Abacus Acquires 100% of the Willow Porphyry Copper Property
TSX Venture Exchange Symbol: AME
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: [email protected]
website: www.amemining.com
Abacus Acquires 100% of the Willow Porphyry Copper Property
Vancouver, BC – June 6, 2024. Abacus Mining & Exploration Corporation (“Abacus” or “The
Company”) (TSXV:AME) is pleased to announce that it has signed an Agreement with Almadex
Minerals Ltd. and its wholly-owned Nevada subsidiary Almadex America Inc. (“Almadex”), to
acquire a 100% ownership interest in the Willow porphyry copper property located in
Yerington, Nevada, (“Willow Property”) and data associated with the Willow Property (the
“Willow Data”).
Under the terms of the Agreement, which is subject to TSX Venture Exchange (“TSX -V”)
approval, Abacus will issue common shares of Abacus (“Shares”) to Almadex, as to:
• 7,500,000 shares in the capital of the Company (“ Shares”) (the “Initial Shares”) on
closing of the transaction, expected to be on or about June 30, 2024 (the “Closing
Date”); and,
• on July 31, 2025 (the “Top -Up Date”), such number of Shares owned by Almadex
immediately following the completion of the transaction on the Closing Date , then
divided by the number of Shares outstanding on the Top -Up Date, equals 0.08,
rounded down to the nearest whole Share (the “Top-Up Shares”).
Title to the claims comprising the Willow Property will be transferred to Abacus on issuance
of the Initial Shares, and Abacus will, as soon as reasonably practicable following the Closing
Date and in any event no later than December 31, 2025, complete the drilling of a minimum
600 metre exploratory hole on the Willow Property within an area agreed upon with Almadex.
The Willow Property is subject to a 2% NSR from future production of minerals from the Willow
Property.
“An option agreement on Willow was signed in early 2017 between Abacus and Almadex.,
allowing Abacus to earn an aggregate 75% interest in Willow by meeting certain spending
thresholds and by issuing shares ” commented Paul G. Anderson, President and CEO of
Abacus. “This Agreement removes the spending commitments, and it consolidates
ownership of a very prospective porphyry copper property which remains poorly drill tested.”
Abacus completed geological, geochemical and geophysical work on Willow beginning in
2017, identifying an extensive zone of intense silicic and advanced argillic alteration, marked
by coincident geological, geochemical and geophysical signatures typical of a porphyry Cu-
Mo deposit.
The Company drilled two diamond drill holes in 2018, which intersected the Luhr Hill granite,
which is the host rock of the four known porphyry copper -molybdenum (Cu-Mo) deposits in
the Yerington camp. The holes hit short intervals of copper in the 0.1 to 0.2% range with
elevated Mo.
In 2021, three additional core holes intersected broader intervals of the Luhr Hill granite with
significant composited intervals of low -grade copper and molybdenum mineralization. The
results indicate close proximity to a porphyry copper center and clearly indicate that further
drilling is warranted.
Cu-Mo porphyry deposits at Yerington occur at the contact of the Luhr Hill granite porphyry
and surrounding volcanic rocks, or else close to the granite but associated with porphyry dyke
swarms further into the volcanic package. As there are no known insta nces of this granite in
the camp without an associated porphyry, the discovery of Luhr Hill granite on Willow marks a
key new discovery, which means that there is a very high likelihood of a Cu-Mo deposit being
found on Willow.
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, prospectin g 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 porphyry center.
Of the known 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 control the Yerington, Bear and MacArthur porphyries adjacent and to
the east of Ann Mason . 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, and it
announced the results of a new PEA in March of this year. *
The Company in addition has a lease on the Nev-Lorraine claims contiguous to Willow, giving
it the right to explore and to elect to purchase these claims outright over a ten-year period.
Abacus also 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**.
* Data is from the respective Company websites.
** Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia –
Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012.
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.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson,
P.Geo.
President, CEO,
Director
(604) 682-0301
About Abacus
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 is in the process of acquiring a 100% interest in the Willow copper-gold property located near Yerington,
Nevada, and it also controls 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.
Forward-Looking Information
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 o n 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 b asis, 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.