Abacus Adds Claims at New Nevada Gold Project
Abacus Adds Claims at New Nevada Gold Project
Vancouver, BC – October 24, 2019. Abacus Mining & Exploration Corporation (“Abacus” or
the “Company”) (TSXV:AME) is pleased to announce that it has acquired new claims by staking
open ground adjacent to its newly acquired Jersey Valley gold property along the Battle
Mountain trend of Nevada.
The Company has staked 21 new claims to add to the original 11 claims that comprised the
core Jersey Valley property. The property is now approximately 265 hectares in size, and it
covers an area of 2.4 km by 1 to 1.4 km. The addition claims cover the strike extension of the
favourable geology, as well as all known geophysical targets.
Past work at the Jersey Valley property has demonstrated the existence of a preserv ed
epithermal gold system, marked by an outcropping sinter zone surrounded by an area of
alluvial cover. The area of the sinter is underlain by an intense magnetic low, thought to define
a large area of alteration. Previous geochemical surveys over this area outline high antimony,
arsenic, mercury and silver values typical of the geochemical signature of epithermal mineral
targets.
Widespread shallow drilling of the magnetic low by past operators intersected volcaniclastic
and sedimentary rocks containing anomalous gold and silver values in almost every drill hole,
with values increasing at the ends of the holes. One drill hole ended in 245 feet of pyritic,
silicified sediments that assayed 265 ppb Au and 3.28 g/t Ag. Most of the drilling appears to
have been too shallow to effectively test the altered rocks below the sinter, and the magnetic
anomaly remains essentially untested.
A related target exists nearby, where t he volcanics and sediments are bordered by two
prominent intrusive stocks . T he contact zone is filled with silicified epithermal breccia and
decalcified limestone carrying anomalous precious metal values. Selected rock chip grab
sampling shows widespread precious metal mineralization adjacent to both stocks, with values
up to 5.8 g/t Au and 114 g/t Ag (however, the reader is cautioned that these grades are not
necessarily representative of the mineralization hosted on the property). A previous drill hole
through the breccia intersected 0.59 g/t Au over 40 ft, including 2 g/t Au over 2 ft.
“We are pleased to have been able to stake open ground adjacent to the core claim group”
commented Paul G. Anderson, President of Abacus. “ The expanded claim group covers all
know targets in the area, and we look forward to integrating this prospective gold project into
our existing Nevada and B.C. copper projects.”
The Jersey Valley property is within the Battle Mountain trend of Nevada, in close proximity to
both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and
Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine (3.4 Moz gold
and 110 Moz Ag past production) *. The Jersey Valley property has a well -maintained sealed
road running through it, which provides access to a 15 MW geothermal power plant located on
the border of the claim group.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: [email protected]
website: www.amemining.com
TSX Venture Exchange Symbol: AME
In addition to Jersey Valley, t he Company continues to advance its Ajax copper -gold project,
located near Kamloops, British Columbia. Abacus holds a 20% ownership interest in the
project, which is managed by base me tal 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. **
Besides Ajax, the Company holds options and leases on the Willow and adjacent Nev-Lorraine
copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada.
Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all
known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist
on the Company’s property, and it represents a key new discovery. The target is larg e and
robust, and it remains essentially untested.
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.
* Newmont Mines and Premier Gold Mines websites
** Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia –
Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson
President and COO
About Abacus
Abacus is a mineral exploration and mine development company currently focused on its
optioned 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. The Company also holds a 20% ownership interest, together with KGHM
Polska MiedźS.A. (80%), in the proposed copper -gold Ajax Mine located southwest of
Kamloops, B.C., which has recently 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. 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 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 metallu rgical recovery,
operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and e xploration 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.