Abacus Discovers New Near Surface Mineralization at the Ajax Deposit
January 14 2010 - 7:02AM
Marketwired Canada
Abacus Mining & Exploration Corp. ("Abacus" or the "Company") (TSX VENTURE:AME)
is pleased to announce the results of a 19 hole drill program completed in
December 2009 on the Ajax East Extension ("AEE") area, a near-surface
copper-gold rich zone identified by Abacus geologists in 2008. The AEE area is
fault offset of the main Ajax deposit, approximately 200 metres east of the Ajax
East pit. Both the Ajax deposit and the AEE are 100 per cent owned by Abacus.
The focus of the recent drill program is to convert approximately 80 million
tonnes of inferred resources in the AEE to a measured and/or indicated status
(announced June 22, 2009), for inclusion into the 503 million tonne resource
containing approximately 3.0 billion pounds of copper and 2.7 million ounces of
gold. In addition, the program is designed to outline a near-surface
higher-grade resource that could be an initial starter pit for the
Prefeasibility Study mine plan.
Doug Fulcher, President of Abacus states, "We are very pleased with the
excellent results from this phase of the drill program. It definitely
demonstrates that the Ajax East extension has the potential for a higher grade
starter pit that potentially supplies the initial years' production of higher
grade feed than the current "in-pit" resource, as well as for converting the
inferred resource into a measured or indicated category for the Prefeasibility
study. The Ajax deposit is currently estimated to contain over 500 million
tonnes that could feed a 60,000 tonne per day operation yielding an average of
110 million pounds of copper and 100,000 ounces of gold in concentrate annually
over a 23 year mine life."
Drilling at Ajax has now resumed and is expected to run through the middle of
February. The focus of this phase is to follow up on recent near surface results
with a program of grid drilling in the area of the potential starter pit
mineralization with an additional 20 vertical holes.
Please visit www.amemining.com for a drill plan map of this area, and other
Company information.
Drill Highlights
-- Hole AM-09-018 intersects 325.55 metres (1068 feet) averaging 0.33%
copper and 0.27g/t gold, and 105.05 metres (344.7 feet) averaging 0.47%
copper and 0.39 g/t gold; both of which are part of a larger interval
consisting of 520.2 metres (1706.7 feet) averaging 0.27% copper and 0.22
g/t gold. This hole is still in the mineralized zone at the end of the
hole at 678.48 metres (2226 feet) and will be deepened at the first
opportunity.
-- Hole AM-09-024 intersects 137.5 metres (451.1 feet) averaging 0.39%
copper and 0.36 g/t gold; including 37.5 metres (123 feet) averaging
0.68% copper and 0.61 g/t gold. These intercepts form part of a larger
mineralized interval consisting of 198 metres (649.6 feet) averaging
0.33% copper and 0.29 g/t gold.
-- Hole AM-09-031 intersects 71.5 metres (234.6 feet) averaging 0.47%
copper and 0.25 g/t gold; and a 112.5 metre (369.1 feet) intercept
averaging 0.35% copper and 0.26 g/t gold; both of which are part of a
larger interval consisting of 263.5 metres (864.5 feet) averaging 0.32%
copper and 0.21 g/t gold.
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ABACUS DRILL RESULTS FROM AJAX EAST EXTENSION PROGRAM--NOV-DEC 2009
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Section Hole No. Dip Deg Az. Deg From To (m) Length Length Cu % Au
(m) (metres) (feet) g/t
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AM-09-018 -64.5 300 148.8 669.0 520.2 1706.7 0.27 0.22
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Incl 148.8 173 24.2 79.4 0.36 0.33
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230.95 556.5 325.55 1068.1 0.33 0.27
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230.95 336 105.05 344.7 0.47 0.39
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505.5 556.5 51 167.3 0.45 0.31
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AM-09-019 -90 - Scattered Low Grade Mineralization - NSV
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AM-09-020 -45 120.3 Not Sampled; Hole Abandoned @ 90.5m
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AM-09-021 -60.5 118 Scattered Low Grade Mineralization in
Picrite - NSV
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----------------------------------------------------------------------------
AM-09-022 -51.7 59.2 49.5 142.5 93 305.1 0.20 0.17
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Incl 125.5 142.5 17 55.8 0.38 0.28
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326 345.5 19.5 64 0.29 0.15
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AM-09-023 -90 - 159 196 37 121.4 0.33 0.22
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Incl 159 178 19 62.3 0.51 0.34
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AM-09-024 -65.9 25 270.5 468.5 198 649.6 0.33 0.29
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Incl 270.5 408 137.5 451.1 0.39 0.36
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270.5 286.5 16 52.5 0.81 0.73
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331.5 369 37.5 123 0.68 0.61
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453 468.5 15.5 50.9 0.47 0.36
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AM-09-025 -47.9 117.1 Scattered Low Grade Mineralization in
Picrite - NSV
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AM-09-026 -71.1 125 142 167.9 25.9 85 0.37 0.35
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254.85 276.0 21.15 69.4 0.38 0.29
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309 362 53 173.9 0.45 0.38
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449 500 51 167.3 0.42 0.46
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AM-09-027 -90 - 211.5 238.15 26.65 87.4 0.37 0.18
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AM-09-028 -90 - 10.36 40.5 30.14 98.9 0.40 0.07
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AM-09-029 -48.5 30 Not Sampled; Hole Abandoned @ 38.71m
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AM-09-030 -90 - 117.96 149.50 31.54 103.5 0.41 0.20
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AM-09-031 -46 28.3 56.5 320 263.5 864.5 0.32 0.21
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Incl 56.5 128 71.5 234.6 0.47 0.25
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170 282.5 112.5 369.1 0.35 0.26
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AM-09-032 -56.4 30.2 38.71 63.09 24.38 80 0.28 0.18
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AM-09-033 -90 - 9.75 42 32.25 105.8 0.56 0.25
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AM-09-034 -47.8 296.1 112 170 58 190.3 0.32 0.23
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270 441.05 171.05 562.4 0.26 0.16
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Incl 270 333 63 206.7 0.39 0.23
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270 300 30 98.4 0.62 0.37
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279 294 15 49.2 0.94 0.51
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AM-09-035 -45 118 9.34 46.5 37.16 121.9 0.38 0.36
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Incl 9.34 37.5 28.16 92.4 0.45 0.44
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And 118.5 133.5 15 49.2 0.36 0.18
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AM-09-036 -55 28 255 338.5 83.5 274 0.35 0.24
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(i)NOTE: Intercept lengths are core lengths, which do not necessarily
reflect true width
Discussion of Results
The above results are considered to be very positive in that Abacus has made
significant progress by converting inferred "in-pit" resources to indicated
and/or measured resource category; and successfully identifying a near-surface
zone(s) of mineralization that may be the source of a "starter pit" that could
supply early production of higher grade feed than the current "in-pit" resource.
The drilling in 2009 successfully extended the mineralization in the AEE along
strike for about 150 metres to the northeast from the main offsetting fault. It
covers an area that is generally within the current pit design, but consists
mainly of inferred category resources; although some new tonnage is also
expected as a result. More exploration work needs to be done to the northeast
due to additional fault offsets complicating the mineralized horizon and the
occurrence of an expanding volume of picrite in this direction relative to
Sugarloaf diorite, the main host unit for copper-gold mineralization. The
mineralization immediately north of the main offsetting fault can be continuous
from surface to depths of more than 600 metres, as evidenced by hole AM-09-018
which is still in the mineralized zone at the end of the hole at 678 metres.
This hole, as well as hole AM-09-034, will be deepened at the earliest
opportunity.
Most of the shallow mineralization that is being considered for a "starter pit"
occurs south of the main offsetting fault that produced the AEE zone; and
actually appears to lie within a splay of faults associated with the main offset
that form a zone of from 20-30 metres wide in the Ajax East pit area to possibly
200 metres wide or more, as it traverses the property to the east southeast. It
is in this fault splay area that current drilling for the starter pit is
concentrating.
It should also be noted that many of the assay results have shown a significant
increase in gold content relative to the copper assay than has been seen in the
main Ajax deposit.
About the Ajax Project
Abacus is an exploration and development company with a 43-101 compliant
positive preliminary economic assessment report (announced June 22, 2009) for
its Ajax copper/gold project located 10 kilometres southwest of Kamloops,
British Columbia. The report contemplates a 60,000 tonne per day operation
producing an average of approximately 110 million pounds of copper and 100,000
ounces of gold in concentrate annually. Sensitivity analyses approximating metal
prices (US$2.75 per pound copper and US$1,000 per ounce gold) in the assessment
indicate a NPV of $1.2 billion discounted 8% over a 23 year mine life, with an
IRR of 31.3%, cash costs of $0.90 per pound copper, and payback of 2.3 years.
The Ajax extension remains open along strike and at depth. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
Eco Tech Laboratory Ltd. of Kamloops, B.C., will complete all of Abacus'
analytical work on the project. A quality-control program, using specific
standards and blank samples is in place. Robert G. Friesen, P.Geo., the
Company's Senior Geologist, is the Qualified Person responsible for the design
and conduct of the work performed.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher, President and Chief Executive Officer
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address events or developments that Abacus Mining and Exploration
Corp. (the "Company") 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 market prices, exploitation and exploration
successes, and 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. 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.
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