Abacus Outlines New Gold Targets at Jersey Valley

VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to provide an update regarding ongoing work undertaken on its Jersey Valley gold property, within the Battle Mountain trend of northern Nevada.

The Company has been delayed in implementing a previously planned field program due to closures, travel restrictions and other effects of the COVID 19 pandemic. In its place, the Company has taken the time to locate and acquire the raw magnetic and IP geophysics done over Jersey Valley by a previous operator. This data has now been fully reprocessed by JL Wright Geophysics, and it shows the presence of compelling untested drill targets.

Jersey Valley is underlain by an uplifted range of sediments and intrusives to the east and an extensive basin covered by gravels to the west, separated by a prominent, brecciated range front fault. A distinctive sinter associated with hot springs activity is exposed out in the valley gravels. The previous operator completed a large-scale ground magnetic survey in the early 2000’s which extended well beyond the current property. They then initiated a limited four-line IP survey over the gravels in the valley.

The reprocessed IP data very clearly shows two targets marked by moderate to high chargeability and low resistivity. The first is a shallow, relatively flat resistivity low that appears to plunge moderately to the southwest, and it is present on all four IP lines. The second target is smaller and deeper but is also present on all lines.

The first IP anomaly underlies a gold-in-soil anomaly defined by a previous operator. Two historic diamond drill holes appear to have just grazed this anomaly but were not optimally oriented. Both contain >1% pyrite with occasional realgar and stibnite throughout the holes. Numerous anomalous gold and silver intercepts are associated with typical gold pathfinder minerals, in particular elevated levels of arsenic, antimony and mercury.

The best results from drill hole 06JC014C were 1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold over 13.4 m near the end. Drill hole 06JC015C assayed 0.18 g/t gold and 3.6 g/t silver over 6.09 m part way through the hole and then 1.58 g/t gold over 1.52 m near the end of the hole. All intercepts are down hole lengths as insufficient drilling was done to determine true widths.