Abcourt Starts the Underground Drilling at the Sleeping Giant Mine

ROUYN-NORANDA, Québec, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce that diamond drilling has begun on level 295 of the Sleeping Giant mine.

The main objective of the current drilling is to maximize the definition of the DAC 5 stope, located between levels 235 and 295, approximately one hundred meters from shaft 2. This initiative aims to strengthen mine development planning and to prepare the ground for the start of production in a few weeks on these levels.

The key points of the drilling objectives are as follows:

• Optimization of the definition of the DAC 5 site: Concentrated between levels 235 and 295, this step is crucial for refining the details of the stope, ensuring precise planning of its development.
• Test of the western extension of the DAC 5 site: Exploring this direction will support the advancement of the sub-levels towards the west, opening new perspectives for the expansion of the mine site.
• Top to Top Sub-Level 2 Test: By assessing this section, Abcourt aims to effectively plan vertical development to a third sub-level.

These drilling initiatives will play a vital role in mine planning, preparing the DAC 5 stope as one of the first stopes to be operational during the phased start of gold mining.

Figure 1: Definition Drilling Campaign, Dac 5 Stope

The Sleeping Giant Mill is currently processing 5,000 tonnes of bulk sampling from the Pershing-Manitou deposit. The mill's inventory is currently almost 50%. Gold pours will begin when the mill has reached 100% inventory. This level should be reached in the first half of January.

Pascal Hamelin, President and CEO declares: “We were all very eager to begin the underground drilling work. This represents another step towards the execution of the pre-feasibility study planned towards the end of 2024. As we end 2023, we wish everyone a Happy Holiday Season, and would like to thank all our employees and partners who support us in becoming the next gold producer in Quebec. We anticipate the year 2024 with enthusiasm and energy.”

QUALIFIED PERSONS

Mr. Pascal Hamelin, ing, President and Chief Executive Officer of Abcourt, has verified and approved the technical information contained in this press release.

ABOUT ABCOURT MINES INC.

Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant mill and mine where it concentrates its activities. The Sleeping Giant mine has a mining lease, as well as environmental certificates of authorization to extract up to 750 tonnes per day from its underground mine.

For further information, please visit our website at www.abcourt.ca and consult our filings under Abcourt's profile on www.sedarplus.ca, or contact:

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Such forward-looking information includes, but is not limited to, statements concerning the timing, review, completion and filing of the Required Documents as well as the duration of the MCTO. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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 news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff137cb9-f219-4920-b9c5-c6c501e40e3f

Figure 1

Definition Drilling Campaign, Dac 5 Stope