Abcourt confirms a second gold mineralized zone East of the Flordin deposit toward the Cartwright sector in the Lebel-sur-Qu?villon area

 

ROUYN-NORANDA, Quebec, May 09, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. ("Abcourt" or the "Company") (TSX Venture : ABI) is pleased to confirm a second gold mineralized zone East of the Flordin deposit toward the Cartwright deposit 100% owned by Abcourt.

Highlights

•	A petrographic study confirms the presence of gold grains in the pyrite. These gold grains would be associated with the second phase of pyrite crystallization.
•	Compilation work has shown that the gold is not only contained in quartz veins and veinlets but also in sheared and altered zones, which are mineralized in disseminated pyrite.
•	The historical hole S-158 published in 1988 by Cambior Inc. intersected 3 g/t gold over 16 m in an altered, pyrite-mineralized zone without quartz veins (south zone).
•	The compilation work allows us to assume that the southern zone continues beyond the Flordin deposit and is continuous to the Cartwright deposit on the Flordin property.

Abcourt will soon be undertaking field work on its Flordin, Cartwright and Discovery properties in the Lebel-sur-Quévillon area. Applications for Attestation de Travaux à Impacts (ATI) were submitted in mid-April to the Ministry of Natural Resources and Forests for the projects. These new authorizations are required to carry out drilling and mechanical stripping work. Pending the necessary permits, the Company will undertake a mapping and prospecting campaign that will initially target the Flordin and Cartwright gold deposits. During this field campaign, prospecting and mapping will focus on hematite-carbonate altered zones in sheared basalts and pyrite mineralized, and not only on quartz veins and veinlets.

Pascal Hamelin, President and CEO comments: "Recent compilation work shows that our drill results announced in 2023 are not isolated. These are possibly the expression of the continuity of the southern area of the Flordin deposit which connects to the Cartwright deposit, located on the Flordin property. Fieldwork in 2024 will focus on finding zones of pyrite mineralized alteration and not just looking for quartz veins. This work will allow us to better target the next areas that will be followed up by drilling, with the aim of increasing the number of ounces of gold available on our Lebel-sur-Quévillon properties."

Technical Details

The drilling work carried out in 2023 as well as the new petrographic study, carried out on various mineralized intersections (20 thin-polished sections, examined by Lucie Mathieu, Ph.D., P.Geo. of Consultation GEOX inc.) confirm that gold mineralization is not only associated with the presence of quartz veins and veinlets. Indeed, the best gold intersections obtained during the recent drilling campaign indicate that gold is included in disseminated pyrite zones located in sheared and altered basalt.

Compilation work carried out in recent months has highlighted a style of gold mineralization associated with sheared, altered and disseminated pyrite mineralized zones. This style of mineralization may have been underestimated and underexplored in the past. Already in 1936, Bartlett J. mentioned the Cartwright deposit: "It is possible that a good part of the work was misdirected in view of the particular distribution of gold." According to observations at the time, "gold would be exclusively concentrated in a silicified and carbonated rock of pale brown to beige color often reddish, containing up to 5% fine pyrite. Generally, this type of rock occupied the wall walls of a sterile quartz vein. However, sampling seems to have been mainly concentrated on quartz veins."  With the more recent work carried out in 1981-82 by the Sullivan Mining Group, J. Gauthier, P.Eng. mentions that: "The Cartwright zone is an interesting gold potential. During the work from 1935 to 1941, it seems that the importance of the altered and mineralized zones without quartz veins was not understood. As a result, several altered and mineralized footwall were not sampled."  In addition, Dalhousie Oil Corp. drill holes in 1978 showed that there were economic gold zones without quartz veins. This type of mineralization has also been recognized on the main Flordin deposit.

The drill holes drilled in 1988 by Cambior, B. Perrier, P.Geo. state: "Gold mineralization is generally associated with quartz veins or veinlets. These veins are usually stretched, swollen and locally brecciated, but they are not always ubiquitous. Several typical bands without quartz injections contain gold, especially in the southern zone (S-158)."  Hole S-158 is located at the eastern end of the Flordin deposit and intersected from 362.5 to 378.5 meters a lithology described as consisting of "magnetic mafic bands, strongly altered and mineralized, brecciated, carbonatized, hematized and mineralized in fine disseminated pyrite." The mineralized intersection of hole S-158 returned more than 3 g/t gold over 16 meters. The compilation work has allowed us to confirm that the Company's recent drill holes completed in 2023 have intersected this style of mineralization. Indeed, the geological similarities observed in drilling, combined with historical data, confirm the possible continuity of the southern zone in the area of recent drilling. The southern zone could be connected to the Cartwright deposit. It should be noted that the 2011 work carried out by North American Palladium confirms this hypothesis. The following note is from the report by T. Birkett, P.Eng.: "Drilling between the Flordin deposit and the Cartwright zone to investigate the continuity of the mineralized zones between these two areas has returned good grades and shows numerous intersections above 1 g/t gold as well as several values above 5 g/t gold. These results establish continuity between the mineralized zones of the Flordin deposit and those of Cartwright." Verification of the description of the 2011 drill holes confirms that the gold values are contained in pyritic bands associated with reddish-brown sheared and weathered rocks. It is this type of gold mineralization that also characterizes the southern zone of the Flordin deposit and those intersected by the 2023 drilling.

In 1987, Sullivan Mining Group extracted more than 5,174 tonnes of ore from Zone B of the Flordin deposit from an underground access ramp. The mineralized material was sent to a processing plant in the area. The ore recovery rate for the time was 91.7% with a final grade of 2.51 g/t gold. This demonstrates that the ore from the Flordin deposit is economically recoverable and non-refractory at the mill.

Figure 1 : General Location Map

Figure 2: Location of the works, Flordin property

It should also be noted that the petrographic work carried out by GEOX Consulting Inc. confirms that the gold mineralization is contained in a sheared basalt and that the gold grains are located exclusively in the outer part of the pyrites (second sulphidization phase). It is possible that some of the magnetite was sulphurized, causing the gold to precipitate. Pyrite is the result of at least two episodes of sulfurization: 1) development, first, of the core rich in silicate inclusions of pyrite; followed by 2) crystallization of the inclusion-poor outer part of pyrite, which contains the gold grains. All of the gold grains observed in thin sections are located in the outer part, which is poor in magnetite and silicate inclusions of pyrites. The size of the gold grains observed varies from 10 to 100 microns. Note that microprobe analyses will soon be carried out in collaboration with Consultation GEOX to characterize the association of gold and pyrite with other metals.

Figure 3. Pyrite grain observed in reflected light (petrographic microscope).
Note the inclusion-rich core (silicates and magnetite) of pyrite and its poor outer part
in inclusions and containing a grain of gold.

Figure 4. Several grains of gold in the outer part, poor in inclusions, of pyrite.

Qualified Persons

Mr. Robert Gagnon, P.Geo. Vice President, Exploration of the Company, has reviewed and approved the technical information contained in this press release.

About Abcourt Mines Inc.

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

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 CEO	Reseau ProMarket Inc.,
T: (819) 768-2857	T: (514) 722-2276, ext. 456
E: phamelin@abcourt.com	E: 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, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/d81c1ab8-4629-4e58-a98a-22ebb1e20633

https://www.globenewswire.com/NewsRoom/AttachmentNg/6bc5ec75-674b-4a0f-8074-635a4824a066

https://www.globenewswire.com/NewsRoom/AttachmentNg/618c15e8-0eb8-44fd-80a1-5b7548104a40

https://www.globenewswire.com/NewsRoom/AttachmentNg/b6c8f74a-3d96-426f-940b-f156028821a3