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Abcourt Mines Inc
Symbol C : ABI
Shares Issued 288,703,070
Close 2018-04-24 C$ 0.055
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Abcourt issues Elder, Tagami NI 43-101 resource update

2018-04-25 10:18 ET - News Release

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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