ROUYN-NORANDA, Quebec, Oct. 02, 2024 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it will undertake a drilling program to enhance the deep mining potential of the Sleeping Giant mine.
The 3D model of the mineral resource estimate made by InnovExplo in December 2022 shows the presence of several high-grade mineralized veins towards the lower levels of the mine.
The Preliminary Economic Assessment carried out by InnovExplo in June 2023 made it possible to optimize several production sites in the same sector. Several of these workings belong to the 785N zone located east of the mine at the bottom of level 785. (figure 1).
Figure 1: Location of 785N Zone.
The 785N zone is made up of several parallel mineralized veins oriented north south. The dip of these veins varies between 30 and 40 degrees towards the east. The development campaign for zone 785N will be carried out in 3 phases: (figure 2).
Figure 2: 785N Zone Enhancement Campaign.
Phase 1: 3,500m drilling campaign from level 785:
The objective of this drilling campaign is to increase the level of confidence in the potential of the 106-785N-E340 stope by reducing the spacing between drilling to justify the development of access galleries to the stope.
The main mineralized intervals intercepted in the stope are:
64.7 g/t Au over 1 meter in hole 66-1127A-11,
50.2 g/t Au over 1 meter in hole 66-1141-11 and,
52.9 g/t Au over 0.5 meter in hole e 66-1022-10.
According to the Preliminary Economic Assessment carried out by InnovExplo in June 2023, the tonnes and grades of the 106-785N-E340 stope are estimated at 58,052t at 13.8 g/t Au. (See technical notes*)
According to the Mineral Resource Estimation of December 2022, the 106-785N-E340 stope belongs to the inferred resources category.
Phase 2: Reassessment of the Potential of the upper part of zone 785N:
By interpreting the 3D model of the veins in the upper part of zone 785N, we notice:
The second phase consists of optimizing the modeling of the veins in the upper part of the 785N zone and redoing it to reassess its economic interest.
Phase 2 will be done at the same time as phase 1.
Phase 3: Definition Drilling Campaign:
Definition drilling will be done from drilling bays which will be developed at the same time as the access drifts to the production stope. Additional drift development work will be planned to cover the maximum area of the 785N zone by drilling.
Next Steps:
Pascal Hamelin, President and CEO, comments: “With the addition of a second underground shift, we will be able to increase the pace at all levels. Whether in drilling, interpretation, design, development and mining extraction. Drilling in the 785N zone will allow us to better define a zone with very high potential and test the lateral and extensions at depth of this high-grade zone.”
* Technical Notes:
All technical information contained in this press release comes from the technical report of the of then mineral resources Estimation made by InnovExplo in December 2022 (MRE 2022) as well as the technical report of the Preliminary Economic Assessment also made by InnovExplo in June 2023 (PEA 2023).
Notes to the 2022 MRE
Qualified Persons
Mohamed Haithem Bennia, geo, superintendent geology of the Sleeping Giant mine, wrote, collected, verified and approved the technical information contained in this press release.
Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.
Mr. Hamelin and Mr. Bennia are qualified persons under Regulation 43-101.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian gold exploration Corporation with properties strategically located in northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant mill and mine where it concentrates its activities. The Sleeping Giant mine has a mining lease, as well as environmental certificates of authorization to extract up to 750 tonnes per day from its underground mine.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt’s profile on www.sedarplus.ca.
Pascal Hamelin | Dany Cenac Robert, Investor Relations |
President and Chief Executive Officer | Reseau ProMarket Inc., |
T : (819) 768-2857 | T : (514) 722-2276, ext 456 |
Email :phamelin@abcourt.com | Email : dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as “plans”, “aims”, “expects”, “projects”, “intends”, “anticipates”, “estimates”, “could”, “should”, “likely”, or variations of such words and phrases or statements specifying that certain acts, events or results “may”, “should”, “will” or “be achieved” or other expressions Similar. Forward-looking statements are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt’s public filings, which are available on SEDAR at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
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