VANCOUVER, British Columbia, April 24, 2018 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (AME.V) is pleased to announce that a diamond drill is presently being mobilized to the Company’s Willow and adjacent Nev-Lorraine properties in the Yerington, Nevada copper camp.
The drill program is designed to test a newly defined 2.0 km by 2.2 km portion of a broad, intense silicic and advanced argillic alteration zone marked by coincident geological, geochemical and geophysical signatures typical of a porphyry copper deposit (see News Release dated February 02, 2018). The Company’s target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit.
“The Company is excited to be able to drill test this newly developed porphyry copper target,” commented Paul G. Anderson, President of Abacus. “We have developed a compelling model in less than a year of work on the property, that may have pinpointed a fifth porphyry in the camp that other companies have tried to find in the past.”
The Company has been on the property for almost two weeks, preparing for the program, and reviewing the model with a consultant who has worked in the Yerington camp since the 1960s. This individual has agreed that the Company’s model is valid, and further commented that it was a target he had recommended in the 1970s. The Company plans to drill approximately three holes, one to 800 metres and two at 600 metres.
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. Advanced projects in the camp include Ann Mason (1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Copper's Pumpkin Hollow (572 MT at 0.4% Cu) which is in development, and Quaterra Resources’ MacArthur oxide project (159MT at 0.212% Cu) 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 (416) 722-2456.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson
President and COO
Abacus 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 Meidz 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.
This 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.