Abacus Announces Jersey Valley IP Results

VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce final results from a program of ground IP geophysics at Jersey Valley, within the Battle Mountain trend of north-central Nevada. The program was successful in extending known IP targets that based on past drilling are demonstratively gold and silver bearing.

A total of 44 anomalous IP target areas were defined by the survey, grouped into five separate ENE trending zones, four of which are open in at least one direction. All targets were ranked as first, second and third priority, based on a combination of strength, size, depth and geophysical signature.

The survey was designed to detect low to moderately conductive and moderately chargeable zones that might indicate disseminated sulphides around an intrusive stock or along a fault zone. Three zones have signatures characteristic of epithermal precious metal mineralization and two others have signatures associated with gold skarns. The property lies within an active hydrothermal environment, with an operating geothermal power plant on the claim group.

The high-resolution Time Domain Induced Polarization survey totaled 14 line-kilometres and was designed to bracket four historic lines of IP done by a previous operator in 2005. The historic survey was laid out to target a depth of approximately 200 metres, while the new survey was designed to penetrated depths of over 400 metres. Results of both surveys are currently being merged.

JV-1 and JV-2 are the two main IP target zones, and both extend the anomalies 500 metres from the historic IP survey. They lie on either side of a fault thought to be the conduit for mineralizing fluids feeding epithermal mineralization. JV-1 can be traced for at least 700 m and JV-2 for at least 900 m. A new map showing these zones will be posted on the Company website.

Three historic diamond drill holes appear to have just grazed JV-1 and JV-2, but past drilling was neither extensive enough, deep enough nor optimally placed to adequately test the targets. Both JV-1 and JV-2 remain essentially untested, and the Company intends to undertake a drilling program early in the new year once permits are in hand.

Historic drill hole 06JC014C was collared within the northeast part of JV-2, but it tested a weaker anomaly and missed a stronger, slightly deeper anomaly. Despite this, the hole intersected 1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold over 13.4 m within a slightly wider intercept of 2.36 g/t Ag over 16.5 m near the end of the hole.