Vancouver, British Columbia–(Newsfile Corp. – January 9, 2023) – Abacus Mining & Exploration Corporation (TSXV: AME) (“Abacus” or the “Company”) is pleased to announce that it will be attending the VRIC conference at the Vancouver Convention Center, from January 29-30, 2023, booth #412. The Company will give a corporate presentation on Sunday, January 29, at 1:20 in Workshop 4.
Abacus holds a 20% ownership interest in the Ajax copper-gold porphyry project, located near Kamloops, British Columbia., 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*.
Abacus is also exploring a large porphyry copper-molybdenum (Cu-Mo) project in the Yerington camp of Nevada, southeast of Reno. Recent drilling returned significant composited intervals of low-grade copper and molybdenum mineralization within the Lurh Hill granite, the rock unit that hosts the other four known porphyry Cu-Mo deposits in the camp.
You cannot have a porphyry deposit at Yerington without the presence of this host rock, so the discovery of this granite on Willow marks a key new discovery. The Company has completed two core drilling programs on Willow which intersected extensive composited intervals of low-grade copper and molybdenum mineralization, including:
- 0.11% Cu over 72.2 m *
- 0.12% Cu over 57.5 m (including 0.37% Cu over 1.1 m and 0.19% Cu over 34 m)
- 0.08% Cu over 308.4 m (including 0.1% Cu over 37.9 m)
- 0.38% Cu over 0.2 m
- 0.24% Cu over 2.3 m
- 0.17% Cu over 1.8 m
- True widths are estimated at 80-85% of the drilled interval
In addition, molybdenum (Mo) values are elevated in all holes and are a particularly strong indicator that you are close to a porphyry copper center, although this center has not yet been intersected on Willow. The results to date clearly indicate that further drilling is warranted.
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. Because the target at Willow is covered by later volcanism, prospecting by drill and sampling for geochemistry is the only effective means of trying to locate a porphyry center, and this often takes several drill campaigns to achieve, with each successive campaign vectoring closer to a higher-grade copper porphyry center.
Of the porphyries in the camp, the Ann Mason deposit lies adjacent and east of Willow and is held by HudBay Minerals. In 2021, Hudbay announced an updated PEA on Ann Mason with a revised M&I resource of 2.2 billion tonnes at 0.34% Cu. Lion Copper and Gold (formerly Quaterra Resources) control the Yerington, Bear and MacArthur porphyries further to the east. Anaconda mined the Yerington porphyry between 1952 until 1978, producing 1.6 billion pounds of copper. MacArthur ((M&I of 159MT at 0.212% Cu) ** has seen some past production and is currently undergoing a Prefeasibility Study. In March of 2022, Lion announced that Rio Tinto had taken an option on the company’s Yerington assets. Nevada Copper is in production in the southeast of the districtat its Pumpkin Hollow skarn (P&P of 572 MT at 0.4% Cu).
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.
** Data is from the respective Company websites. The Quaterra report is by M3 Engineering and Technology Corp, May 23, 2012. Amended NI 43-101 Technical Report Preliminary Economic Assessment Lyon County, Nevada, US.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson, P.Geo.
President and CEO
Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company’s main asset is 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 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. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.
Abacus also holds an option on the 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.
For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
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.