Ajax Joint Venture Area Drilling Continues To Expands The Resources Area
VANCOUVER, BC June 23, 2008 Abacus Mining & Exploration Corp. (“Abacus” or “the Company”) (AME: TSX.V) is pleased to announce the release of assay results from 29 more drill holes on the Ajax joint venture area with New Gold Inc.; in which Abacus may earn a 60% interest. All 29 holes reported here were drilled on the property in 2008 from Sections 1750E to 2000E inclusive, covering a strike length of 250 metres east of the Ajax West pit. The focus of this joint venture drill program has been to test for continuity of copper, gold mineralization between the Ajax West and East pits. This could allow for the expansion of the East and West pits into one large scale open pit mining operation. The information from this drilling will be incorporated into the combined Ajax resource estimation which is currently in progress.
Seventy-three holes totaling 30,625 metres (100,476 feet) were collared on the joint venture property from November 2007 until April, 2008. Eighteen holes drilled in late 2007 were reported previously and twenty-six holes remain to be released that cover the area further east from sections 2050E to 2250E.
A drill plan map showing the location of these holes will be posted on the Company’s website at www.amemining.com as soon as possible.
Drill Highlights
Hole AN-08-021 intersected 92 metres (301.8 feet) grading 0.39% copper and 0.19 g/t gold, and a 43 metre (141.1 feet) intercept averaging 0.58% copper and 0.21 g/t gold.
Hole AN-08-024 intersected 124 metres (406.8 feet) grading 0.42% copper and 0.26 g/t gold.
Hole AN-08-026 intersected 246 metres (807.1 feet) grading 0.32% copper and 0.21 g/t gold, including a 106 metre (347.8 feet) intercept averaging 0.44% copper and 0.34 g/t gold.
Hole AN-08-043 intersected 146 metres (479 feet) grading 0.43% copper and 0.18 g/t gold, including a 29.66 metre (97.3 feet) intercept averaging 1.00% copper and 0.26 g/t gold.
Hole AN-08-048 intersected 183.3 metres (601.4 feet) grading 0.39% copper and 0.27 g/t gold (uncut copper and gold), or 0.36% copper and 0.25 g/t gold (cut copper and gold); including an 83 metre (272.3 feet) intercept averaging 0.64% copper and 0.48 g/t gold (uncut copper and gold); or 0.58% copper and 0.44 g/t gold (cut copper and gold). High copper and gold values cut to 5% and 5 g/t respectively.
Hole AN-08-055 intersected 31 metres (101.7 feet) grading 0.84% copper and 0.40 g/t gold.
Hole AN-08-058 intersected 184 metres (603.7 feet) grading 0.38% copper and 0.15 g/t gold.
Hole AN-08-065 intersected 65 metres (213.3 feet) grading 0.44% copper and 0.17 g/t gold.
Hole AN-08-067 intersected 92 metres (301.8 feet) grading 0.40% copper and 0.15 g/t gold, including a 50 metre (164 feet) intercept averaging 0.53% copper and 0.23 g/t gold.
Hole AN-08-072 intersected 319.52 metres (1048.3 feet) grading 0.26% copper and 0.16 g/t gold, including a 108 metre (354.3 feet) intercept averaging 0.34% copper and 0.20 g/t gold.
The following table lists the most significant drill intercepts from holes drilled in the joint venture area mentioned in this release. Intercept lengths are core lengths, which do not necessarily reflect true width.
|
ABACUS/NEW GOLD JOINT VENTURE—AJAX 2008 DRILL RESULTS |
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|
Ajax West Grid |
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|
Section |
Hole No. |
Dip Deg |
Az. Deg |
From (m) |
To (m) |
Length |
Length |
Cu % |
Au g/t |
|
1750E |
AN-08-022 |
-45.7 |
26.8 |
Scattered individual values >0.20% copper |
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|
|
|
|
|
|
|
|
|
|
|
|
1750E |
AN-08-026 |
-68.5 |
26 |
31 |
56 |
25 |
82 |
0.32 |
0.31 |
|
|
|
|
|
251 |
497 |
246 |
807.1 |
0.32 |
0.21 |
|
|
|
|
Incl |
318 |
497 |
179 |
587.3 |
0.36 |
0.25 |
|
|
|
|
And |
333 |
439 |
106 |
347.8 |
0.44 |
0.34 |
|
|
|
|
And |
333 |
359.87 |
26.87 |
88.2 |
0.63 |
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
1750E |
AN-08-029 |
-89 |
26 |
37.49 |
84 |
46.51 |
152.6 |
0.26 |
0.14 |
|
|
|
|
|
221.48 |
291 |
69.52 |
228.1 |
0.45 |
0.23 |
|
|
|
|
Incl |
224 |
265.45 |
41.45 |
136 |
0.59 |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
1750E |
AN-08-042 |
-44.6 |
207.5 |
30.7 |
52 |
21.3 |
69.9 |
0.30 |
0.19 |
|
|
|
|
|
199 |
211 |
12 |
39.4 |
0.40 |
0.13 |
|
|
|
|
|
251 |
264.13 |
13.13 |
43.1 |
0.91 |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
1750E |
An-08-037 |
-65.5 |
212.1 |
230 |
288.55 |
58.55 |
192.1 |
0.54 |
0.25 |
|
|
|
|
Incl |
230 |
256 |
26 |
85.3 |
0.60 |
0.29 |
|
|
|
|
And |
271 |
288.55 |
17.55 |
57.6 |
0.81 |
0.38 |
|
|
|
|
|
413 |
436 |
23 |
75.5 |
0.37 |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
1800E |
AN-08-021 |
-70.5 |
204.2 |
54 |
190 |
136 |
446.2 |
0.32 |
0.18 |
|
|
|
|
Incl |
98 |
190 |
92 |
301.8 |
0.39 |
0.19 |
|
|
|
|
and |
118 |
145 |
27 |
88.6 |
0.65 |
0.34 |
|
|
|
|
|
241 |
284 |
43 |
141.1 |
0.58 |
0.21 |
|
|
|
|
Incl |
241 |
262 |
21 |
69 |
0.99 |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
1850E |
AN-08-024 |
-46 |
24.1 |
353 |
501 |
148 |
485.6 |
0.39 |
0.24 |
|
|
|
|
Incl |
353 |
477 |
124 |
406.8 |
0.42 |
0.26 |
|
|
|
|
And |
465 |
477 |
12 |
39.4 |
1.55 |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
1850E |
AN-08-031 |
-65.2 |
25 |
102.72 |
209 |
106.28 |
348.7 |
0.26 |
0.14 |
|
|
|
|
Incl |
114 |
131.25 |
17.25 |
56.6 |
0.50 |
0.31 |
|
|
|
|
|
336 |
447 |
111 |
364.2 |
0.28 |
0.10 |
|
|
|
|
Incl |
348 |
378 |
30 |
98.4 |
0.49 |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
1850E |
AN-08-036 |
-88.7 |
25 |
195.07 |
254 |
58.93 |
193.3 |
0.27 |
0.11 |
|
|
|
|
Incl |
224 |
254 |
30 |
98.4 |
0.32 |
0.11 |
|
|
|
|
|
401 |
430 |
29 |
95.1 |
0.29 |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
1850E |
AN-08-039 |
-43.9 |
208.1 |
74 |
125 |
51 |
167.3 |
0.38 |
0.22 |
|
|
|
|
Incl |
74 |
119 |
45 |
147.6 |
0.41 |
0.24 |
|
|
|
|
|
196 |
207.5 |
11.5 |
37.7 |
0.77 |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
1850E |
AN-08-043 |
-64.9 |
209.5 |
74 |
220 |
146 |
479 |
0.43 |
0.18 |
|
|
|
|
Inc |
74 |
94 |
20 |
65.6 |
0.67 |
0.39 |
|
|
|
|
and |
176 |
205.66 |
29.66 |
97.3 |
1.00 |
0.26 |
|
|
|
|
|
274 |
294 |
20 |
65.6 |
0.30 |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-046 |
-43.2 |
26.5 |
255 |
424 |
169 |
554.5 |
0.26 |
0.18 |
|
|
|
|
Incl |
270 |
285 |
15 |
49.2 |
0.49 |
0.47 |
|
|
|
|
And |
379 |
415 |
36 |
118.1 |
0.41 |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-048 |
-44.5 |
26 |
72 |
176.35 |
104.35 |
324.4 |
0.23 |
0.17 |
|
|
|
|
|
323 |
506.3 |
183.3 |
601.4 |
0.39 |
0.27 |
|
|
|
|
Or |
323 |
506.3 |
183.3 |
601.4 |
0.36* Cu cut |
0.25* Au cut |
|
|
|
|
Incl |
323 |
406 |
83 |
272.3 |
0.64* |
0.48* |
|
|
|
|
Or |
323 |
406 |
83 |
272.3 |
0.58 |
0.44 |
|
|
|
|
Incl |
365.57 |
385 |
19.43 |
63.7 |
1.32 |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-054 |
-65.3 |
24.7 |
90 |
127 |
37 |
121.4 |
0.36 |
0.21 |
|
|
|
|
|
417 |
448.1 |
31.1 |
102 |
0.31 |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-061 |
-88.1 |
24.7 |
169.55 |
213 |
43.45 |
142.6 |
0.43 |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-067 |
-46.9 |
207.7 |
56 |
98 |
42 |
137.8 |
0.36 |
0.17 |
|
|
|
|
|
200 |
292 |
92 |
301.8 |
0.40 |
0.15 |
|
|
|
|
Incl |
242 |
292 |
50 |
164 |
0.53 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
1900E |
AN-08-069 |
-65.3 |
209 |
33 |
48.45 |
15.45 |
50.7 |
0.62 |
0.28 |
|
|
|
|
|
175 |
205 |
30 |
98.4 |
0.32 |
0.12 |
|
|
|
|
|
271 |
319 |
48 |
157.5 |
0.39 |
0.10 |
|
|
|
|
Incl |
304 |
319 |
15 |
49.2 |
0.72 |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
1950E |
AN-08-051 |
-44.8 |
26 |
101.38 |
121 |
19.62 |
64.4 |
0.34 |
0.17 |
|
|
|
|
|
415 |
445 |
30 |
98.4 |
0.22 |
0.13 |
|
|
|
|
|
502 |
526 |
24 |
78.7 |
0.27 |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
1950E |
AN-08-053 |
-45.4 |
25.7 |
288 |
425.2 |
137.2 |
450.1 |
0.26 |
0.20 |
|
|
|
|
Incl |
336 |
361 |
25 |
82 |
0.34 |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
1950E |
AN-08-056 |
-64.5 |
28 |
38 |
80 |
42 |
137.8 |
0.42 |
0.19 |
|
|
|
|
Incl |
38 |
59 |
21 |
68.9 |
0.55 |
0.23 |
|
|
|
|
|
245 |
344 |
99 |
324.8 |
0.25 |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
1950E |
AN-08-058 |
-89.2 |
28 |
68 |
252 |
184 |
603.7 |
0.38 |
0.15 |
|
|
|
|
Incl |
230 |
243 |
13 |
42.7 |
1.25 |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
1950E |
AN-08-060 |
-45.6 |
208.3 |
Scattered narrow zones and individual values >0.20% copper |
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|
|
|
|
|
|
|
|
1950E |
AN-08-062 |
-65 |
208.3 |
189 |
207 |
18 |
59.1 |
0.42 |
0.13 |
|
|
|
|
|
286 |
304 |
18 |
59.1 |
0.36 |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-055 |
-46.2 |
27.5 |
375 |
406 |
31 |
101.7 |
0.84 |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-057 |
-65.7 |
25 |
117 |
161 |
44 |
144.4 |
0.49 |
0.18 |
|
|
|
|
Incl |
117 |
146.52 |
29.52 |
96.8 |
0.62 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-063 |
-88.9 |
25 |
42 |
60 |
18 |
59.1 |
0.60 |
0.33 |
|
|
|
|
|
113 |
195 |
82 |
269 |
0.27 |
0.09 |
|
|
|
|
Incl |
177 |
192 |
15 |
49.2 |
0.61 |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-065 |
-45.5 |
207.5 |
21 |
86 |
65 |
213.3 |
0.44 |
0.17 |
|
|
|
|
|
131.62 |
184 |
52.38 |
171.8 |
0.35 |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-068 |
-64.3 |
207.8 |
66 |
178 |
112 |
367.4 |
0.24 |
0.09 |
|
|
|
|
Incl |
70 |
94 |
24 |
78.7 |
0.37 |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
2000E |
AN-08-072 |
-43.3 |
28.5 |
88 |
407.52 |
319.52 |
1048.3 |
0.26 |
0.16 |
|
|
|
|
Incl |
88 |
196 |
108 |
354.3 |
0.34 |
0.20 |
|
|
|
|
And |
361 |
407.52 |
46.52 |
152.6 |
0.45 |
0.22 |
Discussion of Results
These drill holes were all drilled in early 2008 and provide coverage from 1750E to 2000E inclusive; or for 250 metres due east of the Ajax West pit. Due to the intense and detailed nature of the drill program, drill fans of 3 to 5 holes were often drilled from one set-up. Section spacing for the drill coverage was 50 metres and all holes reported here were oriented along the Ajax West grid (0280 and 2080):
The results continue to provide support for Abacus’ proposed exploration model of locating sufficient continuity of copper-gold mineralization to potentially support a large scale open pit mining operation. It is encouraging to note that 25 of the holes reported here had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including 11 holes with one or more significant intercepts ranging in length from 100 metres (328.1 feet) to 319.52 metres (1048.3 feet).
The remaining 26 holes will be released shortly.
About the Afton Project
The Afton properties belonging to the Company lie within a mining camp hosting a number of mined and un-mined alkalic copper-gold, porphyry style deposits. Since 2002, Abacus has redefined several known deposits through expansion of down-dip and strike extensions. The Company has completed over 500,000 feet (152,402 metres) of drilling and developed NI 43-101 compliant indicated resources on the DM and Rainbow deposits, totaling 60.1 million tonnes and an inferred resource at the Ajax West deposit totaling 147,000,000 tonnes (all resources calculated at 0.20% copper cut-off). Resource estimations for the entire Ajax area (Ajax East, Ajax West, and the joint venture ground in between) are currently in progress.
The Ajax property comprises of eight 100% owned Crown grants which include the historic Ajax East and West pits. Also included is an interest in claims between the pits acquired from a joint-venture agreement signed with New Gold Inc. The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase in 2005 from Teck-Cominco. With the completion of the high priority drilling in the joint venture ground, the project is now down to two drill rigs turning on the property. These two drills will continue to carry out definition drilling throughout the Ajax area in order to maximize the assignment of resources into measured and indicated categories.
Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus’ analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, P.Geo. is the qualified person responsible for the design and conduct of the work performed.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher,
President and Chief Executive Officer
Contact: Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that even