Abacus Provides Review of Ajax
Abacus Provides Review of Ajax
Vancouver, BC – February 22, 2021. Abacus Mining & Exploration Corporation (“Abacus” or
the “Company”) (TSXV: AME) wishes to provide a review of the Ajax copper -gold project,
located near Kamloops, British Columbia.
Abacus holds a 20% ownership interest in Ajax, which is managed by base metal major KGHM
Polska Miedź S.A., who hold the remaining 80%. Ajax was mined in the late 1980’s by Teck as
part of their Afton operation. Abacus acquired the Ajax project from Teck and advanced it until
2010, when KGHM was brought onboard. The old Afton Mine site just west of Ajax was put
back into production in 2012 by New Gold as the New Afton Mine.
The Ajax Project contains significant remaining quantities of copper and gold, withi n 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 *
Ajax last underwent a Feasibility Study in 2016 **, where the project at that time was designed
to mine 65,000 tonnes per day over an 18 -year mine life. The mine would provide significant
employment during both construction and operation and substantial tax revenues would accrue
to all levels of government. It should be noted that the 2016 Feasibility Study used metal prices
of US$3.21/lb Cu, US$1200/oz. Au, and US$17/oz. Ag , which are significantly lower than
current prices.
The Ajax Project underwent a joint provincial and federal environmental review starting in 2011,
which culminated in the decision 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 in December of 2017.
Since then, KGHM in consultation with Abacus has worked to evaluate possibilities for further
project development, taking into account relations with all project stakeholders. KGHM opened
a new Kamloops office for the Ajax project late last year following the appointment last
September of a new Ajax Superintendent.
The Company also has additional copper properties of merit in Nevada that are wholly
managed by Abacus. 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 porph yry 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, it remains essentially
untested, and further drilling appears to be warranted.
Abacus also controls a Nevada gold property, where an initial drill campaign has just started.
The Jersey Valley property is prospective for epithermal precious metal mineralization in an
active hydrothermal environment, like the Taupo volcanic zone in New Zealand, and is also
prospective for Au-Ag skarns. The property has a well-maintained sealed road running through
it, which provides access to a 15 MW geothermal power plant located on 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
Jersey Valley is within the Battle Mountain trend of north-central Nevada in close proximity to
both the Phoenix/Fortitude mine complex, a gold skarn with approximately 14 Moz gold plus
significant Ag and Cu past production and a proposed mine life to 2063, and the Cove/McCoy
Mine, a Carlin-type gold deposit with 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 the
mineralization hosted on nearby properties is not necessarily indicative of mineralization
hosted on the Company’s Jersey Valley gold property).
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.
** M3 Engineering and Technology Corp., February 19, 2016. Ajax Project NI 43-101
Technical Report Feasibility Study Update.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson, P.Geo.
President and CEO
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 also holds an option on the Willow copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous Nev -Lorraine clai ms subject to a ten -year lease
agreement. In addition, Abacus holds a 15-year lease on the Jersey Valley gold property, near Battle Mt., Nevada.
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 i n 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 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 projec ted 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 policie s of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.