FOR IMMEDIATE RELEASE
TSX Venture - ABI.V
February 28, 2014
AN UPDATED ESTIMATE OF 43-101 RESOURCES FOR THE ABCOURT- BARVUE PROPERTY WAS RECENTLY COMPLETED AND IT SHOWS A SUBSTANTIAL INCREASE IN INDICATED AND INFERRED RESOURCES
Mont-St-Hilaire, Québec, Canada, February 28, 2014
Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (the "Company") reports that a NI 43-101 resource report on the Abcourt-Barvue property by Jean-Pierre Bérubé, B.Sc., Ing. (the "Author"), an independent consulting geologist and a Qualified Person with past relevant work experience in that matter, SHOWS AN INCREASE IN INDICATED AND INFERRED RESOURCES. These resources were previously estimated by MRB and Associates in 2006 and a report entitled "NI 43-101 Resources Evaluation" was filed on SEDAR.
The Company is the 100% owner of the Abcourt-Barvue property which consists in two mining concessions (CM 390 and 393) and 162 mining claims (CL and CDC) located in the Barraute and Landrienne townships, province of Québec, Canada. The property is located 54 km north of Val-d'Or and is easily accessible by car via highway 397 and range road 6-7 leading to the mine site.
The property sits in the south-central part of the "Northern Volcanic Zone", and straddles the Figuery Group which host the Abcourt-Barvue volcanogenic deposit cluster. The geological units are dipping at 75° to the north with a well-developed E-W regional schistosity. The main deposit, which extends over 2 km, is located in a volcanoclastic sequence characterized by tuffs and agglomerates usually strongly carbonatized and sericitized. The Zn-Ag mineralization is located close to a major talc/sericite shear zone called Gray Schist (GS) by the Company's geologists.
The Abcourt-Barvue property has a proven historical open pit production of 5,002,190 metric tonnes grading 38.74 g/t Ag and 2.98% Zn to a maximum depth of 75 metres. From 1986 to 1990, development work, including 15-metre spaced sub-levels and 5.4 km of drifts into the mineralization, led to the underground production of 632,319 metric tonnes grading 131.65 g/t Ag and 5.04% Zn. More than
5,634,500 tonnes of ore grading 49.17 g/t Ag and 3.21% Zn were extracted and milled from the Abcourt- Barvue deposit during these two periods of mining activities. The surface buildings are in good shape and serviced with water and electricity. Rolling mine units and dismantled parts of a 1,800 t/d mill are stored at the mine site.
It is possible to present an updated estimate of the resources based on new information provided by the
18,103 metres of surface Diamond drilling carried out in 2010-2011 by the Company on the west side of the deposit. The minimum cut-off grades of 1.99% and 4.51% ZnEq were used for the open pit and the underground resources respectively. These cut-off grades are based on the following parameters; US$27.55 per ounce of silver, US$0.96 per pound of zinc and an exchange rate of US$1.00 for CDN$1.00.
Blocks were delineated from section to section according to their footwall or hanging wall position related to the Gray Schist (GS). Measured resources are located where most of the samples were collected. The Abcourt-Barvue deposit has produced over 5.5 Mt in the past. So, the assay results from muck samples and underground Diamond drill holes were combined with the information provided by the surface holes to increase our level of confidence on the quality of the resources. Indicated resources are mostly located in the fringe of the measured resources or in areas where the distance between borehole intersections was over 30 to 50 metres. As the distance between boreholes is increasing with depth, most of the inferred resources were estimated from the longitudinal projection of the intersections.
Based on the parameters described above, it is estimated that the measured and indicated resources are standing at 8,082,645 tonnes grading 55.45 g/t Ag and 3.06% Zn. The measured resources are generally extending from surface to a maximum depth of 165 metres. The indicated resources are generally located in the immediate extensions of the measured blocks from elevation -125 to -300 metres.
2014 Estimate 2006 Estimate
Table 1. Resources of all categories
If the open pit outlines designed in 2007 by GENIVAR remains unchanged, it is estimated that 77% of the measured and indicated resources could be extracted from an open pit and 23% from underground operations.
The increase in tonnage between the 2006 estimate and the 2014 estimate was brought about by additional Diamond drilling in 2010 and 2011 and by a substantial increase in the price of silver which enabled us to use a lower cut-off grade.
Considering that the Abcourt-Barvue property has;
- a past production of 5.6 Mt grading 49.2 g/t silver and 3.2% zinc,
- well-maintained surface infrastructures, water supply and electric power in place;
- 90% of the equipment needed to build an 1,800 t/d mill on the mine site;
- substantial surface and underground resources as indicated in the above table;
- several near surface silver-zinc bearing targets remaining to be tested; and
- nearby access to qualified manpower and mining services.
The Author recommends to carry out the following exploration work:
- additional Diamond drilling on the deposit itself, to the west and along the Abcourt-Barvue shear zone near Lake Sans Nom, and on the Jackson gold occurrence which is located at the east end of the property for a total budget of 1 600 000$;
- initiate a geochemical study of the alterations patterns related to the pyrite-sphalerite-silver mineralization associated with the Abcourt-Barvue shear zone.
This 2014 report will be filed on SEDAR and our Website shortly.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time, the Company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-
101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward- looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated May 11, 2012 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc. For more information, please contact:
Renaud Hinse, President and CEO T: 819 768-2857 450 446-5511
F: 819 768-5475 450 446-3550
Email : [email protected]
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.