Rouyn-Noranda, Canada, June 13, 2022 – Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to report the discovery of high-grade gold-bearing boulders as well as new auriferous shear zones during a recent prospecting program on its Laflamme JV project by the operator Midland Exploration Inc. (“Midland”) (TSX-V: MD).

 

The Laflamme project is located approximately 25 kilometres northwest of the town of Lebel-sur-Quévillon in Abitibi, Quebec, and currently consists of 436 claims covering a total surface area of about 234 square kilometres. This project is a joint venture between Midland (77.9%) and Abcourt Mines Inc. (“Abcourt”) (22.1%).

 

 

High-grade gold-bearing boulders discovered by prospecting

 

During a prospecting program conducted in late May 2022, a metre-scale angular erratic boulder was discovered approximately 700 metres southeast of the historical Notting Hill gold showing. This boulder graded 28.7 g/t Au and is characterized by an intense stockwork of quartz-ankerite veins containing up to 15% pyrite mineralization. Another sample collected from a similar boulder located 1 metre apart yielded a grade of 6.0 g/t Au in a country rock completely altered to ankerite and containing 5% pyrite mineralization, which represents the stockwork host rock.

 

Given the angular shape of this boulder and known glacial flow directions in this part of the Abitibi, the potential source of these erratic boulders is interpreted as being at a short distance to the NNE. The target area has never been drill-tested and corresponds to a magnetic low that remains untested over a distance of more than 1.5 kilometres.

 

 

New gold-bearing shear structures identified near the discovery boulders

 

Prospecting also yielded several anomalous gold values on outcrops with grades between 0.1 and 1.0 g/t Au, in grab samples associated with new shear zones with strong carbonate alteration, supporting the gold potential in the vicinity of the discovery boulder.

 

This new favourable area is located approximately 700 metres southeast of the Notting Hill gold showing discovered in 2013 by Midland, which graded 0.34 g/t Au over 25.56 metres from 144.00 to 169.56 metres in hole LAF-13-21. In addition, this new discovery is located approximately 12 kilometres northwest of the Osborne-Bell deposit where Osisko Mining Inc. reported new drill intersections grading up to 37.0 g/t Au over 5.4 metres (see press release by Osisko dated September 28, 2018).

 

During the coming field season, Midland is planning to conduct a soil sampling program, an induced polarization survey, as well as mechanical stripping to help locate the source of the gold-bearing boulders.

 

 

Cautionary statements:

 

Note that grab and float sample grades may not be representative of mineralized zones.

 

Mineralization occurring at the Osborne-Bell deposit is not necessarily indicative of mineralization that may be identified on the Laflamme property.

 

True thicknesses cannot be determined with the information currently available; intervals are thus reported in core length.

 

 

Quality Control

 

Rock samples on the project are assayed for gold by standard 50-gram fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) at ALS Laboratories in Val-d’Or, Quebec. Exploration programs are designed and results are interpreted by qualified persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards and blanks with every 20 samples.

 

 

Qualified person

 

Pascal Hamelin has reviewed and approved the scientific and technical information contained in this news release. Pascal Hamelin is a qualified person within the meaning of the National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and is also President, CEO of Abcourt.

 

 

About Abcourt Mines Inc.

 

Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

 

For more information about Abcourt Mines Inc., please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.

 

 

Pascal Hamelin President and CEO T: (819) 768-2857 E: phamelin@abcourt.com

Dany Cenac Robert, Investor Relations Reseau ProMarket Inc., T: (514) 722-2276, post 456 E: dany.cenac-robert@reseaupromarket.com

 

 

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities legislation. Generally, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “could”, “will”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to: the ability of the Parties to satisfy the conditions precedent to the Transaction; the anticipated closing, timing, benefits and effects of the Transaction; and expected development and operations, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Such factors include, among others, the terms of the Amalgamation Agreement including the exercise of any termination rights, the inability of the Parties to satisfy or waive in a timely manner the conditions to the closing of the Transaction, the inability of the Corporation to realize the benefits of the Transaction, the risks related to the exploration, development and mining operations; the impacts of macroeconomic developments as well as the impact of the COVID-19 pandemic; and any material adverse effect on the business, properties and assets of the Corporation. There can be no assurance that such 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. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

 

The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.