Abacus' Ajax East Extension Area Drilling Highlights Potential for Starter Pit
March 15 2010 - 7:00AM
Marketwired
Abacus Mining & Exploration Corp. ("Abacus" or the "Company")
(TSX VENTURE: AME) is pleased to announce results from diamond
drilling in the Ajax East Extension ("AEE") area, a fault offset
extension of the copper-gold rich Ajax deposit, near Kamloops,
British Columbia. The drill holes targeted near-surface higher
grade copper-gold mineralization with the intent to upgrade
previously existing NI 43-101 compliant mineral resources in the
AEE (announced June 22, 2009), and to explore the potential for
hosting a "starter pit", which could be delineated for the ongoing
Prefeasibility Study. The Ajax deposit is currently estimated to
contain approximately 2.9 billion pounds copper and 2.7 million
ounces gold with the potential for a 60,000 ton per day mining
operation producing an average of 110 million pounds of copper and
100,000 ounces of gold in concentrate annually over a 23 year mine
life. Both the AEE and Ajax area is 100 per cent owned by Abacus.
The drilling occurs within a 500 metre by 200 metre zone of
favourable Sugarloaf Diorite between the AEE and Ajax deposit.
Fifteen relatively short vertical drill holes were completed on a
50 metre - 100 metre grid pattern while three deeper inclined holes
tested the main AEE offset zone for continuity of deeper
copper-gold mineralization, and to convert inferred resources into
measured and/or indicated status. In total, 3,616 metres (11,862
feet) of drilling was completed in this phase.
Doug Fulcher, President of Abacus stated, "We are extremely
pleased with the outcome of this phase of drilling. The results
demonstrate the presence of a zone or zones of near-surface
copper-gold mineralization that when combined with previous
near-surface intercepts, may host a "starter pit" that could supply
early, higher-grade mill feed, and potentially enhance the
economics of the Ajax deposit. We are also encouraged that deep
drilling in the AEE confirms the future 'blue-sky' potential as the
entire Ajax deposit remains open at depth."
Drill Highlights
Grid Drilling
- Hole AM-10-044 intersects 71 metres (232.9 feet) averaging
0.43% copper and 0.13 g/t gold; which includes 29 metres (95.1
feet) averaging 0.64% copper and 0.20 g/t gold, and also includes
14 metres (45.9 feet) grading 1.09% copper and 0.36 g/t gold. The
top of the mineralized intercept was 31 metres (101.7 feet) below
surface.
- Hole AM-10-039 intersects 72.6 metres (238.2 feet) averaging
0.33% copper and 0.22 g/t gold; including 27 metres (88.6 feet)
averaging 0.43%, copper and 0.30 g/t gold. The top of the
mineralized intercept was 19 metres (62.3 feet) below surface.
Deep Drilling
- Hole AM-09-034, which was drilled to 441.05 metres (1447 feet)
last year, was deepened 252.68 metres (829 feet) this year for a
total depth of 693.73 metres (2276 feet). Besides the intercepts
reported in the last news release, the lengthened portion of the
hole allows a significant mineralized interval to be restated as
250.25 metres (821 feet) averaging 0.33% copper and 0.27 g/t gold;
which includes a 73 metre (239.5 feet) intercept averaging 0.51%
copper and 0.52 g/t gold. Hole AM-09-034 terminated in
mineralization.
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ABACUS DRILL RESULTS -JAN-FEB 2010
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Dip Az. From To Length Length Au
Section Hole No. Deg Deg (m) (m) (metres) (feet) Cu % g/t
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Grid Drilling
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2450E AM-10-037 -90 - 7.23 25 17.77 58.3 0.30 0.07
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135 150 15 49.2 0.34 0.16
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2500E AM-10-038 -90 - Only Narrow Scattered Mineralized Intercepts
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2600E AM-10-039 -90 - 19 35 16 52.5 0.52 0.28
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68.4 141 72.6 238.2 0.33 0.22
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Incl 114 141 27 88.6 0.43 0.30
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2700E AM-10-040 -90 - 99 115.4 16.4 53.8 0.31 0.15
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2650E AM-10-041 -90 - 17.5 56 38.5 126.3 0.28 0.10
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Incl 35 56 21 68.9 0.36 0.13
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152 182 30 98.4 0.48 0.26
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2600E AM-10-042 -90 - 97 136 39 128 0.41(i) 0.21(i)
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Incl 97 112 15 49.2 0.74(i) 0.39(i)
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2675E AM-10-044 -86 285 31 102 71 232.9 0.43(i) 0.13
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Incl 40 69 29 95.1 0.64(i) 0.20
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Incl 40 54 14 45.9 1.09(i) 0.36
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2775E AM-10-045 -90 - Only Narrow Scattered Mineralized Intercepts
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2475E AM-10-046 -90 - Only Narrow Scattered Mineralized Intercepts
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2400E AM-10-047 -90 - 7 19 12 39.4 0.26 0.12
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2575E AM-10-048 -90 - Only Narrow Scattered Mineralized Intercepts
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1550N AM-10-049 -46.5 133.3 43 85 42 137.8 0.47 0.25
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Incl 55 70 15 49.2 0.88 0.50
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169 214 45 147.6 0.31 0.30(i)
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1475N AM-10-051 -90 - 87 108 21 68.9 0.57(i) 0.33(i)
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1525N AM-10-052 -90 - 147 162 15 49.2 0.54 0.46
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2925E AM-10-053 -90 - Only Narrow Scattered Mineralized Intercepts
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Deep Drilling
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1725N AM-09-034 -47.8 296.1 Hole Deepened in 2010 from 441.05m to 693.72m
(252.67m)
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Previously Reported:
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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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Additional Intercepts after Deepening:
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270 520.25 250.25 821.0 0.33 0.27
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Incl 437 510 73 239.5 0.51 0.52
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634 677 43 141.1 0.26 0.22
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2650E AM-10-043 -56.2 26.7 4.7 24 19.3 63.3 0.29 0.14
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150 338 188 616.8 0.38 0.27(i)
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Incl 240.3 291 50.7 166.3 0.69 0.42(i)
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And 311 338 27 88.6 0.70 0.60(i)
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1725N AM-10-050 -67.2 296.3 23.75 42.27 18.52 60.8 0.30 0.25
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90 213 123 403.5 0.34 0.23
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Incl 105 126.45 21.45 70.4 0.61 0.38
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And 168.94 198 29.06 95.3 0.54 0.28
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252 272 20 65.6 0.60 0.44
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NOTE: Intercept lengths are core lengths, which do not necessarily reflect
true width
(i) indicates individual copper grade(s) cut to 2.1% and/or individual gold
grade(s) cut to 1.25g/t as per AMEC discussion on Metal at Risk in their
section on mineral resource and mineral reserve estimate for the
Preliminary Assessment Technical Report on the Ajax Copper/Gold Project,
Kamloops, British Columbia, completed July 21, 2009.
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., completed all of
Abacus' analytical work on the aforementioned drill 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.
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.
Contacts: Abacus Mining & Exploration Corp. Donna Yoshimatsu
Director of Investor Relations 866-834-0301
dyoshimatsu@amemining.com Abacus Mining & Exploration Corp. Tim
Mikula Investor Relations 866-834-0301 tmikula@amemining.com
www.amemining.com
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