Abcourt's Directors have Approved Two-Million (2) Dollars Exploration Program at Depth at the Elder Mine

2019-08-22 / @thenewswire

(TheNewswire)

Rouyn-Noranda, Quebec, Canada – TheNewswire - August 22, 2019 - Abcourt Mines Inc. (TSXV:ABI) (Berlin:AML-BE) and Frankfurt Stock Exchanges:AML-FF) (“Abcourt” or the “Mines Abcourt Inc.) is pleased to announce that Abcourt’s directors have approved a 2M$ exploration project at depth at the Elder mine. The main objective is to open level 16 and to explore the junction of various veins with the Silidor and Smoky Creek faults as shown on the Quebec Geoscientific compilation map 32 D/3 – 403 and 404, four mines were exploited in these faults, as follows:

In the Silidor fault, a mine with the same name produced 3M tonnes with a grade of 5.0 g/t of gold.

In the Smoky Creek fault, three orebodies were exploited, as follows:

New Senator mine, 1.7 M tonnes at 4.7 g/t of gold;

Eldrich mine, 1.0 M tonnes at 5.3 g/t of gold;

Stadacona mine, 2.8 M tonnes at 5.25 g/t of gold.

These two faults are promising exploration targets where new veins may be found in any direction. To start, some drilling will be done in vein 7 from drifts on levels 5 an 6.

Click Image To View Full Size

About Abcourt Mines Inc.

Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018) and a positive P.E.A. study (2012). Abcourt is focusing on the exploitation of the Elder mine.

The Abcourt-Barvue property has silver-zinc reserves (2014). A feasibility study was completed in 2007 by Roche / Genivar. A 43-101 update was completed in January 2019. A total of 8.07 M tonnes of proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% of zinc are available to be mined. The portion mineable by open pit is 81.6% and the portion mineable underground is 18.4%. Inferred resources are 2.07 M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.

In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity of 700 to 750 tonnes per day. A NI 43-101 resource estimate was filed in May 2019. A positive 43-101 feasibility study was completed recently by PRB Mining Services Inc. The mineral reserves are 10,900 tonnes in the proven category with a grade of 12.20 g/t of gold and 475,625 tonnes in the probable category with a grade of 11.85 g/t of gold. The inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold.

To know more about Abcourt Mines Inc. (TSXV:ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.

This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Persons” under the terms of Regulation 43‑101. Mr. Hinse has approved the scientific and technical disclosure.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt’ annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.

For more information, please contact:

----------------------------------------------------------------------- |Renaud Hinse, President and CEO|Dany Cenac Robert, Investor Relations| |T : 819 768-2857 |Reseau ProMarket Inc., | |F : 819 768-5475 |T:(514) 722-2276 x456 | |Email:rhinse@abcourt.com |Dany.Cenac-Robert@ReseauProMarket.com| -----------------------------------------------------------------------

Neither 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.