Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Amerigo Resources Limited

ABACUS RELEASES FIRST DRILL RESULTS FROM AJAX JOINT VENTURE AREA

 Intersects 356 metres (1168 feet) of 0.37% copper and 0.22 g/t gold

Goal is to Expand Resource Between Ajax East and Ajax West Pits for
Planned 40,000 to 60,000 Tonne Per Day Operation

VANCOUVER, BC April 30, 2008 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce the release of assay results from the Ajax joint venture area with New Gold Inc., in which  Abacus is earning a 60% interest.

The eighteen holes reported were drilled on the property in 2007 and are located in two separate areas of the property: immediately east of the Ajax West pit (Sections 1700E and 1800E) and south of the Ajax East pit (Sections 2200E and 2300E). The focus of this and subsequent drilling in 2008 has been to identify extensions to existing mineralized zones and/or locate new zones that will allow expansion of the East and West pits into one large open pit, capable of producing 40,000 to 60,000 tonnes per day.  The information from this drilling will be incorporated into the combined Ajax resource estimate planned for completion by the end of June.

"Assay results on the joint venture ground between Ajax West and Ajax East continue to fit with our overall model for the planned development of the Ajax area", said Doug Fulcher, President and CEO.  "The extensive infill drilling program is demonstrating that the Ajax area is supporting a large open pit operation, a preliminary economic assessment encompassing Ajax West, Ajax East and the area in between is expected by mid-2008 and a full feasibility study on the combined Ajax area is anticipated in 2009."

Within the next few weeks Abacus expects to announce the appointment of a Chief Operating Officer who will oversee the development, construction and eventual operations at the Afton-Ajax Project.

Abacus has set the following goals for the project in the second quarter of 2008:

  • Complete a 43-101 compliant resource encompassing Ajax West, Ajax East and the area in between.
  • Conduct an extensive infill drilling program at Ajax to support a feasibility study in 2008 that will examine a 40,000 to 60,000 tonne per day surface mining operation at Ajax.
  • Evaluate financing alternatives to fund mine evaluation and development at Ajax.

A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible. 

 Drill Highlights

  • Hole AN-07-004 intersected 356.1 metres (1168.3 feet) grading 0.37% copper and 0.22 g/t gold, including a 102 metre (334.6 feet) intercept averaging 0.61% copper and 0.44 g/t gold
  • Hole AN-07-007 intersected 143 metres (469.2 feet) grading 0.35% copper and 0.22 g/t gold, including a 38 metre (124.7 feet) intercept averaging 0.50% copper and 0.33 g/t gold
  • Hole AN-07-009 intersected 154 metres (505.2 feet) grading 0.36% copper and 0.18 g/t gold, including a 74.28 metre (243.7 feet) intercept averaging 0.51% copper and 0.25 g/t gold
  • Hole AN-07-014 intersected 116.98 metres (383.8 feet) grading 0.49% copper and 0.33 g/t gold, including a 45 metre (147.6 feet) intercept averaging 0.83% copper and 0.52 g/t gold
  • Hole AN-07-018 intersected 144.53 metres (474.2 feet) grading 0.41% copper and 0.18 g/t gold, including a 71.53 metre (234.7 feet) intercept averaging 0.51% copper and 0.23 g/t gold

The following table lists the most significant drill intercepts from the joint venture area that were drilled in 2007.  Intercept lengths are core lengths, which do not necessarily reflect true width.  To date, 65 holes have been collared on the joint Venture property totaling 23,643.8 metres (77570.5 feet).  Section spacing for the drill coverage was 50 metres and for the most part, the holes were oriented along the Ajax West grid (0280 and 2080).

 Section

Hole No.

Dip Deg

Az. Deg

From (m)

To (m)

Length
(metres)

Length
(feet)

Cu %

Au g/t

1700E

AN-07-002

-47.9

26

  Very short hole; drilled into waste wallrock; NSV

 

 

 

 

 

 

 

 

 

 

1700E

AN-07-003

-89.5

300

56

85.8

29.8

97.8

0.49

0.38

 

 

 

 

250

295

45

147.6

0.24

0.16

 

 

 

 

 

 

 

 

 

 

1700E

AN-07-008

-45

208

Abandoned

 

 

 

 

 

 

 

 

 

 

1700E

AN-07-015

-49

204.1

282.07

321

38.93

127.7

0.78

0.38

 

 

 

 

 

 

 

 

 

 

1700E

AN-07-009

-65.2

206.7

54

86

32

105

0.37

0.29

 

 

 

 

195

349

154

505.2

0.36

0.18

 

 

 

Incl

247.72

322

74.28

243.7

0.51

0.25

 

 

 

 

400

420

20

65.6

0.70

0.22

 

 

 

 

 

 

 

 

 

 

1700E

AN-07-015

-49

204.1

282.07

321

38.93

127.7

0.78

0.38

 

 

 

 

 

 

 

 

 

 

1800E

AN-07-005

-46.4

27.3

46.37

108

61.63

202.2

0.35

0.24

 

 

 

 

276.4

300

23.6

77.4

0.26

0.13

 

 

 

 

426

444

18

59.1

0.62

0.24

 

 

 

 

468

486

18

59.1

0.44

0.34

 

 

 

 

 

 

 

 

 

 

1800E

AN-07-012

-69.5

26.5

59

83

24

78.7

0.34

0.19

 

 

 

 

183.72

254

70.28

230.6

0.48

0.26

 

 

 

Incl

230

254

24

78.7

0.82

0.36

 

 

 

 

361

391

30

98.4

0.31

0.08

 

 

 

 

 

 

 

 

 

 

1800E

AN-07-017

-46.2

207.1

51

130.6

79.6

261.2

0.22

0.18

 

 

 

 

176.34

235.59

59.25

194.4

0.74

0.31

 

 

 

Incl

218

230

12

39.4

1.28

0.51

 

 

 

 

 

 

 

 

 

 

2200E

AN-07-004

-45.5

27.7

21.9

378

356.1

1168.3

0.37

0.22

 

 

 

Incl

62

164

102

334.6

0.61

0.44

 

 

 

 

278

378

100

328.1

0.38

0.17

 

 

 

 

 

 

 

 

 

 

2200E

AN-07-007

-65.5

26.4

17

160

143

 469.2

0.35

0.22

 

 

 

Incl

17

55

38

124.7

0.50

0.33

 

 

 

 

145

160

15

49.2

0.47

0.21

 

 

 

 

325

346

21

68.9

0.33

0.17

 

 

 

 

 

 

 

 

 

 

2200E

AN-07-011

-90

-

12.91

91

78.09

256.2

0.55

0.42

 

 

 

Incl

34

91

57

187

0.69

0.54

 

 

 

Incl

58

85

27

88.6

1.02

0.79

 

 

 

 

277

328

51

167.3

0.28

0.16

 

 

 

 

 

 

 

 

 

 

2200E

AN-07-018

-65.8

206.1

15.47

160

144.53

474.2

0.41

0.18

 

 

 

Incl

15.47

87

71.53

234.7

0.51

0.23

 

 

 

Incl

21

33

12

39.4

1.16

0.41

 

 

 

 

 

 

 

 

 

 

2200E

AN-07-014

-45.5

206.3

14.02

131

116.98

383.8

0.49

0.33

 

 

 

Incl

68

113

45

147.6

0.83

0.52

 

 

 

 

 

 

 

 

 

 

2300E

AN-07-001

-45.7

28

126

177

51

167.3

0.27

0.08

 

 

 

 

350

585

235

771

0.27

0.22

 

 

Incl

 

350

380.95

30.95

101.5

0.33

0.26

 

 

 

 

426

585

159

521.6

0.31

0.26

 

 

Incl

 

498

538

40

131.2

0.47

0.42

 

 

 

 

 

 

 

 

 

 

2300E

AN-07-006

-64.2

28

114

150

36

118.1

0.27

0.10

 

 

 

 

270

288

18

59.1

0.38

0.12

 

 

 

 

348

362.34

14.34

47

1.02

0.51

 

 

 

 

 

 

 

 

 

 

2300E

AN-07-010

-90

-

53.41

66

12.59

41.3

0.55

0.23

 

 

 

 

 

 

 

 

 

 

2300E

AN-07-013

-45

208

 199

208

9

29.5

0.42

0.19

 

 

 

 

 

 

 

 

 

 

2300E

AN-07-016

-64.8

209.6

336

356.36

20.36

66.8

0.78

0.31

Discussion of Results

These drill holes were all drilled in late 2007 and provide coverage on two different portions of the joint venture property. The results to date support our target of defining extensions to the mineralization at the Ajax East and West pits to support a single large open pit mining operation.  It is encouraging to note that fourteen of the holes had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including six holes which had one or more significant mineralized intercepts ranging in length from 100 metres (328.1 feet) to 356.1 metres (1168.3 feet).

2008 drilling to date has filled in the gap between the above mentioned areas and the results are pending.

About the Afton Project

The Afton properties belonging to the Company lie within a mining camp hosting a number of mined and un-mined alkalic copper-gold, porphyry style deposits.   Since 2002, Abacus has redefined several known deposits through expansion of copper - gold mineralization down dip and along strike. The Company has completed approximately 480,000 feet (146,304 metres) of drilling and developed NI 43-101 compliant indicated resources on the DM and Rainbow deposits, totaling 60.1 million tonnes and an inferred resource at the Ajax West deposit totaling 147,000,000 tonnes (all resources calculated at 0.20% copper cut-off).

The Ajax property comprises of eight 100% owned Crown grants which include the historic Ajax East and West pits.  Also included is an interest in claims between the pits acquired from a joint-venture agreement signed with New Gold Inc.  The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase in 2005 from Teck-Cominco.  The high priority, Phase 1, drilling on the Joint Venture ground has been completed. Two drills are active on the property to maximize the assignment of resources to measured and indicated categories.    

The updated DM zone resource will be completed within the next few weeks and the greater Ajax area will have a compliant resource estimate scheduled for completion by the end of June.  Upon completion of the resource estimates, Abacus intends to progress the Afton project through preliminary economic studies and into feasibility during the second half of 2008 and completed in early 2009.  The Company's goal is to develop, large-scale surface mining operations at Afton producing between 40,000 and 60,000 tonnes per day by 2010.

Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus' analytical work on the project.  A quality-control program, using specific standards and blank samples is in place.  Robert G. Friesen, P.Geo. is the qualified person responsible for the design and conduct of the work performed.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

Doug Fulcher,

President and Chief Executive Officer


Contact: Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com 


Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration  Corp. (the "Company") 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 market prices, exploitation and exploration successes, and 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. 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.

HTTP://DISSEMINATION.BLENDERMEDIA.COM:81/DB/22504/969884/1.GIF

Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Abacus Mining and Exploration
9/3/2009New Gold Financing a Positive Sign for Abacus
Annual reports of Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
Financings of Abacus Mining and Exploration
5/10/2010Closes C$4.5 Million Private Placement with KGHM
Option Grants of Abacus Mining and Exploration
10/10/2013Compensation Reductions and Stock Option Grants
Nominations of Abacus Mining and Exploration
5/4/2012announces resignation of Andrew Pooler
4/17/2012appoints Stifel Nicolaus Canada as financial advisor
9/17/2009Appoints Director of Investor Relations
Project news of Abacus Mining and Exploration
3/19/2013provides update on Ajax Copper-Gold Project in B.C.
8/23/2012KGHM aligned on Ajax Project development KGHM International ...
4/2/2012KGHM exercises option to increase interest in Ajax project t...
1/10/2012Files Ajax Copper-Gold Project Feasibility Study Technical R...
12/21/2011announces robust Feasibility Study results for Ajax Copper-G...
6/23/2011KGHM Ajax participates in open house for Ajax Project Commun...
6/2/2011(Afton - Ajax Camp)KGHM Ajax appoints BNP Paribas as exclusive financial adviso...
1/24/2011(Afton - Ajax Camp)completes major definition and infill drill program at Ajax ...
1/10/2011(Afton - Ajax Camp)KGHM Ajax Initiate Environmental Assessment Review Process
12/15/2010(Afton - Ajax Camp)KGHM Ajax and Abacus reach Advanced Exploration Agreement wi...
12/1/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
11/2/2010(Afton - Ajax Camp)reports on 18,000 metre drill program underway at Ajax
3/15/2010(Afton - Ajax Camp)Abacus' Ajax East Extension Area Drilling Highlights Potenti...
6/23/2008(Afton - Ajax Camp)Ajax Joint Venture Area Drilling Continues To Expands The Re...
4/28/2008Intersects 318 metres (1043.3 feet) of 0.43% copper and 0.26...
4/9/2008(Afton - Ajax Camp)Releases Drill Results From Monte Carlo, an Eastern Extensio...
3/25/2008(Afton - Ajax Camp)Sign Definitive Agreements
Corporate news of Abacus Mining and Exploration
8/2/2013& Exploration Corporation: Ajax Project Update
5/17/2013Adopts New Shareholder Rights Plan
3/13/2013Extension of Warrants Approved
3/1/2013Applies for Extension of Term of Warrants
11/21/2012Provides Update on the Ajax Copper-Gold Project
4/2/2012initiates strategic review to maximize shareholder value
3/15/2012closes unit offering of C$3.18 million
3/2/2012to close $3.0 million unit offering
2/16/2012announces up to $2.5 million unit offering
10/20/2011provides update on Feasibility Study progress
9/22/2011' Ajax JV and New Gold sign Asset Exchange Agreement
4/9/2011Completes Asset Purchase Agreement with Teck
1/13/2011KGHM Ajax appoint new Chief Financial Officer
10/12/2010closes Definitive Joint Venture Agreement with KGHM JV Compa...
6/23/2010Announces Overwhelming Shareholder Approval for Joint Ventur...
5/17/2010announces James D. Excell to Board of Directors
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (AME.V)
0.045+0.00%
TSX-V
CA$ 0.045
11/21 12:14 -
0%
Prev close Open
0.045 0.050
Low High
0.045 0.050
Year l/h YTD var.
0.040 -  0.100 -43.75%
52 week l/h 52 week var.
0.040 -  0.100 -50.00%
Volume 1 month var.
18,200 -10.00%
24hGold TrendPower© : -3
Produces
Develops
Explores for Copper - Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/30/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2014-43.75%0.100.08
2013-46.67%0.180.07
2012-11.76%0.320.11
2011-39.29%0.290.14
201047.37%0.380.15
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.