VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (AME.V) is pleased to provide details on a compelling new porphyry copper target that has been identified on the Company’s Willow and adjacent Nev-Lorraine properties in the Yerington, Nevada copper camp.
Diamond drill program to test this target as soon as weather permits." data-reactid="12">The target area covers a 2.0 km by 2.2 km portion of the southernmost of two broad alteration zones delineated by detailed geological mapping in 2017. It is defined by coincident geological, geochemical and geophysical signatures typical of a porphyry copper deposit, each element of which is described in more detail below. The porphyry copper target straddles the Willow and newly acquired Nev-Lorraine properties, with the bulk of the target on Willow. The Company plans to commence a minimum 2500 metre Diamond drill program to test this target as soon as weather permits.
The southernmost alteration zone is a 3.0 km by 2.5 km funnel-shaped, east-west trending zone, which is characterized by intense silicic and advanced argillic alteration, a high proportion of granite porphyry dyke swarms, and frequent quartz veining. All these elements are stronger to the east, which along with a very strong copper in soils anomaly, helps to define the new target zone. The target is constrained along the eastern property boundary by a range front fault, which down drops rocks to the east, and to the west by changes in the geochemical and geophysical signatures.
Geophysically, the target is characterized by a coincident IP chargeability high, and a magnetic high flanked by a magnetic low. The magnetic high is restricted to the eastern edge of the target area, and part of it is likely faulted off to the east by the range front fault. It is flanked to the west by a much broader magnetic low, thought to represent strongly hydrothermally altered rocks. A prominent IP anomaly straddles the Willow/Nev-Lorraine property boundary within the broad magnetic low and is thought to represent sulphide mineralization.
The magnetic high on Willow lines up to the southeast with Mason Resources’ Roulette target, drilled in the past as a buried copper porphyry target, and with a series of skarn deposits further to the southeast. The new Willow target is analogous to the adjacent Ann Mason deposit to the east but is thought to represent a separate porphyry center.
“It is rare to find a target that displays all of the signatures of a porphyry copper deposit” commented Paul G. Anderson, President of Abacus. “Other companies have explored elsewhere within the district looking for a postulated fifth porphyry in the Yerington camp, but our work would suggest that this deposit may in fact lie on the Company’s claims”.
The new target was further enhanced by analyzing a large number of rock and soil samples collected in 2017 with a spectrometer, which detects any hydrothermal minerals present. The results were then compared with a published 2015 model of hydrothermal alteration and geochemical dispersion around porphyry copper deposits, that was in large part based on studying the adjacent Ann Mason deposit. The model predicts that outward from a porphyry copper deposit, successive alteration halos of Cu, Mo, W, Sn and Se will be developed. The Willow property contains this exact pattern, providing a strong validation of the geological and geophysical interpretation.
In 2017 the Company was able to locate, relog and sample skeleton core from shallow 1970’s drilling at Willow. The drilling, most of which was west of the new target, intersected a series of flat lying porphyry dykes with anomalous copper values, thought to represent the upper parts of a porphyry system, plus a series of flat, sub-parallel faults. By examining the geology and geochemistry of these drill holes, an estimation of displacement along these flat-lying faults was made. The Company believes that these faults have displaced the original target zone at depth, to the west and closer to surface, within the combined Willow/Nev-Lorraine property, into an area not previously drilled.
Abacus expects to be able to provide more information soon on the website, including maps and sections showing the targets that are intended to be drill tested this spring.
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. Active projects in the camp include Ann Mason, owned by Mason Resources, Nevada Coppers’ Pumpkin Hollow which is in development, and Quaterra Resources’ MacArthur oxide project 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 (604) 682-0301.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson
President and COO
About 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 Miedz 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.
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.
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