ABI.V · 2022-12-13 12:00:00

Abcourt Announces Mineral Resource Update at the Sleeping Giant Mine

Resource Estimates

For immediate release

TSX Venture: ABI.V

Rouyn-Noranda, Canada, December 13, 2022 - Abcourt Mines Inc. ( “Abcourt” or the

“Corporation”) (TSX Venture: ABI) is pleased to announce an updated Mineral Resource

Estimate (“MRE”) for the Sleeping Giant Mine, a 100% owned high-grade gold deposit located in

the Abitibi Greenstone Belt, 80 km north of the city of Amos, Quebec

This MRE reflects the results of approximately 1.19 million met ers of drilling, of which 9,281

meters were carried out by Abcourt from 2016 until May 2022, as well as all assay results received

until September 2022. This MRE was carried out by the firm InnovExplo of Val d'Or.

Highlights

 173,000 oz of indicated resources at an average grade of 7.14 g/t Au;

 Conservation of Measured and Indicated resources (99%) compare d to the previous MRE;

 248,000 oz of Inferred resources at an average grade of 8.74 g /t Au;

 Gain of 212,800 oz of Inferred resources (700% increase);

 98% of this MRE is at a depth accessible by the existing shaft ;

 Modeling of 846 distinct gold structures from 1.19 million met ers of drilling and underground

infrastructure, many of which remain to be fully explored;

 This MRE excludes residual pillars around existing infrastruct ure, a 5 metres buffer zone

around existing infrastructure, a 50 meter crown pillar and historical production. Following

engineering studies, a portion of these pillars could be integrated into the MRE and

constitute a potential for increasing resources;

 The MRE complies with the Standards and Guidelines of the Cana dian Institute of Mining,

including the presentation of constrained mineral resources;

 This MRE will serve as the basis for updating the estimate of the mineral reserves of the

Sleeping Giant Mine;

 The update of the mineral reserve estimate is scheduled for sp ring 2023.

Pascal Hamelin, President and CEO of Abcourt, said: “We are ver y proud to have reached an

important milestone for the Corporation. This MRE demonstrates the potential for growth through

the significant increase in Inferred resources. The robustness and quality of the Sleeping Giant

deposit is confirmed by the conservation of the Indicated resou rces according to industry best

practices. In addition, the 3D geological model that served as the basis for this MRE will allow

geologists to clearly define the next drilling targets in order to continue to increase the potential

of the deposit.”

The MRE adheres to the current Canadian Reporting Standards for Mineral Resources and

Mineral Reserves, which are the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”)

Definition Standards for Mineral Resources and Mineral Reserves of May 2014 (“CIM Definition

Standards”). The MRE also follows the CIM Estimation of Mineral Resources and Mineral

Reserves Best Practice Guidelines of November 2019 (the “CIM MRMR Best Practice

Guidelines”).

This MRE includes all blocks (“must take blocks”) that fell within a potentially mineable shape that

must satisfy the “reasonable prospects for eventual economic extraction” as specified by the CIM

in 2019. These guidelines were introduced after the 2019 MRE at Sleeping Giant.

Table 1: Mineral Resource Estimate for the Sleeping Giant Mine (Effective as of

December 12, 2022)

Potential Long Holes

(cut off at 4,25 g/t Au)

Potential Room and Pillars

(Cut-off at 5,0 g/t Au) Total

Tonnes Grade (Au

g/t)

Ounces

Au Tonnes Grade

(Au g/t)

Ounces

Au Tonnes Grade

(Au g/t)

Ounces

Indicated Resources

677 000 7,03 153 000 78 000 7,98 20 000 755 000 7,14 173 300

Inferred Resources

677 000 8,13 177 000 207 000 10,67 71 000 884 000 8,74 248 300

Notes to the 2022 MRE

i. The independent and qualified persons for the 2022 MRE, as d efined by NI 43-101 are Olivier

Vadnais-Leblanc, P. Geo. and Eric Lecomte, ing, all from InnovExplo Inc.

ii. These mineral resources are not mineral reserves because th ey do not have demonstrated

economic viability. The results are presented undiluted and are considered to have reasonable

prospects of economic viability. The 2022 MRE follows the CIM Standards.

iii. The estimate encompasses 846 mineralized lenses that were modelled using a minimal

geological width of 0.5m using Genesis software.

iv. A density value of 2.85 g/cm 3 (based on measurements and mine et mill reconciliation) was

assigned to all mineralized zones.

v. High-grade capping supported by statistical analysis was don e on composites data and

established at 95 g/t Au for all mineralized zones. Composites (0.5 m) were calculated within the

zones using the grade of the adjacent material when assayed or a value of zero when not

assayed.

vi. The exigence of a Reasonable Prospect of Eventual Economical Extraction is fulfilled by the use

of cut-off grades based on reasonable mining parameters and loc ally constrained within Deswik

Stope Optimizer shapes using a minimal mining width of 1.7 m fo r both potential methods. It is

reported at a rounded cut-off grade of 4.25 g/t Au using the lo ng-holes (LH) method, and 5.0 g/t

Au, using the Room and Pillars (R&P) method. The cut-off grades were calculated using the

following parameters: mining cost = C$213.96/t (LH) to C$261.56 /t (R&P); processing cost =

C$35.10/t; G&A = C$22.09/t; gold price = US$1,650.00/oz and USD:CAD exchange rate = 1.30.

The cut-off grades should be re-evaluated in light of future pr evailing market conditions (metal

prices, exchange rates, mining costs etc.).

vii. The estimate was completed using a sub-block model in Surp ac 2022. A 4m x 4m x 4m parent

block size was used (1m x 1m x 1m sub-blocked). Grade interpola tion was obtained by Inverse

Distance Squared (ID2) using hard boundaries.

viii. The mineral resource estim ate is classified as Indicated and Inferred. The Inferred category is

defined with a minimum of two (3) drill holes within the areas where the drill spacing is less than

75 m and shows reasonable geological and grade continuity. The Indicated mineral resource

category is defined with a minimum of three (4) drill holes within the areas where the drill spacing

is less than 30 m and shows reasonable geological and grade continuity.

ix. The number of metric tonnes was rounded to the nearest hund red, following the

recommendations in NI 43-101 and any discrepancies in the total s are due to rounding effects.

The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the

nearest hundred.

x. The independent and qualified persons for the 2022 MRE are n ot aware of any known

environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues

that could materially affect the Mineral Resource Estimate.

Qualified Persons

The qualified persons independent of the issuer, responsible fo r estimating the resources of the

Sleeping Giant Mine, within the meaning of NI 43-101, are Mrs. Olivier Vadnais-Leblanc, geo.,

and Eric Lecomte, ing, of the firm InnovExplo Inc.

Mrs. Vadnais-Leblanc and Lecomte declare that they have read th is 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 Corporation, has verified

and approved the technical information contained in this press release.

Abcourt will host a live webinar to discuss this MRE.

Abcourt will be hosting a live webinar on Wednesday, December 14 at 2:00 p.m. EST / 11:00 a.m.

PST. Pascal Hamelin, President and CEO of Abcourt, will discus s this Mineral Resource

Estimate, as well as other recent news. Questions may be asked by email in advance to

[email protected]. A replay of the webinar will be available on Abcourt's website once completed.

Date : Wednesday December 14th, 2022

Heure : 14h00 EST / 11h00 PST

Link to join the webinar : https://us02web.zoom.us/j/89885452734

Meeting ID: 898 8545 2734

Mobile Phone

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Webinar ID: 898 8545 2734

ABOUT ABCOURT MINES INC.

Abcourt Mines Inc. is a gold producer and 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 minin g exploration, mining geology,

mineral resources, mining engineering, environment and sustaina ble development. Since its

founding in 2003, InnovExplo Inc. has worked on 450 different m andates 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 sp heres 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 Hamelin

President and CEO

T: (819) 768-2857

E: [email protected]

Dany Cenac Robert, Investor Relations

Reseau ProMarket Inc.,

T: (514) 722-2276, post 456

E: [email protected]

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 si milar expressions. Forward-

looking statements, including the ex pectations of Abcourt’s management regarding the completion of the

Transaction, 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 activi ty, performance or achievements of

Abcourt to be materially different from those expres sed 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 ri sks factors set out in Ab court’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 assump tions 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 (a s defined in the policies of the TSX

Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.

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