Abacus Announces Geophysical Program at Jersey Valley
Abacus Announces Geophysical Program at Jersey Valley
Vancouver, BC – September 10, 2020. Abacus Mining & Exploration Corporation (“Abacus”
or the “Company”) (TSXV: AME) is pleased to announce that a program of ground IP
geophysics is about to begin at its Jersey Valley gold property, within the Battle Mountain trend
of north-central Nevada.
The new high-resolution Time Domain Induced Polarization survey will consist of six lines of
two kilometres each bracketing four historic lines of IP done by a previous operator in 2005.
The historic IP has extensive, virtually untested anomalies, and limited past drilling shows that
these are gold and silver bearing. The work is scheduled to commence near th e end of
September and once complete, an initial program of drilling will be undertaken.
Jersey Valley is underlain by an uplifted range of sediments and intrusives to the east and an
extensive basin covered by gravels to the west, separated by a prominent , brecciated range
front fault. A distinctive sinter associated with hot springs activity is exposed out in the valley
gravels. The previous operator completed a large -scale ground magnetic survey in the early
2000’s which extended well beyond the current property and then initiated a limited four -line
northwest oriented IP survey over the valley gravels.
Abacus recently reprocessed the IP data, which very clearly shows two flat -lying anomalies
marked by moderate to high chargeability and low resistivity ( see Company website). Both
targets are open along strike to the northeast and southwest. The largest target is
approximately 600 metres long by 500 metres wide. The Company doubled the claim size in
July of 2020 in order to cover the southwest strike extent of these anomalies.
Past drilling was neither extensive enough, deep enough nor optimally placed to adequately
test the system. Despite this, three historic diamond drill holes appear to have just grazed these
two anomalies. All three holes contained >1% pyrite, occasional realgar and stibnite, and
numerous additional gold-silver intercepts associated with elevated levels of arsenic, antimony
and mercury. The best results were:
• Drill hole 06JC014C intersected 1.18 g/t silver over 13.1 m near the top and then 0.19
g/t gold over 13.4 m near the end of the hole.
• Drill hole 06JC015C assayed 0.18 g/t gold and 3.6 g/t silver over 6.09 m part way
through the hole and then 1.58 g/t gold over 1.52 m near the end of the hole.
• Drill hole 06JC017C, hit narrow zones of anomalous gold and silver throughout, and
then 0.18 g/t gold over 29.87 m. at the end of the hole.
• Note that a ll intercepts are down hole lengths as insufficient drilling was done to
determine true widths. Note further that these results are historic in nature and although
the author was not involved in the original work, proper industry standard sampling and
data verification procedures appear to have been followed
The Company believes that the reprocessing has highlighted the fact that the best portions of
the IP targets are essentially untested, although past drilling clearly indicates that they contain
gold and silver, along with a suite of other elements typical of these precious metal bearing
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
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email: [email protected]
website: www.amemining.com
TSX Venture Exchange Symbol: AME
systems. The reprocessing also identified several high angle chargeability anomalies that may
be feeders to the extensive flat lying anomalies , along with structures parallel to and at high
angles to the range front fault. Of note is the fact that structures appear to bracket both
resistivity anomalies, possibly indicating sub-basins within the larger basin.
As demonstrated by past operators, the Jersey Valley property is prospective for both intrusion-
related sediment hosted, and for epithermal precious metal mineralization, within the Battle
Mountain trend of north-central Nevada . Jersey Valley is 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. (Data is from the Newmont Mines and Premier Gold Mines
websites. The reader is cautioned that t he mineralization hosted on nearby properties is not
necessarily indicative of mineralization hosted on the Company’s Jersey Valley gold property).
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 edge of the claim group.
The Company also has additional properties of merit in Nevada. The Willow and adjacent Nev-
Lorraine copper-molybdenum properties are in the Yerington copper camp, southeast of Reno.
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 significant new discovery. The target is large
and robust, and it remains essentially untested.
In addition, Abacus holds a 20% ownership interest in the Ajax copper-gold 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 co pper
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*. KGHM has recently hired a new Ajax Superintendent (see News Release dated
September 1, 2020), whose duties will initially be focused on First Nations, on community and
on governmental engagement in order to advance the project towards a potential resubmission
of the environmental application.
The technical information in this news release has been reviewed and approved by Paul G.
Anderson, M.Sc., P.Geo., a Qualified Pe rson within the meaning of National Instrument 43 -
101.
* 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 p roperty located near Yerington, Nevada in which it c an acquire up to a 75% ownership interest, and the
contiguous Nev-Lorraine claims subject to a ten-year lease agreement. Abacus also holds a 15-year lease on the
Jersey Valley gold property, near Battle Mt., Nevada. The Company’s main asset is a 20% owner ship interest,
together with KGHM Polska Meidz 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. 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 relea se, 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 metallurgical recovery,
operating and capital costs, foreign exchange rates, ability to obtain required permits on a timel y basis, 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 resu lts 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 requir ed 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 Regulati on 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.