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Abcourt Mines Inc
Symbol C : ABI
Shares Issued 299,534,170
Close 2019-03-20 C$ 0.06
Recent Sedar Documents

Abcourt Mines drills two m of 38.2 g/t Au at Discovery

2019-03-20 16:29 ET - News Release

Mr. Renaud Hinse reports

RESULTS OBTAINED IN THE EXPLORATION HOLES DRILLED IN THE FALL OF 2018 ON THE DISCOVERY, FLORDIN, ALDERMAC AND ABCOURT-BARVUE PROPERTIES

Abcourt Mines Inc. has released the results of a surface drilling program completed in the fall of 2018. Twenty-one holes totalling 4,835 metres were drilled on different properties. Several good values were obtained.

Discovery project

The property covers the Cameron deformation corridor in the western extension of the Flordin property (held 100 per cent by Abcourt) and the Cameron Shear property (held 50 per cent by Jien Canada Mining Ltd. and 50 per cent by Abcourt Mines as Mines Aurbec Inc. had earned 50 per cent in this property before going bankrupt). Abcourt purchased all the assets of Mines Aurbec, including its interest in the Cameron Shear property.

The objective of the 2018 drilling program was to outline extensions to some of the best gold intersections obtained in the NAP Quebec Inc. drilling campaigns of 2010 and 2011. Twelve NQ holes, for a total of 2,757 metres, were drilled between Section 400W and Section 1470E, covering zones B and 30.

The Discovery property is located 35 kilometres to the northwest of the Lebel-sur-Quevillon municipality in Quebec, Canada. It is located on the SNRC 32F/06 map and straddles border between the Desjardins and Bruneau townships. The property is located on the Lac Simon Algonquin land of category III. It is owned 100 per cent by Abcourt. It consists of 83 mining titles (CDC) totalling 4,165.7 hectares.

Several drilling programs were done and mineral resources were calculated in the past, but as several additional holes were drilled after the calculation of resources, Abcourt does not believe that these resources are suitable for disclosure.

The attached table shows the best results obtained in the 2018 drilling campaign. The length of the intersections in the core does not represent the true width of the zone. The true width of veins is about half the core length. These intersections are not all connected with zone B. Some may be in parallel zones.

 
 
Hole No.     From        To     Length      Au         Targeted
               (m)       (m)        (m)   (g/t)            zone

D18-215    121.10    122.10       1.00    2.06      30 -- 600 E
D18-217    151.30    152.30       1.00    2.10    30 -- 1,200 E
D18-218     75.65     78.45       2.80    4.37    30 -- 1,200 E
D18-223    399.15    401.00       1.85    5.29        B -- 30 E
D18-223    414.10    416.25       2.15    5.90        B -- 30 E
D18-224    162.40    165.85       3.45    6.35        B -- 30 E
D18-224    200.00    202.00       2.00   38.20        B -- 30 E
D18-224    200.00    201.00       1.00   76.00        B -- 30 E

The gold mineralization on the Discovery property is found in veins. It is made up of 1 per cent to 5 per cent pyrrhotite and pyrite associated with quartz-ankerite. Walls are sometimes albitized and silicified. The sulphides are disseminated or injected in irregular or tension fractures.

Flordin project

The Flordin property consists of 25 mining titles in the Desjardins and Franquet townships located about 40 kilometres to the north of the Lebel-sur-Quevillon municipality. There is no royalty to pay. The property was acquired from Deloitte Restructuring Inc. on Feb. 23, 2016. Six holes were drilled for a total of 977 metres.

The property covers the Cameron deformation corridor over almost four kilometres in the eastern extension of the Discovery property (held 100 per cent by Abcourt) and the Cameron Shear property (held 50 per cent by Jien Canada Mining and 50 per cent by Abcourt Mines). The approximate UTM co-ordinates of the main showing are 358,740 E and 463,840 N (zone 18). The property is located in the Lac Simon Algonquin category III territory.

Mineralization extends over a distance of three kilometres. In the past, several holes were drilled and resources calculation was done by InnovExplo in 2011, but Abcourt does not consider these calculations as current and does not believe they are suitable for publication.

In 1987 and 1988, a ramp was excavated in zone B and two bulk samples were taken. The bulk sample mineralization was treated at the Bachelor mill and the following results were obtained:

  • 5,174 tonnes at 2.51 grams per tonne gold in 1987 (Sullivan/Bachelor);
  • 4,053 tonnes at 4.25 grams per tonne gold in 1988 (Cambior/Bachelor).

The objective of the 2018 drilling campaign was to outline at depth some of the best gold intersections obtained previously in the 2010 and 2011 drilling by NAP Quebec.

The best results are as shown in the attached table.

Hole No.      From       To     Length       Au 
                (m)      (m)        (m)    (g/t)

FL18-253    123.00   126.15       3.15     1.95
FL18-254     38.25    40.35       2.10     6.49
FL18-254     47.70    51.20       3.50    22.63
FL18-255     81.00    82.00       1.00     2.94

Hole FL18-254 was aimed at finding an extension along dip of a gold value of 103.7 grams per tonne over 1.0 metre in hole FL11-251. The latter is located between the Flordin zone and the Cartwright showing where NAP Quebec drilled short holes on several sections 50 metres apart. True width is about 70 per cent of core length.

The FL18-254 hole intersected two gold zones. The first one, from 38.25 metres to 40.35 metres, is located in the bottom part of a sheared basalt associated with a silicified and hematized zone that may contain up to 3 per cent pyrite. The second zone, from 47.7 metres to 51.2 metres, is also located in the sheared basalt with ankerite-hematite alteration and 8 per cent of disseminated fine pyrite. This sector is the most promising of the 2018 drilling by Abcourt.

The high grades found in hole FL18-254 (6.49 grams per tonne gold over 2.1 metres and 22.63 grams per tonne gold over 3.50 metres) confirm the excellent results from hole FL11-251 (7.98 grams per tonne gold over 2.10 metres and 103.10 grams per tonne gold over 1.0 metre) drilled in 2011. Even if these values are not connected, this sector indicates a good potential for several reasons:

  • Results in hole FL18-254 are the most encouraging found since 2011 on the Flordin property.
  • The pyrite mineralization is found in a strongly altered zone with ankerite and hematite.
  • The gold enrichment zone is not associated with quartz-carbonate veinlets in the basalt shear zone; the latter is sometimes magnetic.
  • The structure is open laterally and at depth.

Quality assurance/quality control

To have more representative statistics, the quality assurance/quality control assays done for the Discovery and Flordin projects were combined. These properties are in the same deformation corridor with the same geological units. It is therefore probable that the gold mineralization is contemporary for both projects. The Agat laboratory in Mississauga is ISO 17025 accredited by the Canadian Council of Standards and is independent of Abcourt Mines.

Out of the 491 samples assayed for the 2018 drilling program, 44 of them were blanks, standards or duplicates, representing 10 per cent of assays done for quality assurance/quality control.

Abcourt-Barvue property

The Quebec Mining Law requires a minimum of exploration work to be done on the mining concessions every year to keep them.

One 360-metre hole was drilled on the Abcourt-Barvue mining concession to comply. The best intersection, from 251.0 metres to 259.5 metres (for 8.55 metres), returned 28.55 grams per tonne silver and 1.29 per cent zinc. The true width is 7.25 metres. The assays were done at the Agat laboratory in Toronto. Assays done on standard samples used by the Agat laboratory have not shown any significant discrepancy.

Aldermac property

Two holes, for a total of 792 metres, were drilled on the Aldermac property. This property covers 303 hectares.

The first hole cut a new copper zone, returning 0.22 gram per tonne gold, 28.41 grams per tonne silver and 2.06 per cent copper over 6.4 metres. The true width of the zone is probably equal to the length of the intersection. Additional drilling in this area is justified.

The second hole was drilled to check a magnetic anomaly. There was no significant value in the core.

Assays were done by the Agat laboratory in Toronto. Assays on standard samples by the Agat laboratory did not show any significant differences.

Strategy and outlook

Currently, the company is focusing on stabilizing and increasing the Elder production. The company's objective is to produce 12,500 tonnes of gold mineralization per month.

To reduce the operating cost per tonne treated, the company wishes to use the full capacity of the Sleeping Giant mill by treating custom ore.

For the long term, in the gold sector, the company has started a drilling program on the Discovery and Flordin gold properties where substantial gold mineralization is found.

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 updated gold resources (2018) and an updated preliminary economic assessment study (2018). Abcourt is focusing on the exploitation of the Elder mine.

This press release was prepared by Renaud Hinse, engineer and president of Abcourt Mines. Mr. Hinse is a qualified person under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.

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