Abacus Provides Field Program Update at Willow Porphyry Copper-Gold Property in Nevada
August 17 2017 - 6:30AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to provide an update of
exploration activities on the Willow porphyry copper-gold property
in Douglas County, Nevada, USA (the “Property”). The Property
is subject to an option agreement with Almadex Minerals Limited and
its wholly-owned Nevada subsidiary Almadex America Inc.
("Almadex"), which gives Abacus the right to earn up to a 75%
undivided ownership interest in the Willow property (see News
Release dated February 15, 2017).
The Willow property is considered prospective
for porphyry Cu, porphyry Cu-Mo and for epithermal Au-Ag. It was
previously explored in the 1960s to the early 1980s to identify a
porphyry copper deposit analogous to the nearby Yerington Mine,
which produced approximately 1.6 billion pounds of copper for
Anaconda Copper from 1952 to 1978. The Property is located 65
kilometres southeast of Reno, is accessible year-round, and is
close to infrastructure in Yerington, Nevada.
Abacus initiated a program of detailed
geological mapping in April of this year, and also located, logged
and analyzed skeleton drill core from a series of holes drilled in
the 1970’s. A significant proportion of the property is covered by
soils or later volcanics, with subcrop in some areas, but
relatively little actual outcrop. The geological mapping program
has been successful nonetheless in delineating two very large,
funnel-shaped alteration systems characteristic of a porphyry
copper system similar to, and on trend from, two separate known
porphyry copper centres further east - the Ann Mason Deposit, and
the Bear Deposit. In addition, several trends are believed to
be evident from visual logging which spectrometer data
interpretation and results from the planned rock and soil sampling
program will be required to verify.
The southern alteration zone can be traced for
approximately 3.5 kilometres from southeast to northwest, where it
disappears under later volcanic cover rocks, and is coincident with
large copper-in-soils geochemical and IP geophysical anomalies. A
number of Cu-Mo and Au soil anomalies are present further to the
northwest within the cover rocks, and may represent a partially
hidden continuation of this same system.
The northern alteration zone is of a similar
size and orientation to the southern, and occurs on a newly staked
portion of the property. This area has had no soil
geochemistry or ground geophysics done, but will be covered in the
upcoming program slated to begin in a few days.
The geophysics program will include
approximately 30 line kilometres of IP, and approximately 150 line
kilometres of magnetics. A total of approximately 500 soil
samples will be collected, to be analyzed with a multi-element ICP
package. The soil samples will be further analyzed with a
spectrometer to identify alteration minerals present, and a program
of surface rock sampling intended to be analyzed using the same
instrument is planned for later in the fall.
The Company is sufficiently funded to carry out
exploration for this program, having recently closed a $1,020,000
financing (see News Release dated March 8, 2017).
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.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Michael McInnis Chairman, President & CEO
About Abacus
Abacus is a mineral exploration and mine
development company with a 20% interest in the Ajax Project located
at the historic Ajax-Afton site southwest of Kamloops, B.C., and an
option to acquire up to a 75% undivided interest in the Willow
porphyry copper-gold property located in Nevada. The Ajax Project
is a proposed copper-gold open-pit mine currently undergoing a
provincial and federal environmental assessment process. Through
KGHM Ajax Mining Inc., a joint venture company between Abacus (20%)
and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being
funded in large part by KGHM and operated by its wholly-owned
subsidiary, KGHM International Ltd. 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 metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration 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.
Suite 1000-1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301 Fax: 604.682.0307
email: info@amemining.com
website: www.amemining.com
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