Abacus Provides Update on Jersey Valley
Abacus Provides Update on Jersey Valley
Vancouver, BC – February 18, 2019. Abacus Mining & Exploration Corporation (“Abacus” or
the “Company”) (TSXV: AME) is pleased to provide an update on its Jersey Valley , Nevada
gold property, acquired late last year.
The Jersey Valley property is believed to host epithermal precious metal mineralization,
representative of the upper portions of a porphyry system. The property lies within the Battle
Mountain trend of northern Nevada, in close proxim ity 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 Company has completed a review of past exploration data on the property, which mainly
consists of soil and rock geochemistry, some ground geophysics and a widely spaced program
of shallow Reverse Circulation Drilling plus limited Diamond Drilling. Some of the databases
are incomplete , especially drill data from the 1980’s. Past drilling on the property was
widespread and shallow. One drill hole ended in 245 feet of pyritic, silicified sediments that
assayed 265 ppb Au and 3.28 g/t Ag. The Company believes that past drilling was not de ep
enough to adequately test the system.
The Company has now decided on a field program on the property, that is intended to better
define drill targets. This will involve a program of mapping and rock sampling, with a concurrent
program of ground geophysi cs, which is scheduled to start as soon as the property is
accessible this spring. 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 purpose of the sampling program is to collect a suite of rock samples to be analyzed by
spectral analysis for multiple elements. Epithermal systems contain a diagnostic suite of
alteration elements, the identification of which can narrow down drill targets, especially in
combination with existing data on the property. Spectral analysis worked well at the Company’s
Willow Cu -Mo porphyry project near Yerington, Nevada. Many of the same type of
hydrothermal processes active at depth in a porphyry system such as Willow, are also thought
to be present at Jersey Valley, but at much shallower depths.
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 represent s a significant new discovery. The target
is large and robust, and it remains essentially untested.
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 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, Brit ish 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 dev elopment 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 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.