Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce an agreement to
acquire a new copper property adjacent to its Willow porphyry
copper-gold project located near Yerington, Nevada. The new
property is known as the Nev-Lorraine claims, which are contiguous
with and wrap around the far southeast corner of Willow. Both
Willow and Nev-Lorraine adjoin Mason Resources’ Ann Mason property
to the east.
“It became evident during our 2017 program that
the Nev-Lorraine claims could nicely complement the Willow
property, as geological mapping showed that the main alteration
zone appeared to extend from Willow onto these claims,” commented
Paul G. Anderson, President of Abacus. “We then approached the
vendors of Nev-Lorraine to negotiate the terms of a lease
agreement. The vendors are descendants of one of two partners who
staked the ground in the early 1960’s, and so the family is keen to
see the property advanced.”
Abacus has signed a ten year lease agreement
allowing the Company to explore the Nev-Lorraine claims by
incurring yearly expenditures of US$20,000 and by making escalating
yearly lease payments, starting at US$60,000 and increasing by
US$10,000 each year thereafter. At any time during the life of the
agreement, Abacus can elect to purchase the claim group outright
for sums ranging from US$1,500,000 to US$1,950,000, with the
vendors not retaining an NSR. The yearly expenditures are
cumulative, meaning that any excess expenditure can be carried
through to subsequent years.
Willow is considered prospective for porphyry
copper, porphyry copper-moly and epithermal gold-silver. It is
subject to an option agreement with Almadex America Inc., a
wholly-owned Nevada subsidiary of Almadex Minerals Limited, wherein
Abacus has the right to earn up to a 75% undivided ownership
interest in the Property (see News Release dated February 15,
2017).
In 2017, Abacus concentrated on detailed
geological mapping, magnetic and IP geophysical surveys, and soil
geochemical surveys on Willow. This work led to the definition of
two large, roughly east-west alteration zones. The southern zone,
which is believed to extend onto the Nev-Lorraine claims is larger,
more intensely altered and contains more porphyry dykes, all of
which are characteristic of a porphyry copper system. It has now
become the focus of work on the property.
The Company is in the process of evaluating
information from the database compiled in 2017 to identify and
refine drill targets. In addition to the recognition of geochemical
and geophysical targets, the Company has taken a great number of
rock samples, from surface and from skeleton core that exists from
shallow 1970’s era drilling by Anaconda Copper, Conoco and Bear
Creek Mining. These samples were subjected to spectrographic
analysis to define alteration patterns using the 2015 MDRU Porphyry
Footprints zoning model.
Abacus expects to be able to provide more
information shortly, including maps and sections showing the
targets that are intended to be drill tested this spring, as soon
as the weather permits.
The Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Active projects in the camp
include Ann Mason, owned by Mason Resources, Nevada Coppers’
Pumpkin Hollow which is in development, and Quaterra Resources’
MacArthur oxide project which is in prefeasibility.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COOTel: 604.682.0301email:
info@amemining.comwebsite: www.amemining.com
About AbacusAbacus is a mineral
exploration and mine development company currently focused on its
optioned 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. The Company also holds 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. The Ajax project awaits a final decision from
the Federal Cabinet on whether the project can proceed. On December
14, 2017, a decision was made by the B.C. Minister of Environment
and Climate Change Strategy and 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 InformationThis
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.
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