Abacus Mining (the "Company") is pleased to announce that crews have been mobilized to their Afton area project, near Kamloops B.C., to begin ground geophysical work in advance of a fall drilling program. Fifty-four kilometres of line are being located for control for a deep penetrating 3-dimensional induced polarization survey over the known mineralization on the Rainbow property. In addition, the survey will cover approximately 3.5 kilometres of potential strike extensions to the existing mineralization.
Although portions of the Rainbow property have been previously tested by geophysics, most surveys were hampered by the existence of sets of radio transmitters located in the vicinity of the Rainbow No. 2 zone. These towers were removed in the summer of 2002, allowing the opportunity to now complete new geophysical surveys to aid drill target selection.
The Rainbow property was the primary focus of Abacus's exploration work in the Afton area during 2002. Drilling indicated that the mineralization in the No. 2 zone was continuing to depth and that grades were also increasing. Drill Hole R-02-006, the first hole of 2002 on the Rainbow property which targeted the #2 Zone, intersected 299.2 metres of 0.25 g/t gold, 0.81% copper and 0.05 g/t palladium (from 165.8 m -- 465.0 m). This section includes 21.2 metres of 2.03% copper, 0.61 g/t gold and 0.14 g/t palladium followed by 14.2 metres of 1.95% copper, 0.82 g/t gold and 0.07 g/t palladium. Hole R-02-009 was also drilled to test the high-grade core of the #2 Zone. It intersected 170.1 metres grading 0.89% copper, 0.24 g/t gold and 0.04 g/t palladium. Within this intersection is 30.5 metres grading 2.17% copper, 0.55 g/t gold, and 0.07 g/t palladium including 12.4 metres grading 4.32% copper, 1.00 g/t gold, and 0.05 g/t palladium. (Refer to News Releases dated June 27, 2002 and July 10, 2002)
Drilling in the fall of 2003 will test both the down dip potential beneath the 2002 holes as well as along the strike of the zone. Hole selection will be aided by any anomalies developed during the present geophysical program.
The Company is earning 100% of Teck Cominco's interest in the Rainbow property and six additional properties near the former Afton Mine. Teck Cominco retains a back-in right to the properties (see news release dated January 18, 2002). The Rainbow property is covered by an agreement involving Teck Cominco, Discovery-Corp. Enterprises Inc. ("Discovery") and the Company whereby the Company has agreed to carry Discovery's 30% interest for the first $1,000,000 in exploration expenditures in return for Discovery waiving its first right of refusal.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Doug Fulcher President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
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