Profitable and producing. Two words that are music to any junior mining investor. In too many real life early-stage mining stories, the company simply can’t generate enough revenue – either publicly or privately – to sustain the costs drilling and exploration. Mineral exploration, especially diamond drilling, is expensive and time-consuming business. Thus, underfunded or ill-managed exploration companies are almost always doomed to failure.
That’s where lean, mean, and experienced mining operators like
Abcourt Mines Inc.(ABI) (
TSX-V.ABI,
OTCMKTS: ABMBF,
Forum) come into play. Founded in 1971, ABI is an established junior mining company with excellent operating potential for gold, silver, and zinc in the historically prolific, safe, and mining-friendly Abitibi, Quebec region.
Currently, the Company is focussed on gold exploration and production. At the Elder Mine,
Abcourt says its objective is to increase production to 12,500 tonnes per month of gold mineralization.
Among the Company’s many assets – all located in Abitibi – are:
- an operating gold mine advantageously located in the mining community of Rouyn-Noranda
- a processing plant with a capacity of 750 tonnes per day
- an advanced project for zinc and silver mining
- plus, a large portfolio of exploration properties.
A second gold mine at their
Sleeping Giant Property will be commencing production in Q4 2020. Needless to say, Abcourt Mines is a busy mining operation and is just nearing scale.
In 2016, Abcourt acquired the Sleeping Giant mine and mill – located approximately half-way between Amos and Matagami, in Abitibi, Quebec – in the territory covered by the Plan Nord of the Quebec government.
Sleeping Giant mine and mill, Abitibi, Quebec. Image courtesy Abcourt Mines Inc.
In August 2019, an NI 43-101 resource estimate and feasibility study with reserves were recently completed by PRB Mining Services Inc. Proven mineral resources total 10,900 tonnes with a high grade of 12.20 g/t of gold and probable reserves total 475,625 tonnes with a high grade of 11.85 g/t of gold. Inferred resources are in 93,100 tonnes, also with a high grade of 11.85 g/t of gold.
The Abcourt-Barvue property has silver-zinc reserves (2019). A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07 million tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operations. Inferred resources total 2.07 million tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
The Elder Mine and Tagami Property
Conveniently located 10 kilometres northwest of the mining community of Rouyn-Noranda, the Elder Mine and Tagami Property is and is 100% owned by Abcourt. The cash producing property comprises 36 contiguous claims, a mining concession, and two mining leases. There are royalties of 2% to 3% NSR payable on different parts of the property.
Elder Mine and Tagami Property. The surface plant includes an office, a service building, a hoist room and a shaft building. The mine is serviced to a depth of 794 meters (2,606 feet) by two shafts and several drifts on 16 levels. All mining equipment and required facilities are in place. Image courtesy Abcourt Mines Inc.
(Image courtesy Abcourt Mines Inc. Click to enlarge)
In the News
As previously mentioned,
on August 27th, Abcourt Mines announced that the preparation work for the opening of the Sleeping Giant Mine is progressing as planned and that the objective of producing some ore at the Sleeping Giant mine, at the end of September or the beginning of October is attainable. To date, more than $5 million has been invested in this project and the Company was able to do that with the Elder mine cash flow. The Company says it is “very proud to have realized this project without contracting any debt.”
The Company also recently posted “good results” for the
Q4 and the 12-month period ending on June 30, 2020. And as indicated in the stock chart below, share value has more than doubled since mid-June.
Metals & mining investors, both retail and institutional, know a good thing when they see it and with gold hovering in the USD$2000 p/oz range at press time, Abcourt Mines is clearly offering up real value and opportunity in a red hot gold market.
(Click image to link to chart)
For more information regarding Abcourt Mines Inc., please visit the company online at
abcourt.com.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.