Abacus Outlines New Gold Targets at Jersey Valley
Abacus Outlines New Gold Targets at Jersey Valley
Vancouver, BC – July 13, 2020. Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce an expansion of the property position at its
Jersey Valley gold property, within the Battle Mountain trend of north-central Nevada.
Based on recently reprocessed and reinterpreted geophysics (see News Release dated July 8,
2020) the Company has approximately doubled the property size by staking an additional 30
claims. The reprocessing exercise clearly showed that the two main IP targets were close to
the claim boundaries or off the original claim group. The new claims now cover the southwest
and western strike and down dip extensions of all known targets at Jersey Valley.
“The acquisition and reprocessing of historic geophysics at Jersey Valley has clearly upgraded
and defined the gold-silver targets” commented Paul G. Anderson, President of Abacus. “The
new claims will allow the Company to potential expand these targets, the largest of which is
approximately 600 metres long by 500 metres wide”.
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 b eyond the current property and then initiated a limited four-line
northwest oriented IP survey over the valley gravels.
The reprocessed IP data very clearly shows two flat-lying anomalies marked by moderate to
high chargeability and low resistivity. Both targets are open to the northeast on the original
claim group, and to the southwest and west on the newly staked claims.
Three historic diamond drill holes appear to have just grazed these two anomalies but were
not optimally oriented. All three holes had >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, which hit narrow zones of anomalous gold and silver throughout,
including 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 wa s 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
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
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
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 i s the fact that structures appear to bracket both
resistivity anomalies, possibly indicating sub-basins within the larger basin.
Past drilling was neither extensive enough , deep enough nor optimally placed to adequately
test the system. Next steps are furt her IP geophysics to expand the existing survey, followed
by drill testing of these targets . The Company website has been updated to show the IP
anomalies on the original claim group.
As demonstrated by past operators, the Jersey Valley property is prospective for both intrusion-
related sediment hosted, and epithermal precious metal mineralization. The property is located
within north-central Nevada within the Battle Mountain trend, 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. (Past production data is from the Newmont Mines and Premier
Gold Mines websites . (The reader is cautioned that the 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 two additional properties of merit. The Willow and adjacent Nev -
Lorraine copper-molybdenum properties are 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 significant new discovery. The target
is large and robust, and it remains essentially untested.
The Company also 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 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 have begun the process of re -
engaging the project stakeholders geared toward potentially resubmitting the environmental
application for the project.
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.
* 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 can 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% ownership interest,
together with KGHM Polska Meidz S.A. (80%), in the proposed copper -gold Ajax Mine located southwest of
Kamloops, B.C., which has recen tly 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.