RE:RE:MiningIR speaks with Pascal Hamelin with Abcourt MinesIt appears that Abcourt Mines will ramp up production very gradually according to the words of Pascal Hamelin, Abcourt's CEO.
The company has spent the necessary funds to get the mill operating and still has $3.5 million in reserve for any immediate expendure needs.
Drilling will be an ongoing cost going forward. It will continue well into the coming year to bring the inferred resources into a better measured defined quantity.
The two new miners about to be put to work will have their hands full!
Two miners may not seem to be able to accomplish much. But with a limited initial accessable resource, more at this time aren't really necessary.
However, their success in mining in this very limited capacity, will lead to the hiring of another pair. Apparently, miners need to work in at teams of at least two!
And utiilizing only two miners initially is a very cost effective way to commence the underground mining operations at the Sleeping Giant mine.
It may take some time to break out the new muck available in the newly opened stopes and bring it up top. But there is already a significant amount of mineralized rock sitting on the surface as feedstock for the mill.
The first gold pour is about to start in a very short while. So a significant amount of cash is about to flow into Abcourt's bank account.
The first dollars would not be subject to any NSR since the initial 5000 tonnes of ore will come from the Pershimex bulk sample. A small remnant mineralization from the Elder mine will be utilized to clean out the grinding circuit to differentiate the Pershimex ore from the new feed coming from the SG mine. "...Abcourt begins the processing with the bulk sampling of 5,000 tonnes of material from the Pershing-Manitou deposit. This sample was extracted from the mineral resources of the Pershing-Manitou deposit. During the processing campaign for the 5,000 tonnes of Pershing-Manitou, an independent firm specialized in metallurgy will supervise the milling campaign and reconcile the milled grades with the grades of the extracted mineral resources. Abcourt plans to process between 600 and 800 tonnes per week initially, and gradually increase the weekly tonnage. Subsequently, Abcourt will process 400 tonnes of ore remaining in the surface silo of the Elder mine in order to clean and evacuate the potentially high-grade material from the Pershing-Manitou deposit out of the grinding circuit.
Finally, Abcourt will begin processing material coming directly from the Sleeping Giant mine after processing the 400 tonnes from the Elder mine. During the coming months, Abcourt's objective is to carry out definition and exploration drilling to prepare an updated mineral resources estimate, and subsequently, complete an economic pre-feasibility study (PFS). While we advance preparations for the PFS, Abcourt will feed the mill with mineralized material from the 4 upper levels of the underground mine..."
[url=https://https://stockhouse.com/news/press-releases/2023/11/22/abcourt-processes-the-first-tonnes-of-mineralized-material-in-its-mill-at-the][/url]
Pascal Hamelin is running the company in a very conservative and cautious mannner. And so he should! But at least now, we know that insolvency is no longer an issue!
And the only unknowns or risks facing the company at the present time is the apparent quantity of measured resources that the company still hopes to find! The more the better! Is that a risk at all?
In this regard, Abcourt shareholders are open to any potential huge surprises. But we don't need them to achieve a small scale commercial success! It has already been factored into the equation.
A better measured resource will help to determine just how fast the company will grow!
There is also some expectation that the latest drilling at the Flordin deposit, many km to the east of the Sleeping Giant mine, will uncover a higher grade resource. That would make that deposit more appealing to the company as a secondary feedstock for the Sleeping Giant mill.
"...Mines Abcourt Inc. (‘‘Abcourt” or the “company”) (TSX Venture : ABI) is pleased to announce that a new drilling program is starting on its Flordin property (100% ABI) in the Lebel-sur-Quvillon area. The drill is already in action to carry out a minimum campaign of 1,300 metres. The objective of this campaign is to validate the lateral and depth continuity of a gold-bearing shear zone in the eastern sector of the property that has historically returned 6.49 g/tgold over 2.1 m and 22.63 g/t gold over 3.5 m (hole FL-18-254).
Following the compilation of data and re-verification of existing drill core, Abcourt's team confirmed that the mineralized zone is not associated with quartz-carbonate veins but rather with a shear zone in a basalt strongly altered in ankerite and hematite. The mineralization consists of fine disseminated cubic pyrite. In addition, Abcourt's team hypothesizes that the two high-grade gold zones are likely connected and form a single mineralized zone of multi-metre-thick high-grade gold. It should also be noted that the gold shear was intersected within 40 meters of surface.
This drilling campaign will develop new gold potential that has been undervalued in the past. It should also be noted that the latest Mineral Resource Estimate (MRE) completed in 2023 by Innovexplo is available on SEDAR+ for consultation. It reports a NI 43-101 compliant resource of 1,530,000 tonnes of measured and indicated grade at a grade of 2.15 g/t gold for a total of 107,000 ounces of gold. This new drilling campaign will potentially increase the resources of the main deposit as the newly exposed shear zone is located in a less densely drilled area of the property..."
[url=https://https://stockhouse.com/news/press-releases/2023/11/02/abcourt-begins-drilling-on-its-flordin-property-in-the-lebel-sur-qu-xe9-villon][/url]
There is reason for good optimism in the Abcourt shareholder camp. Our time of waiting is nearly over!
2024 will be a most shining year!
All the best! Java