New Kamloops Office for Ajax Project
VANCOUVER, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) wishes to provide an update to its shareholders on
the Ajax copper-gold project, located near Kamloops, British Columbia. Abacus holds a 20% ownership interest in the project, which is managed by base metal major KGHM Polska Miedź S.A., who hold
the remaining 80%.
Abacus is pleased to report that KGHM has opened a new Kamloops office for the Ajax project within the past two weeks. This follows the appointment in September of a new Ajax Superintendent, who has begun the task of First Nation, community and governmental engagement.
The Ajax Project underwent a joint provincial and federal environmental review starting in 2011, which culminated in the decision by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the Project in December of 2017. Despite this setback, KGHM in consultation with Abacus has continued to work to advance the project, including evaluating various strategies geared toward potentially resubmitting the environmental application.
The Ajax Project contains significant quantities of copper and gold, within a NI 43-101 Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and 5.3 Moz Ag. (Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia – Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012).
Besides Ajax, the Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada. Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist on the Company’s property, and it represents a key new discovery. The target is large and robust, and it remains essentially untested.
The Company also has a lease on the Jersey Valley gold property. The project is within the Battle Mountain trend of north-central Nevada in close proximity to both the Phoenix/Fortitude mine complex (a gold skarn with approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine (a Carlin-type gold deposit with 3.4 Moz gold and 110 Moz Ag past production). Data is from the Newmont Mines and Premier Gold Mines websites. The reader is cautioned that the mineralization hosted on nearby properties is not necessarily indicative of mineralization hosted on the Company’s Jersey Valley gold property.