Abcourt's Directors have Approved a $1.6 M Exploration Program on the Sleeping Giant, Discovery and Flordin Gold Properties
Rouyn-Noranda, Quebec, Canada - TheNewswire - September 10, 2019 - Abcourt Mines Inc. (TSXV:ABI.V) (Berlin:AML-BE) and (Frankfurt Stock Exchange:AML-FF) ("Abcourt" or the "Mines Abcourt Inc.) is pleased to announce that Abcourt's directors have approved a $1.6 M exploration program at the Sleeping Giant, Discovery and Flordin gold properties.
Sleeping Giant mine, vein 8
At the Sleeping Giant mine, the objective is to explore the upper part of vein 8 by diamond drilling. A total of 6,000 meters is planned. In the past, vein 8 was mined from level 485 m to level 975 m, where the vein is relatively closer to shaft No 2. The production totalled 628,000 tonnes with grade of 12.12 g/t Au. Some lateral extensions were left as shown by several intersections shown on the vertical projection of the plan attached.
On the upper levels, with a 32o to 45o dip the vein moves away from shaft No 2 as it goes up. In the past, with low gold prices, the exploration and mining of this part of vein 8 was not considered feasible.
With the current gold price ($1,500 US or $2,000 CDA) our mine geologist considers the upper part of vein 8 as a very nice exploration target with a potential of 1,3 M tonnes of mineralization with a grade of about 12 g/t of gold.
The Discovery property covers the Cameron deformation corridor in the western extension of the Flordin property held 100% by Abcourt and the Cameron Shear property held 50% by Jien Canada Mining Ltd and 50% by Abcourt Mines Inc. The property was acquired from Deloitte Restructuring Inc. on February 23, 2016. There is no royalty to pay.
The Discovery property is located 60 km to the north-west of the Lebel-Sur-Quevillon municipality, Quebec, Canada. It is located on the SNRC 32F/06 map and straddle the Desjardins and Bruneau townships border line. The property is located on the Lac Simon Algonquin land of category III. It consists in 83 mining titles (CDC) totaling 4,165.7 hectares.
The gold mineralization on the Discovery property is found in veins. It is made up of 1 to 5% pyrrhotite and pyrite associated with quartz-ankerite. Walls are sometimes albitized and silicified. The sulfides are disseminated or injected in irregular or tension fractures.
Several drilling programs were done and mineral resources were calculated in the past, but as additional holes were drilled after the calculation of resources, Abcourt does not believe that these resources are suitable for disclosure.
Most of the drilling in the past was done to outline several veins or mineralized zones from surface to a depth of about 300 meters. The 2019 drilling program is planned to find the depth extension of this mineralized zone.
The Flordin property consists in twenty-five (25) mining titles in the Desjardins and Franquet townships located about 40 km to the north of the Lebel-Sur-Quevillon municipality. There is no royalty to pay. The property was acquired from Deloitte Restructuring Inc. on February 23, 2016.
The property covers the Cameron deformation corridor over almost 4 km in the eastern extension of the Discovery property, held 100% by Abcourt and the Cameron Shear property held 50% by Jien Canada Mining Ltd and 50% by Abcourt Mines Inc. as mentioned previously.
The approximate UTM coordinates of the main showing are 358,740 E and 463,840 N (zone 18). The property is located in the Lac Simon Algonquin category III territory.
Mineralization extends over a distance of 3 Km. In the past, several holes were drilled and a resource calculation was done by InnovExplo in 2011, but Abcourt does not consider these calculations as current and does not believe they are suitable for publication.
In 1987-1988, a ramp was excavated in zone B and two bulk samples were taken. The bulk sample mineralization was treated at the Bachelor mill and the following results were obtained:
- 5,174 tonnes at 2.51 g/t Au in 1987 (Sullivan/Bachelor)
- 4,053 tonnes at 4.25 g/t Au in 1988 (Cambior/Bachelor)
The objective of the 2019 drilling campaign is to outline at depth some of the best gold intersections obtained previously in the 2010 and 2011 drilling by NAP Quebec Inc.
On the Discovery and Flordin properties, it is planned to drill about 10,000 meters.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018) and a positive P.E.A. study (2012). Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver-zinc reserves (2014). A feasibility study was completed in 2007 by Roche / Genivar. A 43-101 update was completed in January 2019. A total of 8.07 M tonnes of proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% of zinc are available to be mined. The portion mineable by open pit is 81.6% and the portion mineable underground is 18.4%. Inferred resources are 2.07 M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity of 700 to 750 tonnes per day. A NI 43-101 resource estimate was filed in May 2019. A positive 43-101 feasibility study was completed recently by PRB Mining Services Inc. The mineral reserves are 10,900 tonnes in the proven category with a grade of 12.20 g/t of gold and 475,625 tonnes in the probable category with a grade of 11.85 g/t of gold. The inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a "Qualified Persons" under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt' annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.
For more information, please contact:
Renaud Hinse, President and CEO
T : 819 768-2857
F : 819 768-5475
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
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.
Click Image To View Full Size
Copyright (c) 2019 TheNewswire - All rights reserved.