Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to provide details on a compelling
new porphyry copper target that has been identified on the
Company’s Willow and adjacent Nev-Lorraine properties in the
Yerington, Nevada copper camp.
The target area covers a 2.0 km by 2.2 km
portion of the southernmost of two broad alteration zones
delineated by detailed geological mapping in 2017. It is defined by
coincident geological, geochemical and geophysical signatures
typical of a porphyry copper deposit, each element of which is
described in more detail below. The porphyry copper target
straddles the Willow and newly acquired Nev-Lorraine properties,
with the bulk of the target on Willow. The Company plans to
commence a minimum 2500 metre diamond drill program to test this
target as soon as weather permits.
The southernmost alteration zone is a 3.0 km by
2.5 km funnel-shaped, east-west trending zone, which is
characterized by intense silicic and advanced argillic alteration,
a high proportion of granite porphyry dyke swarms, and frequent
quartz veining. All these elements are stronger to the east, which
along with a very strong copper in soils anomaly, helps to define
the new target zone. The target is constrained along the eastern
property boundary by a range front fault, which down drops rocks to
the east, and to the west by changes in the geochemical and
geophysical signatures.
Geophysically, the target is characterized by a
coincident IP chargeability high, and a magnetic high flanked by a
magnetic low. The magnetic high is restricted to the eastern edge
of the target area, and part of it is likely faulted off to the
east by the range front fault. It is flanked to the west by a much
broader magnetic low, thought to represent strongly hydrothermally
altered rocks. A prominent IP anomaly straddles the
Willow/Nev-Lorraine property boundary within the broad magnetic low
and is thought to represent sulphide mineralization.
The magnetic high on Willow lines up to the
southeast with Mason Resources’ Roulette target, drilled in the
past as a buried copper porphyry target, and with a series of skarn
deposits further to the southeast. The new Willow target is
analogous to the adjacent Ann Mason deposit to the east but is
thought to represent a separate porphyry center.
“It is rare to find a target that displays all
of the signatures of a porphyry copper deposit” commented Paul G.
Anderson, President of Abacus. “Other companies have explored
elsewhere within the district looking for a postulated fifth
porphyry in the Yerington camp, but our work would suggest that
this deposit may in fact lie on the Company’s claims”.
The new target was further enhanced by analyzing
a large number of rock and soil samples collected in 2017 with a
spectrometer, which detects any hydrothermal minerals present. The
results were then compared with a published 2015 model of
hydrothermal alteration and geochemical dispersion around porphyry
copper deposits, that was in large part based on studying the
adjacent Ann Mason deposit. The model predicts that outward from a
porphyry copper deposit, successive alteration halos of Cu, Mo, W,
Sn and Se will be developed. The Willow property contains this
exact pattern, providing a strong validation of the geological and
geophysical interpretation.
In 2017 the Company was able to locate, relog
and sample skeleton core from shallow 1970’s drilling at Willow.
The drilling, most of which was west of the new target, intersected
a series of flat lying porphyry dykes with anomalous copper values,
thought to represent the upper parts of a porphyry system, plus a
series of flat, sub-parallel faults. By examining the geology and
geochemistry of these drill holes, an estimation of displacement
along these flat-lying faults was made. The Company believes that
these faults have displaced the original target zone at depth, to
the west and closer to surface, within the combined
Willow/Nev-Lorraine property, into an area not previously
drilled.
Abacus expects to be able to provide more
information soon on the website, including maps and sections
showing the targets that are intended to be drill tested this
spring.
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.
Abacus has the right to earn a 75% ownership
interest in the Willow property from Almadex America Inc, a wholly
owned subsidiary of Almadex Minerals Ltd. (see News Release dated
February 15, 2017). The Company has recently acquired 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 (see News Release dated February 6, 2018).
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.
For further information, please contact Investor
Relations at (604) 682-0301.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
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 Miedz 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.
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Aug 2024 to Sep 2024
Abacus Mining and Explor... (TSXV:AME)
Historical Stock Chart
From Sep 2023 to Sep 2024