Mr. Renaud Hinse reports
UPDATE OF 43-101 RESOURCES FOR ELDER MINE AND TAGAMI PROPERTY
A National Instrument 43-101 update report of resources on Abcourt Mines Inc.'s Elder mine has been prepared by Jean-Pierre Berube, engineer, independent consulting geologist and a qualified person according to NI 43-101 with pertinent experience in this domain. This update was done in three parts.
The first part is inside the limits of mining concession 363 and covers the upper part of the mine from the 10th level to surface.
The second part covers the lower part of the mine, below the 10th level. This update was prepared for an application to have a mining lease.
The third part is located immediately to the north of the Elder mine and was incorporated in the 2012 calculations of resources.
At the Elder mine, the No. 1 vein is the main vein. It extends over a strike distance of about 650 metres from surface to the bottom of the mine. The dip is 22 degrees to the south. It is accompanied by veins No. 3 and No. 6 with the same strike and dip. There are also veins No. 2 and No. 2A, from the fourth level to surface, with the same strike and a dip of 40 degrees south and vein No. 4 with a north-south direction and a dip of 22 degrees to the east.
Vein No. 7 is indicated in one hole with marginal values. Additional drilling will be done to assess the economic potential of this structure.
Abcourt owns 100 per cent of the Elder and Tagami properties, made up of one mining concession, a mining lease, claims and small parts of claims for which a mining lease has been requested and adjacent claims.
Table of resources and parameters used
As of June 30, 2017, mineral resources in the measured and indicated categories, within mining concession 363, in the upper part of the mine were as shown in the attached table.
MEASURED AND INDICATED RESOURCES ON MINING CONCESSION 363
Category Measured Indicated Measured and indicated
Zone Tonnes Grade Tonnes Grade Tonnes Grade Gold
(metric) (g/t) (metric) (g/t) (metric) (g/t) ounces
Elder
Vein 1 8,091 6.00 111,146 7.60 119,237 7.49 28,727
Vein 2 16,102 5.28 73,925 6.53 90,027 6.31 18,253
Vein 3 5,200 8.23 37,942 6.21 43,142 6.46 8,954
Vein 4 44,947 5.76 97,086 5.63 142,034 5.67 25,892
Vein 6 0 0 71,711 7.71 71,711 7.71 17,768
Total 74,341 5.85 391,811 6.80 466,151 6.65 99,594
In addition, inferred resources totalled 360,900 tonnes with a grade of 5.78 grams per tonne gold.
INFERRED MINERAL RESOURCES WITHIN MINING CONCESSION 363
Category Inferred
Gold
Zone Tonnes Grade Thickness ounces
(metric) (g/t) (m)
Elder
Vein 1 102,600 5.32 2.08 17,544
Vein 2 70,191 6.24 1.93 14,079
Vein 3 64,258 6.17 2.18 12,749
Vein 4 81,628 5.04 1.93 13,218
Vein 6 42,227 6.97 1.81 9,460
Total 360,904 5.78 2.00 67,050
The technical parameters used were:
- Density -- 2.70 tonnes per cubic metre;
- Minimum thickness -- 1.8 metres;
-
Lower cutting grade -- 3.45 grams per tonne gold;
- Higher cutting grade -- 31.1 grams per tonne gold.
Resources located within mining lease 1045
As of March 22, 2017, measures and indicated resources located within mining lease 1045 were as shown in the attached table.
MEASURED AND INDICATED RESOURCES WITHIN MINING LEASE 1045
Category Measured Indicated
Zone Tonnes Grade Thickness Tonnes Grade Thickness
(metric) (g/t Au) (m) (metric) (g/t Au) (m)
Elder
Vein 1 230,217 7.66 5.18 51,030 5.01 2.13
CDR - - - 4,172 16.49 2.5
Total 230,217 7.66 5.18 55,202 4.63 1.97
Category Measured and indicated
Zone Tonnes Grade Thickness Gold
(metric) (g/t Au) (m) ounces
Elder
Vein 1 281,247 7.18 4.63 64,916
CDR 4,172 16.49 2.5 2,213
Total 285,419 7.07 4.56 67,129
In addition, inferred resources totalled 94,088 tonnes with a grade of 5.15 grams per tonne gold.
INFERRED MINERAL RESOURCES IN MINING LEASE 1045
Category Inferred
Gold
Zone Tonnes Grade Thickness ounces
(metric) (g/t) (m)
Elder
Vein 1 43,840 5.14 2.49 7,246
CDR 50,248 5.15 1.83 8,328
Total 94,088 5.15 2.14 15,574
The technical parameters used for the calculation of these resources were the same as those used for the calculation of resources in the mining concession.
Tagami resources located immediately to the north of the Elder mine near surface
In his 43-101 report of 2012, Mr. Berube estimated the Tagami resources. As there has not been any additional drilling since that time, these calculations are considered valid now.
INDICATED MINERAL RESOURCES AT TAGAMI PROJECT (BERUBE, 2012)
Category Measured Indicated Measured and indicated
Zone Tonnes Grade Tonnes Grade Tonnes Grade Gold
(metric) (g/t) (metric) (g/t) (metric) (g/t) ounces
Tagami 0 0 173,200 6.54 173,200 6.54 36,400
The parameters used for the calculation of these resources were the same as those for Elder, except that the minimum thickness was 1.5 metres instead of 1.8 metres.
Total resources of the Elder mine and the Tagami property
The measured and indicated resources of the Elder mine and the Tagami property are shown in the attached table. These resources are estimated at 924,700 tonnes with a grade of 6.8 grams per tonne gold for a total of 200,000 ounces.
MEASURED AND INDICATED MINERAL RESOURCES
FOR THE ELDER AND TAGAMI PROPERTIES
Category Measured Indicated
Zone Tonnes Grade Ounces Tonnes Grade Ounces
CM 363 (1) 74,300 5.85 14,000 391,800 6.8 85,650
BM 1045 230,200 7.66 56,700 55,200 4.63 8,200
Tagami project 0 0,00 0 173,200 6.54 36,400
Total 304,500 7.22 70,700 620,200 6.53 130,250
(1) From July 1, 2017, to March 31, 2018, Elder produced 82,450 tonnes
with a grade of 4.41 grams per tonne gold.
The inferred resources at Elder and Tagami are shown in the attached table. These resources are estimated at 630,400 tonnes with a grade of 5.7 grams per tonne gold for a total of 114,800 ounces.
INFERRED MINERAL RESOURCES FOR
THE ELDER AND TAGAMI PROPERTIES
Category Inferred
Zone Tonnes Grade Ounces
CM 363 360,900 5.78 67,100
BM 1045 94,100 5.15 15,600
Tagami project 175,400 5.69 32,100
Total 630,400 5.66 114,800
Quality control and assurance
In its operations, Abcourt applies a procedure for the three methods of sampling used -- drill core (series D), chips (series F) and broken muck (series M) -- to reconcile grade with the ounces produced at the Sleeping Giant mill. The lab is directed by a chief analyst with adequate experience in this domain. This lab maintains an internal quality control program. Assay results of blanks, duplicates and standards appear regularly (three per 24 samples) on assay reports.
Check assays done for 15 chip samples (F) and 10 muck samples (M) done by an accredited laboratory (ALS Chemex) indicate that the assay results from both laboratories have a very good co-efficient of correlation (R2 equal to 0.975) even after including an odd value for sample M18465.
Marc Filion's resignation
It is with regrets that we announce the resignation of Mr. Filion as of March 2, 2018. Mr. Filion was a director and chief of finance for the company. The company wishes to thank him for all the services rendered to the company.
About Abcourt Mines Inc.
Abcourt Mines is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2012) and a positive preliminary economic assessment study. Abcourt is focusing on the exploitation of the Elder mine.
This press release was prepared by Renaud Hinse, engineer, president of Abcourt Mines, and Jean-Pierre Berube, independent engineer. Mr. Hinse and Mr. Berube are qualified persons under the terms of Regulation 43-101.
We seek Safe Harbor.
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