Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to
announce an updated Mineral Resource Estimate (“MRE”) for the
Sleeping Giant Mine, a 100% owned high-grade gold deposit located
in the Abitibi Greenstone Belt, 80 km north of the city of Amos,
Quebec.
This MRE reflects the results of approximately
1.19 million meters of drilling, of which 9,281 meters were carried
out by Abcourt from 2016 until May 2022, as well as all assay
results received until September 2022. This MRE was carried out by
the firm InnovExplo of Val d'Or.
Highlights
- 173,000 oz of
indicated resources at an average grade of 7.14 g/t Au;
- Conservation of
Measured and Indicated resources (99%) compared to the previous
MRE;
- 248,000 oz of
Inferred resources at an average grade of 8.74 g/t Au;
- Gain of 212,800 oz
of Inferred resources (700% increase);
- 98% of this MRE is
at a depth accessible by the existing shaft;
- Modeling of 846
distinct gold structures from 1.19 million meters of drilling and
underground infrastructure, many of which remain to be fully
explored;
- This MRE excludes
residual pillars around existing infrastructure, a 5 metres buffer
zone around existing infrastructure, a 50 meter crown pillar and
historical production. Following engineering studies, a portion of
these pillars could be integrated into the MRE and constitute a
potential for increasing resources;
- The MRE complies
with the Standards and Guidelines of the Canadian Institute of
Mining, including the presentation of constrained mineral
resources;
- This MRE will serve
as the basis for updating the estimate of the mineral reserves of
the Sleeping Giant Mine;
- The update of the
mineral reserve estimate is scheduled for spring 2023.
Pascal Hamelin, President and CEO of Abcourt,
said: “We are very proud to have reached an important milestone for
the Corporation. This MRE demonstrates the potential for growth
through the significant increase in Inferred resources. The
robustness and quality of the Sleeping Giant deposit is confirmed
by the conservation of the Indicated resources according to
industry best practices. In addition, the 3D geological model that
served as the basis for this MRE will allow geologists to clearly
define the next drilling targets in order to continue to increase
the potential of the deposit.”
The MRE adheres to the current Canadian
Reporting Standards for Mineral Resources and Mineral Reserves,
which are the Canadian Institute of Mining Metallurgy and Petroleum
(“CIM”) Definition Standards for Mineral Resources and Mineral
Reserves of May 2014 (“CIM Definition Standards”). The MRE also
follows the CIM Estimation of Mineral Resources and Mineral
Reserves Best Practice Guidelines of November 2019 (the “CIM MRMR
Best Practice Guidelines”).
This MRE includes all blocks (“must take
blocks”) that fell within a potentially mineable shape that must
satisfy the “reasonable prospects for eventual economic extraction”
as specified by the CIM in 2019. These guidelines were introduced
after the 2019 MRE at Sleeping Giant.
Table 1: Mineral Resource Estimate for the Sleeping
Giant Mine (Effective as of December 12,
2022)
|
Potential Long Holes |
Potential Room and Pillars |
Total |
(cut off at 4,25 g/t Au) |
(Cut-off at 5,0 g/t Au) |
Tonnes |
Grade (Au g/t) |
Ounces Au |
Tonnes |
Grade (Au g/t) |
Ounces Au |
Tonnes |
Grade (Au g/t) |
Ounces Au |
Indicated Resources |
|
677 000 |
7,03 |
153 000 |
78 000 |
7,98 |
20 000 |
755 000 |
7,14 |
173 300 |
Indicated Resources |
|
677 000 |
8,13 |
177 000 |
207 000 |
10,67 |
71 000 |
884 000 |
8,74 |
248 300 |
Notes to the 2022 MRE
- The independent and qualified
persons for the 2022 MRE, as defined by NI 43-101 are Olivier
Vadnais-Leblanc, P. Geo. and Eric Lecomte, ing, all from InnovExplo
Inc.
- These mineral resources are not
mineral reserves because they do not have demonstrated economic
viability. The results are presented undiluted and are considered
to have reasonable prospects of economic viability. The 2022 MRE
follows the CIM Standards.
- The estimate encompasses 846
mineralized lenses that were modelled using a minimal geological
width of 0.5m using Genesis software.
- A density value of 2.85 g/cm3
(based on measurements and mine et mill reconciliation) was
assigned to all mineralized zones.
- High-grade capping supported by
statistical analysis was done on composites data and established at
95 g/t Au for all mineralized zones. Composites (0.5 m) were
calculated within the zones using the grade of the adjacent
material when assayed or a value of zero when not assayed.
- The exigence of a Reasonable
Prospect of Eventual Economical Extraction is fulfilled by the use
of cut-off grades based on reasonable mining parameters and locally
constrained within Deswik Stope Optimizer shapes using a minimal
mining width of 1.7 m for both potential methods. It is reported at
a rounded cut-off grade of 4.25 g/t Au using the long-holes (LH)
method, and 5.0 g/t Au, using the Room and Pillars (R&P)
method. The cut-off grades were calculated using the following
parameters: mining cost = C$213.96/t (LH) to C$261.56/t (R&P);
processing cost = C$35.10/t; G&A = C$22.09/t; gold price =
US$1,650.00/oz and USD:CAD exchange rate = 1.30. The cut-off grades
should be re-evaluated in light of future prevailing market
conditions (metal prices, exchange rates, mining costs etc.).
- The estimate was completed using a
sub-block model in Surpac 2022. A 4m x 4m x 4m parent block size
was used (1m x 1m x 1m sub-blocked). Grade interpolation was
obtained by Inverse Distance Squared (ID2) using hard
boundaries.
- The mineral resource estimate is
classified as Indicated and Inferred. The Inferred category is
defined with a minimum of two (3) drill holes within the areas
where the drill spacing is less than 75 m and shows reasonable
geological and grade continuity. The Indicated mineral resource
category is defined with a minimum of three (4) drill holes within
the areas where the drill spacing is less than 30 m and shows
reasonable geological and grade continuity.
- The number of metric tonnes was
rounded to the nearest hundred, following the recommendations in NI
43-101 and any discrepancies in the totals are due to rounding
effects. The metal contents are presented in troy ounces (tonnes x
grade / 31.10348) rounded to the nearest hundred.
- The independent and qualified
persons for the 2022 MRE are not aware of any known environmental,
permitting, legal, political, title-related, taxation,
socio-political, or marketing issues that could materially affect
the Mineral Resource Estimate.
Qualified Persons
The qualified persons independent of the issuer,
responsible for estimating the resources of the Sleeping Giant
Mine, within the meaning of NI 43-101, are Mrs. Olivier
Vadnais-Leblanc, geo., and Eric Lecomte, ing, of the firm
InnovExplo Inc.
Mrs. Vadnais-Leblanc and Lecomte declare that
they have read this press release and that the scientific and
technical information relating to the resource estimate presented
therein is correct.
Mr. Pascal Hamelin, ing, President and Chief
Executive Officer of the Corporation, has verified and approved the
technical information contained in this press release.
Abcourt will host a live webinar to
discuss this MRE.
Abcourt will be hosting a live webinar on
Wednesday, December 14 at 2:00 p.m. EST / 11:00 a.m. PST. Pascal
Hamelin, President and CEO of Abcourt, will discuss this Mineral
Resource Estimate, as well as other recent news. Questions may be
asked by email in advance to IR@abcourt.com. A replay of the
webinar will be available on Abcourt's website once completed.
Date : Wednesday December 14th, 2022
Heure : 14h00 EST / 11h00 PST
Link to join the webinar :
https://us02web.zoom.us/j/89885452734
Meeting ID: 898 8545 2734
Mobile Phone
+13602095623,89885452734# USA
+13863475053,89885452734# USA
Incoming call (for better quality, dial a number
based on your current location):
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Webinar ID: 898 8545 2734
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a
Canadian exploration corporation with strategically located
properties in northwestern Québec, Canada. Abcourt owns the
Sleeping Giant mill and mine where it concentrates its
activities.
ABOUT INNOVEXPLO INC.
InnovExplo Inc. is a consulting firm offering
services in mining exploration, mining geology, mineral resources,
mining engineering, environment and sustainable development. Since
its founding in 2003, InnovExplo Inc. has worked on 450 different
mandates for 170 junior mining exploration and producing companies.
The firm has produced more than 300 geological or engineering
reports for projects affecting almost all of the spheres of
activity of a mining project, from exploration to operation,
including mainly the drafting of technical reports in accordance
with the Regulation 43-101.
For further information, please visit our
website at www.abcourt.com , and consult our filings under
Abcourt's profile on www.sedar.com, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING INFORMATION
Certain information contained herein may
constitute “forward-looking information” under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be
achieved” or other similar expressions. Forward-looking statements,
including the expectations of Abcourt’s management regarding the
completion of the Transaction, are based on Abcourt’s estimates and
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Abcourt to be materially different
from those expressed or implied by such forward-looking statements
or forward-looking information. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including the relevant
assumptions and risks factors set out in Abcourt’s public
documents, available on SEDAR at www.sedar.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Although Abcourt believes that the
assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements and forward-looking information. Except where
required by applicable law, Abcourt disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
The TSX Venture Exchange and its regulatory
service provider (as defined in the policies of the TSX Venture
Exchange) assume no responsibility for the adequacy or accuracy of
this press release.
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