Abcourt Releases its First Mineral Resources Estimate on its Discovery Gold Project
For immediate release
TSX Venture: ABI.V
Abcourt Releases its First Mineral Resources Estimate on its Discovery Gold Project
Rouyn-Noranda, Canada, April 6, 2023 - Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX
Venture: ABI) is pleased to announce its first Mineral Resources Estimate (“MRE”) for the Discovery
Project, a wholly-owned gold deposit located in the Abitibi greenstone belt, 80 km east of the Sleeping
Giant plant 100% owned by Abcourt, and 35 km north of the town of Lebel-sur-Quévillon, Quebec.
Figure 1: Regional Map
This MRE reflects the results of approximately 158 thousand metres of drilling, of which 35,551 metres
were carried out from 2010 to 2018. The MRE was carried out by the firm InnovExplo of Val d'Or.
Highlights
• 177,700 ounces of Measured and Indicated Resources in 1,186,000 tonnes at an average grade
of 4.66 g/t Au;
• 303,700 ounces of Inferred Resources in 1,900,700 tonnes at an average grade of 4.80 g/t Au;
• This MRE will serve as a basis for carrying out an exploration campaign 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 second deposit
with mineral resources near our Sleeping Giant Mill. The potential for a regional hub around the Sleeping
Giant Mill is beginning to emerge with the addition of the Discovery deposit, and the upcoming addition
of another MRE at the Flordin deposit within the same radius around the Mill. »
Figure 2: Longitudinal View of the Discovery deposit
Table 1: Mineral Resources Estimate of the Discovery Gold Project
Discovery Gold Project
Underground Mineral Resources (at 3 g/t Au cut-off)
Classification Tonnes Grade Ounces
(t) (g/t Au) (oz Troy Au)
Indicated 955,000 5.09 156,300
Inferred 1,573,000 5.21 263,400
Open-Pit Mineral Resources (at 0.5 g/t Au cut-off)
Classification Tonnes Grade Ounces
(t) (g/t Au) (oz Troy Au)
Measured 8,000 3.44 900
Indicated 223,000 2.86 20,500
Total
Measured+Indicated 231,000 2.88 21,400
Inferred 397,000 3.15 40,300
Discovery Gold Project Total Resources
Total
Measured+Indicated 1,186,000 4.66 177,700
Total Inferred 1,970,000 4.80 303,700
Notes to the 2023 MRE
1. The effective date of the 2023 MRE is March 28, 2023.
2. The independent and qualified persons (as defined by NI 43-101) for the 2023 MRE are Olivier Vadnais-Leblanc,
P.Geo., Simon Boudreau, P.Eng.,and Eric Lecomte, P.Eng. from InnovExplo Inc,
3. The mineral resource estimate conforms to the CIM Definition Standards (2014) and follows the CIM MRMR Best
Practice Guidelines (2019).
4. 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 of economic viability.
5. The estimate encompasses 34 mineralized solids developed using LeapFrog Geo.
6. 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 35 g/t Au.
7. The estimate was completed using a sub-block model in Leapfrog Edge. A 16m x 1m x 16m (X,Y,Z) parent block size
and a 4m x 1m x 4m (X,Y,Z) sub block size was used.
8. Grade interpolation was obtained by Inverse Distance Squared (ID2) using hard boundaries.
9. A density value of 2.82 g/cm 3 was assigned to all mineralized zones.
10. Measured resources are defined inside a distance of 8m from an underground or surface channel within existing
indicated resources. Indicated resources are defined with a minimum of two (2) drill holes within the areas where the
drill spacing is less than 50m. The Inferred category is defined with a (1) drill holes within the areas where the drill
spacing is less than 150 m. Data must show reasonable geological and grade continuity.
11. The Underground 2023 MRE is locally constrained within Deswik Stope Optimizer shapes using a minimal mining
width of 1.7 m for a potential Long-Hole underground mining method (potential block of 16m X 16m), with no maximum
width. It is reported at a rounded cut-off grade of 3 g/t Au using the long-hole mining method. The open pit 2023 MRE
is locally constrained within Whittle surfaces using a rounded cut-off grade of 0.5 g/t Au. The cut-off grades were
calculated using the following parameters: mining cost Open Pit = C$4.65/t; mining cost Underground= C$169.50/t;
processing cost = C$21.50/t; G&A = C$12.00/t; selling costs = C$5.00/oz; gold price = US$1,650.00/oz; USD:CAD
exchange rate = 1.33; and mill recovery = 96.0%. The cut-off grades should be re-evaluated considering future
prevailing market conditions (metal prices, exchange rates, mining costs etc.).
12. Mineral resources were classified into measured, indicated or inferred. The measured category is define as an
indicated resources contains within an 8 metres radius from surface or underground channels sampling. Indicated
resources are defined by being interpolated using a minimum of two (2) DDH within a 50 metres radius. Inferred
resources are defined by being interpolated with one (1) DDH within a 150 metres radius, all where there is reasonable
geological and grade continuity.
13. 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.
14. 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.
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., Simon
Boudreau, P.Eng. and Eric Lecomte, P.Eng., of InnovExplo Inc.
Messrs. Vadnais-Leblanc, 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 Abcourt, 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 Hamelin
President and CEO
T: (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
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 .