Abcourt announces unpublished underground diamond drilling results between 2020 and 2022 at the Sleeping Giant mine including 125.52 g/t Au over 0.80 meters in Zone 3.
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For immediate release
TSX Venture: ABI.V
Abcourt announces unpublished underground diamond drilling results between 2020
and 2022 at the Sleeping Giant mine including 125.52 g/t Au over 0.80 meters in Zone 3.
Rouyn-Noranda, Canada, November 10, 2022 - Abcourt Mines Inc. (“Abcourt” or
the “Corporation”) (TSX Venture: ABI) is pleased to present the unpublished results of the
diamond drilling campaign between 2020 and 2022 at the Sleeping Giant mine.
Abcourt presents results from 94 drill holes totaling 9,281 meters drilled underground from levels
235 and 295 between November 2020 and May 2022.
Highlights of the assay results, included in this press release, are as follows:
Zone 3
• 125.52 g/t Au over 0.80 metre, in hole 23-369,
• 82.49 g/t Au over 1.00 metre, in hole 23-372.
Zone Dac 5
• 33.11 g/t Au over 1.75 metres, including 54.89 g/t Au over 0.90 metre, in hole 29-263,
• 91.77g/t Au over 0.50 metre, in hole 29-231.
Zone 20
• 82.22g/t Au over 0.50 metre, in hole 29-459.
All of the drilling from this campaign are illustrated in the longitudinal section and the plan view
(figure 1). All the results of this campaign are set out in the appendix to this press release.
The main results of the campaign are displayed in Table 1, and are illustrated in vertical sections
at different scales (Figures 2 and 3).
It is important to mention that the data of this campaign has been considered as historical data.
Therefore, in order to certify the analysis results, a 2020-2022 sample reanalysis program, including
a quality control protocol, has been carried out.
82 holes of the 94 holes drilled intersected at least one interval mineralized at over 2.00 g/t Au.
Of the 9,281m drilled in this campaign, 770m were sampled for a total of 1140 samples. These
were all analyzed in the internal laboratory of the Sleeping Giant mine. 250 of the 1140 samples,
or 22%, were also reanalyzed in an external laboratory.
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Of the 250 samples, 243 are part of mineralized intervals greater than 2.00 g/t Au. 167 of these,
or 69%, were sent to an external laboratory in the form of pulps and coarse rejects.
Table 1: Main underground drilling results from the Sleeping Giant mine between 2020 and 2022.
Notes:
1. The length represents the length measured along the drill core.
2. Assay results are not capped, but higher-grade sub-intervals are highlighted.
23-363 34,00 34,50 0,50 120,68 Zone 3
23-369 And 23,60 24,40 0,80 125,52 Zone 3
And 17,80 18,80 1,00 82,49
And 22,80 24,30 1,50 23,22
Including 23,55 24,30 0,75 37,89
5,90 9,10 3,20 14,43
Including 8,10 9,10 1,00 32,64
24,30 25,60 1,30 23,58
Including 24,30 25,10 0,80 35,34
32,00 32,50 0,50 5,05
And 34,00 37,50 3,50 9,58
Including 34,00 34,50 0,50 30,55
48,00 48,50 0,50 11,89
And 55,00 55,50 0,50 82,22
165,75 166,25 0,50 91,77
And 168,80 169,30 0,50 4,64
And 173,50 174,00 0,50 9,93
29-236 12,60 13,10 0,50 32,99 Zone 3
And 5,90 7,65 1,75 33,11
Including 5,90 6,80 0,90 54,89
23-372
ZoneAu
(g/t)Drill hole From
(m)
To
(m)
Interval
(m)
Zone 3
29-263 Zone Dac 5
29-231 Zone Dac 5
23-433 Zone Dac 5
23-410 Zone 3
23-378 Zone 3
23-459 Zone 20
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Figure 1: Drilling location of the Sleeping Giant mine between 2020 and 2022.
Figure 2: Vertical section showing drill results from Zone 3.
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Next Steps of the project
The InnovExplo firm of Val-d'Or was mandated by Abcourt to build the 3D geological model of
the Sleeping Giant mine. Subsequently, InnovExplo will update the mine's mineral resources.
The Company expects to release this resource update in the first quarter of 2023.
The Sleeping Giant Mine Technical Department has recruited technical staff to prepare for
start-up activities.
The geology department is putting in place an action plan to collect, compile and validate all
geological and technical data in order to optimize the mining plan for the first year of mine start-
up.
Mr. Pascal Hamelin, Chief Executive Officer, commented: “I am extremely pleased to see the
technical team progress in updating the resources of the Sleeping Giant mine. We have a
dynamic and rigorous team. The next few months will be very exciting. »
Figure 3: Vertical sections showing drill results from zones, 20 and DAC 5.
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Transaction concerning the Acquisition of Pershimex Resources
Corporation (“Pershimex”) by Abcourt
Abcourt and Pershimex continue to progress their due diligence towards a definitive
agreement. On June 9, 2022, Abcourt announced the signing of a non -binding letter of intent
with Pershimex. Essentially, Abcourt, through a three-cornered amalgamation (the
“Transaction”) is proposing to acquire all of the issued and outstanding shares of Pershimex.
Subsequently, on October 5, 2022, Abcourt announced the signing of an amended letter of
intent with Pershimex which modifies the one dated June 9, 2022. The amended letter of intent
aims to clarify the rights and obligations of the parties, in particular the abandonment of the
exclusivity offered by Pershimex to Abcourt and the magnitude of the cancellation fees, all
depending on the progress of the discussions between Abcourt and Pershimex to finalize the
transaction.
Quality Control and Disclosure Protocols
In order to validate the quality of analysis of the internal laboratory, the reanalyses of the 2020-
2022 drilling campaign were produced by Techni -Lab S.G.B. Abitibi inc. division of ActLabs
which is an accredited external laboratory, ISO 9001 registered and ISO/IEC 17025 certified
CCN (lab707), MELCC (lab375) located in Sainte-Germaine-Boulé, Quebec.
The retesting program was done in accordance with industry standards. The quality assurance
and control protocol includes the insertion of blanks, duplicates and standard samples to verify
laboratory precision and accuracy.
Assays were performed by fire assay (A. A.) with atomic absorption finish. Samples grading
above 10g/t Au were re-assayed with a gravimetric finish.
The verifications show a high degree of correlation with the results of the internal laboratory.
Qualified Persons
Mr. Mohamed Haithem Bennia, geo, chief geologist of the Sleeping Giant mine since
September 2022 wrote, collected, verified and approved the technical information contained
in this press release.
Mr. Pascal Hamelin, ing, President and Chief Executive Officer of the Corporation , has verified
and approved the technical information contained in this press release.
Mr. Hamelin and Mr. Bennia are qualified persons under NI 43-101.
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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.
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
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
E: dany.cenac-
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, including the expectations 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 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, avail able 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.
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APPENDICES:
NOT PUBLISHED UNDERGROUND DDH RESULTS BETWEEN 2020 AND 2022
AT SLEEPING GIANT MINE.
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Underground drilling results from the Sleeping Giant mine between 2020 and 2022.
(Page 1/7)
Notes:
1. The length represents the measured length along the drill core.
2. Assay results are not capped but higher-grade sub-intervals are highlighted.
23-342 0,00 0,50 0,50 2,73 Zone 3
23-343 11,30 11,80 0,50 4,82 Zone 4
23-344 29,40 30,00 0,60 7,45 Zone 4
23-347 Zone 4
23-348 Zone 3
23-349 6,10 6,80 0,70 7,98 Zone 3
0,90 1,40 0,50 4,12
And 13,90 15,00 1,10 4,80
Zone 3
23-351 8,70 9,20 0,50 6,42 Zone 3
23-352 Zone 3
23-353 Zone 3
23-357 Zone 3
12,60 13,40 0,80 4,33
And 16,10 16,80 0,70 3,04
26,60 28,00 1,40 14,15
Including 26,60 27,50 0,90 20,14
23-362 20,00 20,70 0,70 8,34 Zone 3
23-363 34,00 34,50 0,50 120,68 Zone 3
23-368 Zone 3
21,50 22,50 1,00 2,82 Zone 3
And 23,60 24,40 0,80 125,52 Zone 3
16,90 20,60 3,70 7,19
Including 20,00 20,60 0,60 27,71
And 24,30 24,90 0,60 16,68
1,40 2,20 0,80 2,09
And 26,50 27,10 0,60 8,32
And 50,70 51,40 0,70 13,38
0,50 1,00 0,50 2,14
And 17,80 18,80 1,00 82,49
And 22,80 24,30 1,50 23,22
Including 23,55 24,30 0,75 37,89
Drill hole From
(m)
To
(m)
Interval
(m)
Au
(g/t) Zone
Zone 3
Zone 3
No significant values
No significant values
Zone 3
Zone 3
No significant values
No significant values
No significant values
No significant values
23-350
23-358
23-361
23-369
23-370
23-371
23-372 Zone 3