Canada markets open in 8 hours 25 minutes

Abacus Mining & Exploration Corporation (AME.V)

TSXV - TSXV Real Time Price. Currency in CAD
Add to watchlist
0.1800+0.0050 (+2.86%)
At close: 3:53PM EDT
Full screen
Previous Close0.1750
Open0.1800
Bid0.1800 x 0
Ask0.1900 x 0
Day's Range0.1800 - 0.1800
52 Week Range0.0500 - 0.2800
Volume137,500
Avg. Volume135,769
Market Cap13.323M
Beta (5Y Monthly)0.84
PE Ratio (TTM)N/A
EPS (TTM)-0.0500
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Abacus Announces Geophysical Program at Jersey Valley

    VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce that a program of ground IP geophysics is about to begin at its Jersey Valley gold property, within the Battle Mountain trend of north-central Nevada. The new high-resolution Time Domain Induced Polarization survey will consist of six lines of two kilometres each bracketing four historic lines of IP done by a previous operator in 2005. The historic IP has extensive, virtually untested anomalies, and limited past drilling shows that these are gold and silver bearing. The work is scheduled to commence near the end of September and once complete, an initial program of drilling will be undertaken.Jersey Valley is underlain by an uplifted range of sediments and intrusives to the east and an extensive basin covered by gravels to the west, separated by a prominent, brecciated range front fault. A distinctive sinter associated with hot springs activity is exposed out in the valley gravels. The previous operator completed a large-scale ground magnetic survey in the early 2000’s which extended well beyond the current property and then initiated a limited four-line northwest oriented IP survey over the valley gravels.Abacus recently reprocessed the IP data, which very clearly shows two flat-lying anomalies marked by moderate to high chargeability and low resistivity (see Company website). Both targets are open along strike to the northeast and southwest. The largest target is approximately 600 metres long by 500 metres wide. The Company doubled the claim size in July of 2020 in order to cover the southwest strike extent of these anomalies.Past drilling was neither extensive enough, deep enough nor optimally placed to adequately test the system. Despite this, three historic diamond drill holes appear to have just grazed these two anomalies. All three holes contained >1% pyrite, occasional realgar and stibnite, and numerous additional gold-silver intercepts associated with elevated levels of arsenic, antimony and mercury. The best results were: * Drill hole 06JC014C intersected 1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold over 13.4 m near the end of the hole. * Drill hole 06JC015C assayed 0.18 g/t gold and 3.6 g/t silver over 6.09 m part way through the hole and then 1.58 g/t gold over 1.52 m near the end of the hole. * Drill hole 06JC017C, hit narrow zones of anomalous gold and silver throughout, and then 0.18 g/t gold over 29.87 m. at the end of the hole. * Note that all intercepts are down hole lengths as insufficient drilling was done to determine true widths. Note further that these results are historic in nature and although the author was not involved in the original work, proper industry standard sampling and data verification procedures appear to have been followed.The Company believes that the reprocessing has highlighted the fact that the best portions of the IP targets are essentially untested, although past drilling clearly indicates that they contain gold and silver, along with a suite of other elements typical of these precious metal bearing systems. The reprocessing also identified several high angle chargeability anomalies that may be feeders to the extensive flat lying anomalies, along with structures parallel to and at high angles to the range front fault. Of note is the fact that structures appear to bracket both resistivity anomalies, possibly indicating sub-basins within the larger basin.As demonstrated by past operators, the Jersey Valley property is prospective for both intrusion-related sediment hosted, and for epithermal precious metal mineralization, within the Battle Mountain trend of north-central Nevada. Jersey Valley is in close proximity to both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine: 3.4 Moz gold and 110 Moz Ag past production. (Data is from the Newmont Mines and Premier Gold Mines websites. The reader is cautioned that the mineralization hosted on nearby properties is not necessarily indicative of mineralization hosted on the Company’s Jersey Valley gold property). The Jersey Valley property has a well-maintained sealed road running through it, which provides access to a 15 MW geothermal power plant located on the edge of the claim group.The Company also has additional properties of merit in Nevada. The Willow and adjacent Nev-Lorraine copper-molybdenum properties are in the Yerington copper camp, southeast of Reno. Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist on the Company’s property, and it represents a significant new discovery. The target is large and robust, and it remains essentially untested.In addition, Abacus holds a 20% ownership interest in the Ajax copper-gold project, located near Kamloops, British Columbia., which is managed by base metal major KGHM Polska Miedź S.A., who hold the remaining 80%. The Ajax Project contains significant quantities of copper and gold, within a NI 43-101 Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and 5.3 Moz Ag*. KGHM has recently hired a new Ajax Superintendent (see News Release dated September 1, 2020), whose duties will initially be focused on First Nations, on community and on governmental engagement in order to advance the project towards a potential resubmission of the environmental application.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.* Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia – Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012.On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATIONPaul G. Anderson President and COOAbout Abacus 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. Abacus also holds a 15-year lease on the Jersey Valley gold property, near Battle Mt., Nevada. The Company’s main asset is 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 undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the 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.Forward-Looking Information 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. CONTACT: Tel: 604.682.0301 email: info@amemining.com website: www.amemining.com

  • GlobeNewswire

    New Superintendent Hired for Ajax Project

    VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) wishes to provide an update to its shareholders on the Ajax copper-gold project, located near Kamloops, British Columbia. Abacus holds a 20% ownership interest in the project, which is managed by base metal major KGHM Polska Miedź S.A., who hold the remaining 80%. Abacus is pleased to report that KGHM has hired a new Ajax Superintendent, whose duties will initially be focused on First Nations, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application. Mr. Michal Wypych is a current resident of Kamloops, and he had prior involvement in the Ajax project. KGHM is currently looking for office space in Kamloops, in order to provide the project with an increased community presence.“Ajax remains a priority for both Abacus and for our partner, and we are pleased to see that the Ajax project will once again have a community-based presence,” commented Paul G. Anderson, President of Abacus. “We understand that our partner has work to do in order to revitalize the project, and we welcome this first step.”The Ajax Project underwent a joint provincial and federal environmental review starting in 2011, which culminated in the decision by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the Project in December of 2017. Despite this setback, KGHM in consultation with Abacus has continued to work to advance the project, including evaluating various strategies geared toward potentially resubmitting the environmental application.The Ajax Project contains significant quantities of copper and gold, within a NI 43-101 Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and 5.3 Moz Ag. (Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia – Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012).Besides Ajax, the Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada. Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist on the Company’s property, and it represents a key new discovery. The target is large and robust, and it remains essentially untested.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 (M&I of 1.4BT at 0.32% Cu), owned by Hudbay Mining, Nevada Copper’s Pumpkin Hollow (P&P of 572 MT at 0.4% Cu) which is in mine construction, and Quaterra Resources’ MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in prefeasibility.Abacus also holds the Jersey Valley gold property, prospective for both intrusion-related sediment hosted, and for epithermal precious metal mineralization, within the Battle Mountain trend of north-central Nevada. Jersey Valley is in close proximity to both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine: 3.4 Moz gold and 110 Moz Ag past production. (Data is from the Newmont Mines and Premier Gold Mines websites. The reader is cautioned that the mineralization hosted on nearby properties is not necessarily indicative of mineralization hosted on the Company’s Jersey Valley gold property). The Jersey Valley property has a well-maintained sealed road running through it, which provides access to a 15 MW geothermal power plant located on the edge of the claim group.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.On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATIONPaul G. Anderson President and COOAbout AbacusAbacus 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 MiedźS.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. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the 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.Forward-Looking InformationThis 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.  CONTACT: Tel: 604.682.0301 email: info@amemining.com website: www.amemining.com

  • GlobeNewswire

    Abacus Announces $600,000 Financing

    VANCOUVER, British Columbia, July 22, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce a non-brokered private placement (“Offering”) for proceeds of up to $600,000 through the issuance of 6,000,000 units ("Units") at a price of $0.10 per Unit.  Each Unit will consist of one common share of the Company and one half of a non-transferable common share purchase warrant, with each warrant exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 2 years from the date of closing of the financing.  Proceeds from the financing will be applied towards a program of geophysics and drilling at the Company's Jersey Valley gold property in Nevada as well as for general working capital. Recent reinterpretation of historic geophysics at Jersey Valley has demonstrated the existence of compelling, open along strike, untested targets, which led to an approximate doubling of the staked claim group.Jersey Valley is prospective for both intrusion-related sediment hosted, and for epithermal precious metal mineralization. The property is located within north-central Nevada within the Battle Mountain trend, in close proximity to both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine: 3.4 Moz gold and 110 Moz Ag past production. (Past production data is from the Newmont Mines and Premier Gold Mines websites. The reader is cautioned that the mineralization hosted on nearby properties is not necessarily indicative of mineralization hosted on the Company’s Jersey Valley gold property). The Jersey Valley property has a well-maintained sealed road running through it, which provides access to a 15 MW geothermal power plant located on the edge of the claim group.The Company also holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in Nevada, and a carried interest in the advanced Ajax copper-gold development project in B.C.The Willow and adjacent Nev-Lorraine copper-molybdenum properties are in the Yerington copper camp, southeast of Reno, Nevada. Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist on the Company’s property, and it represents a key new discovery. The target is large and robust, and it remains essentially untested.The Company also continues to advance its Ajax copper-gold project, located near Kamloops, British Columbia. Abacus holds a 20% ownership interest in the project, which is managed by base metal major KGHM Polska Miedź S.A., who hold the remaining 80%. The Ajax Project contains significant quantities of copper and gold, within a NI 43-101 Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and 5.3 Moz Ag*. KGHM have begun the process of re-engaging the project stakeholders geared toward potentially resubmitting the environmental application for the project.The financing is subject to TSX Venture Exchange (TSXV) approval. In connection with the offering, certain finders may receive a cash fee and/or non-transferable finder warrants. All securities issued will be subject to a four month hold period under Canadian securities law.The Offering is being offered to existing shareholders of Abacus who are permitted to subscribe pursuant to British Columbia Instrument 45-534 – Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders (the “Existing Shareholder Exemption”), as well as under other available prospectus exemptions. Any existing shareholders interested in participating in the Offering under the Existing Shareholder Exemption should contact the Company at the contact information set out below in order to determine whether they are eligible to participate.  Unless the Company increases the size of the Offering, if subscriptions received for the Offering (based on all available exemptions) exceed the maximum Offering amount of $600,000, Units will be allocated pro rata among all subscribers qualifying under all available exemptions.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.* Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia – Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012.On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATIONPaul G. Anderson President and COOAbout Abacus 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. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the 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.Forward-Looking Information 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.  CONTACT: Suite 1000 – 1050 West Pender Street Vancouver, B.C. V6E 3S7 Canada Tel: 604.682.0301 email: info@amemining.com website: www.amemining.com