Abacus Provides Update on Jersey Valley
Abacus Provides Update on Jersey Valley
Vancouver, BC – September 2, 2021. Abacus Mining & Exploration Corporation (“Abacus” or
the “Company”) (TSXV: AME) wishes to announce that it has decided not to renew the lease
on its Jersey Valley epithermal gold property in Nevada.
The Company has reviewed in detail the results of a drill program completed earlier this year.
The drilling tested several prominent geophysical targets fur ther along strike and at slightly
greater depth than historic drill holes. Although similar gold and silver values were intersected
in the new drilling, each of the targets weakens considerably along strike.
The Company also considered geochemical pathfinder elements within the new drilling, and
compared to a typical epithermal system, these are weak to absent. The Company tested the
systems to approximately 300 metres vertical depth and considers any potential at depth to
have limited economic viability.
Targets to the east within a skarn system have also been adequately tested by past drilling ,
which returned only weakly anomalous precious metal values . The Company thus considers
all targets fully tested and will return the property to the vendors.
The Company has additional properties of merit in Nevada. T he Willow copper-molybdenum
porphyry property is in the Yerington copper camp, southeast of Reno. Drilling by the Company
in 2018 intersected a key intrusive rock unit 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 start ed a new drilling progra m on this prospective property in early
July, and the program is progressing well.
Abacus also holds a 20% ownership interest in the Ajax copper-gold porphyry 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 or der of 2.7 Bil lbs Cu, 2.6 Moz Au and
5.3 Moz Ag. *
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
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
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 claims subject to a ten -year lease
agreement.
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 t hose 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 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 undertak es 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 p olicies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.