Abacus Completes Major Definition and Infill Drill Program at Ajax as Part of Ongoing Feasibility Study
January 24 2011 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) is pleased to announce highlights
from a major program of delineation and infill diamond drilling on
the Ajax copper-gold project located 10 km southwest of Kamloops,
British Columbia.
The drill program was carried out as part of the Feasibility
Study currently underway on the Ajax copper-gold project being
developed by KGHM Ajax Mining Inc., a joint venture between Abacus
and KGHM Polska Miedz S.A. ("KGHM"). The objective of the drilling
was to upgrade a portion of the near-surface copper-gold
mineralization in the existing NI 43-101 compliant inferred
resource (See Ajax Copper/Gold Project, Kamloops, BC Preliminary
Assessment Technical Report by Wardrop Engineering Inc., July 22,
2009) to the measured and indicated categories.
A total of 27,332 meters of drilling was completed between July
and December 2010 with up to five drills operating on the property.
Drill hole spacings were based on criteria defined in the NI 43-101
report on the project by AMEC in October 2008. The program
confirmed key aspects of the understanding of the Ajax deposit,
further increasing confidence in the geological and economic
models.
Jim Excell, President & CEO of Abacus stated, "We are very
pleased with the results of this major drill program, having
positive implications to upgrade a significant percentage of
inferred resources to measured and indicated categories. With the
Feasibility Study well underway, these results together with our
other initiatives provide an encouraging outlook for the robustness
of the Ajax project."
Abacus is currently updating the geological model with data from
this drill program in preparation for an updated resource estimate
which will commence in February.
Highlights of the drill program results are presented in the
following table:
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Hole Cu Au Purpose
Section Number Dip Azimuth From To Length % g/t /Area
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(Deg.) (Deg.) (m) (m) (m)
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1800N East Ajax
AM-10-075 -54.3 301.1 264 297 33 0.42 0.29 Ext.
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456 516 60 0.61 0.49
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1800N East Ajax
AM-10-076 -69.7 301.6 230 432 202 0.51 0.35 Ext.
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incl. 230 309.93 79.93 0.66 0.5
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incl. 340.89 404 63.11 0.51 0.31
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2350E Conversion
AE-10-067 -53.9 26.5 228 306.95 78.95 0.4 0.35 Infill
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incl. 237 263.75 26.75 0.48 0.4
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incl. 288.5 306.95 18.45 0.52 0.47
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365 431.9 66.9 0.42 0.39
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2350E Conversion
AE-10-068 -65.3 24.2 359.1 500 140.9 0.44 0.4 Infill
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incl. 416 500 84 0.48 0.44
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----------------------------------------------------------------------------
2100E In East
AE-10-070 -90.0 0.0 12.19 60.04 47.85 0.39 0.32 Ajax pit
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incl. 12.19 36 23.81
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2100E In East
AE-10-072 -90.0 0.0 12.19 45 32.81 0.67 0.46 Ajax pit
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incl. 12.19 30 17.81 1.08 0.71
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2000E In East
AE-10-073 -60.3 27.0 33 51 18 0.57 0.47 Ajax pit
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2000E In East
AE-10-075 -44.6 208.7 27 78 51 0.59 0.41 Ajax pit
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incl. 45 78 33 0.65 0.45
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----------------------------------------------------------------------------
2375E Conversion
AE-10-076 -80.6 27.0 9 36 27 0.43 0.23 infill
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63 81 18 0.59 0.41
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2025E In East
AE-10-077 -47.0 26.1 62 101 39 0.77 0.57 Ajax pit
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1775E Conversion
AE-10-081 -84.8 231.0 429 495 66 0.45 0.25 infill
----------------------------------------------------------------------------
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2300E Conversion
AE-10-085 -75.6 20.3 351 470 119 0.56 0.57 infill
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incl. 351 393 42 0.73 0.78
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incl. 399 438 39 0.58 0.54
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1550N Conversion
AE-10-086 -80.7 118.7 228 264 36 0.62 0.48 infill
----------------------------------------------------------------------------
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1400N Conversion
AE-10-094 -75.3 117.3 299 419 120 0.47 0.32 infill
----------------------------------------------------------------------------
incl. 299 317 18 0.41 0.37
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incl. 329 344 15 0.61 0.5
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incl. 371 410 39 0.77 0.46
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1350E Conversion
AW-10-108 -90.0 0.0 373 487 114 0.84 0.63 infill
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incl. 382 469 87 0.94 0.67
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incl. 478 487 9 1.34 1.16
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1225E In
AW-10-111 -74.4 27.5 57 132 75 0.61 0.51 West pit
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1225E In
AW-10-113 -59.9 28.7 74.93 140 65.07 0.68 0.63 West pit
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incl. 74.93 98 23.07 1.31 1.23
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incl. 116 125 9 0.63 0.53
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1200E In
AW-10-117 -82.3 28.1 59 142.34 80.34 0.47 0.45 West pit
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1175E In
AW-10-120 -56.4 28.1 44 131 87 0.53 0.36 West pit
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incl. 83 95 12 1.34 0.7
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----------------------------------------------------------------------------
750N In
AW-10-124 -49.9 118.0 36 151.49 115.49 0.46 0.39 West pit
----------------------------------------------------------------------------
incl. 36 81 45 0.41 0.28
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incl. 96 151.49 55.49 0.59 0.57
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Based on the existing NI-43-101 compliant Preliminary Economic
Assessment, the Ajax deposit is estimated to contain an in-pit
measured and indicated resource of 442 million tonnes at an average
grade of 0.30% copper and 0.19 g/t gold (2.6 billion pounds copper
and 2.4 million ounces gold), with an additional 80.6 million
tonnes of inferred resource at 0.22% copper and 0.16 g/t gold (0.3
billion pounds of copper and 0.3 million ounces of gold). This is
sufficient to support a 60,000 tonne 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.
The technical information in this news release has been reviewed
and approved by Dave Laudrum, P.Geo., the Company's Chief Geologist
who is a Qualified Person within the meaning of National Instrument
43-101.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
About Abacus
Abacus is an exploration and mine development company with a
43-101 compliant positive preliminary economic assessment report
(June 22, 2009) for its Ajax copper-gold project located 10 km
southwest of Kamloops, British Columbia. Sensitivity analyses
therein indicate a NPV of $1.46 billion discounted 8% over a 23
year mine life, with an IRR of 35.4%, cash costs of $0.90 per pound
copper, and payback of 2.0 years using metal prices approximating
US$3.00 per pound copper and US$1,000 per ounce gold. The Ajax
extension remains open along strike and at depth. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability.
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. 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.
Contacts: Abacus Mining & Exploration Corporation Donna
Yoshimatsu Director, Investor Relations dyoshimatsu@amemining.com
Abacus Mining & Exploration Corporation Tim Mikula Investor
Relations 866-834-0301 tmikula@amemining.com www.amemining.com
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