ROUYN-NORANDA, Quebec, Nov. 02, 2023 (GLOBE NEWSWIRE) -- 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-Quévillon 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.
Pascal Hamelin, President, and CEO Comments: This new drilling campaign on our Flordin property confirms our future development vision, which is to concentrate exploration efforts within a 100 km radius of our Sleeping Giant Mill. With the current rise in the price of gold to nearly US$2,000 per ounce, we are the only junior company currently able to capitalize and deliver ounces of gold quickly. As such, it is imperative to make the most of our many potential gold projects that can secure the Company's future ounces of gold.
Qualified Persons
Mr. Pascal Hamelin, P.Eng., President and Chief Executive Officer of the Company, has reviewed and approved the technical information contained in this press release.
Figure 1 – Flordin property
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.
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, which 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.
