Abacus Provides Willow Drill Results
Abacus Provides Willow Drill Results
Vancouver, BC – April 20, 2022. Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to provide drill results from the 2021 program on the
Willow porphyry copper project in the Yerington copper camp, southeast of Reno, Nevada.
The Company drilled three holes totaling approximately 1700 metres on Willow in 2021 (see
Company website for locations) . All holes intersected the Luhr Hill granite, which is the host
rock of the four known porphyry copper-molybdenum (Cu-Mo) deposits in the Yerington camp.
Two holes drilled on Willow by Abacus in 2018 also identified the Luhr Hill granite, with one of
these just entering the granite before being lost.
All 2021 holes hit significant composited intervals of low -grade copper and molybdenum
mineralization, which are detailed in the table below. All were well mineralized and altered, with
individual intervals as high as 0.37% Cu over 1.1 m in AW21-001 and 0.38% Cu over 0.2 m in
AW21-003. The results indicate close proximity to a porphyry copper center and clearly indicate
that further drilling is warranted.
Hole From To
Interval
(m) * Cu_(%) Mo_(ppm) Cu GxT (%-m)
AW18-002 499.60 571.80 72.20 0.11 68.0 7.97
AW21-001 478.00 535.50 57.50 0.118 96.0 6.76
including
AW21-001 501.50 535.50 34.00 0.189 160.7 6.35
AW21-002 239.80 548.20 308.40 0.079 47.6 24.4
including
AW21-002 456.70 494.60 37.90 0.096 124.3 3.65
AW21-003 426.00 428.50 2.50 0.12 20.0 0.30
*True widths are unknown but are estimated at 80-85% of the drilled interval
The G X T value in the table above is grade vs thickness, which gives an idea of the relative
amount of mineralization present in each hole. Drill hole AW18-002 was the best hole of the
2018 program. Collars in 2021 were chosen 200 m west (AW21-001), 200 m SE (AW21-002)
and 400 m NW (AW21-003) of AW18-002.
Sampling was mostly done on 0.6-1.7 m intervals over the bottom portion of each hole, but the
sampling was not continuous. There were 55 samples taken in AW21 -001 over 239 m, 48
samples in AW21-002 over 364 m and 47 samples taken in AW21-003 over 320 m. Intercepts
are calculated weighted averages using Target software, with the assumption being that the
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intervals without analyses ran the same as the average. They are not intended for use in any
future resource calculation, but instead to give an idea of the approximate grade and location
of Cu and Mo mineralization.
“I am pleased with the Willow drill results to date” commented Paul G. Anderson, President
and CEO of Abacus. “The Company continues to intersect the Luhr Hill granite, the host granite
for the porphyry copper deposits in the camp, and these are clearly mineralized with copper
and moly over significant widths. The Company continues to believe that a porphyry copper
center with better mineralization exists on Willow. Porphyry copper systems are large in extent,
and most of Willow remains untested”.
The Company analyses all drill holes for a large suite of geochemical elements, which provides
a great deal of data to vector into further drilling. This work is complicated by the fact that the
originally upright porphyry system is now lying on its side, with many of its features buried by
later volcanics. The upper parts of the holes were not sampled, as they contain no porphyry
units.
Cu-Mo porphyry deposits at Yerington occur at the contact of the Luhr Hill granite porphyry and
surrounding volcanic rocks, or else close to the granite but associated with porphyry dyke
swarms further into the volcanic package. As there are no known instances of this granite in
the camp without an associated porphyry, the discovery of Luhr Hill granite on Willow marks a
key new discovery, which means that there is a very high likelihood of a Cu-Mo deposit being
found on Willow.
Abacus completed geological, geochemical and geophysical work on Willow beginning in 2017,
identifying an extensive zone of intense silicic and advanced argillic alteration, marked by
coincident geological, geochemical and geophysical signatures typical of a porphyry Cu-Mo
deposit. A short core drilling program the following year identified the Luhr Hill granite on Willow
with copper values in the 0.1% to 0.2% Cu range along with elevated Mo. The Molybdenum
values are a particularly strong indicator that you are close to a porphyry copper center.
The Company’s target is essen tially identical to the two largest porphyry deposits in the
Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason
deposit. Because the target at Willow is covered by later volcanism, prospecting by drill and
sampling for geochemistry is the only effective means of trying to locate a porphyry center, and
this often takes several drill campaigns to achieve, with each successive campaign vectoring
closer to a porphyry center.
Of the porphyries in the camp, the Ann Mason deposit lies adjacent and east of Willow and is
held by HudBay Minerals. In 2021, Hudbay announced an updated PEA on Ann Mason with a
revised M&I resource of 2.2 billion tonnes at 0.34% Cu. Lion Copper and Gold (formerly
Quaterra Resources) control the Yerington, Bear and MacArthur porphyries further to the east.
Anaconda mined the Yerington porphyry between 1952 until 1978, producing 1.6 billion pounds
of copper. MacArthur ((M&I of 159MT at 0.212% Cu) * has seen some past production and is
currently undergoing a Prefeasibility Study. In March of 2022, Lion announced that Rio Tinto
had taken an option on the company’s Yerington assets . Nevada Copper is in production to
the southeast at its Pumpkin Hollow skarn (P&P of 572 MT at 0.4% Cu).
Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex
America Inc, a wh olly owned subsidiary of Almadex Minerals Ltd. The Company also has a
lease on the contiguous Nev -Lorraine claims giving it the right to explore and to elect to
purchase these claims outright over a ten-year period. The entire claim group is known as the
Willow Property.
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 order 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.
* Data is from the respective Company websites. The Quaterra report is by M3 Engineering
and Technology Corp, May 23, 2012. Amended NI 43 -101 Technical Report Preliminary
Economic Assessment Lyon County, Nevada, US.
** 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, 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% owne rship 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 ar e 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 commo dity 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 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.