newmont Mines and Premier Gold Mines
websites
** 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 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 Miedź 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.
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