News Releases
The Directors of Abacus Mining & Exploration Corp. (the "Company") are pleased to provide an overview of the Company's 100% owned Niblack project in southeast Alaska. As announced on December 15th 2004, the Company proposes an arrangement to transfer the Niblack project to a new company known as Niblack Mining Corp. Under the terms of the arrangement, Abacus shareholders will maintain their shareholdings in Abacus while receiving one additional share of Niblack Mining for every four Abacus shares held. Niblack Mining has also planned a prospectus financing for working capital and exploration expenditures. The terms of the prospectus financing are yet to be determined.
The Niblack project is a high-grade copper-gold-zinc volcanogenic massive sulphide prospect favourably situated on tidewater on Prince of Wales Island. After acquiring the property from Barrick Gold Corporation in 1995, the Company drilled over 80,000 feet on the property and successfully identified the Lookout Mountain and Trio/Broadgauge zones, and expanded other known zones of mineralization including the Dama zone, Niblack Mine site, and the Lindsy/88 and Mammoth prospects.
The Lookout Mountain zone contains three distinct massive sulphide lenses that can be traced for over 2,000 feet in strike length and down to depths of 1,500 feet. The potential to expand the zone down-dip is excellent. Highlights from the Company's drill program on the Lookout zone include drill hole LO-99 which graded 0.231 oz/t gold, 7.43 oz/t silver, 1.31% copper and 7.28% zinc over 92 feet and LO-134 which graded 0.069 oz/t gold, 1.35 oz/t silver, 6.96% copper and 8.18% zinc over 16.1 feet. The Company has calculated an in-house drill indicated and inferred resource estimate of 2.78 million tons grading 0.089 oz/t gold, 1.14 oz/t silver, 1.71% copper, and 3.22% zinc. (The 43-101 Niblack property report is available on SEDAR)
Other zones on the property, including the Dama and Niblack zones, can also yield high-grade results. At the Dama zone, drill hole LO-59 that graded 0.012 gold, 1.70 oz/t silver, 6.99% copper and 7.60% zinc over 48.5 feet. At the Niblack Mine site, drill hole LO-67 returned values of 0.422 oz/t gold, 4.79 oz/t silver, 5.08% copper, 4.01% zinc over 16 feet.
Exploration plans for the summer of 2005 include a 10,000 foot diamond drill program that will focus on expanding the indicated resource at Lookout Mountain and to test other zones of mineralization on the property. The Company also plans to re-permit an underground exploration program that was originally accepted by the State of Alaska in 1997. The program will consist of driving a 5,000 foot drift and to complete 20,000 feet of underground diamond drilling. The proposed location of the drift is situated 300 feet above sea level and would intersect the Lookout Zone approximately 350 feet above sea level with most of the presently indicate resource above this elevation. The location of the drift will allow for confirmation of the indicated resource at the Lookout zone as well as expanding the down-dip potential. (see cross section on the Company's website)
Tabled below are the highlights of the drilling at the Lookout zone.
|
HOLE |
|
From |
To |
Length |
Au |
Ag |
Cu |
Zn |
|---|---|---|---|---|---|---|---|---|
|
(LO-) |
|
feet |
feet |
feet |
oz/t |
oz/t |
% |
% |
|
|
|
|
|
|
|
|
|
|
|
150 |
1496.00 |
1516.50 |
20.50 |
0.092 |
1.51 |
1.21 |
1.83 |
|
|
150 |
incl. |
1499.90 |
1516.50 |
16.60 |
0.099 |
1.82 |
1.46 |
2.24 |
|
117 |
958.60 |
1074.50 |
115.90 |
0.057 |
0.55 |
1.43 |
1.54 |
|
|
117 |
incl. |
958.60 |
981.00 |
22.40 |
0.077 |
1.16 |
2.79 |
1.99 |
|
117 |
incl. |
991.30 |
1005.90 |
14.60 |
0.051 |
0.83 |
2.73 |
2.93 |
|
117 |
incl. |
1060.00 |
1074.50 |
14.50 |
0.206 |
0.89 |
1.50 |
4.19 |
|
126 |
1312.00 |
1338.10 |
26.10 |
0.049 |
0.54 |
1.78 |
2.23 |
|
|
129 |
1340.70 |
1355.50 |
14.80 |
0.095 |
2.86 |
4.52 |
16.38 |
|
|
108 |
1178.50 |
1195.00 |
16.50 |
0.098 |
1.56 |
4.72 |
3.22 |
|
|
107 |
707.00 |
717.00 |
10.00 |
0.108 |
1.57 |
2.47 |
6.83 |
|
|
107 |
and |
860.40 |
874.50 |
14.10 |
0.840 |
5.94 |
0.88 |
1.46 |
|
107 |
incl. |
870.90 |
874.50 |
3.60 |
3.195 |
22.06 |
1.58 |
2.51 |
|
144 |
1570.00 |
1597.90 |
27.90 |
0.040 |
0.48 |
1.15 |
4.80 |
|
|
144 |
incl. |
1585.00 |
1597.90 |
12.90 |
0.061 |
0.80 |
2.24 |
6.17 |
|
105 |
530.00 |
532.80 |
2.80 |
1.590 |
14.85 |
2.01 |
6.54 |
|
|
105 |
and |
690.90 |
752.50 |
61.60 |
0.066 |
1.11 |
1.29 |
0.57 |
|
105 |
incl. |
690.90 |
705.90 |
15.00 |
0.121 |
1.72 |
2.07 |
0.92 |
|
105 |
incl. |
739.00 |
752.50 |
13.50 |
0.089 |
1.62 |
1.85 |
0.48 |
|
21 |
911.00 |
947.00 |
36.00 |
0.043 |
0.47 |
7.37 |
||
|
103 |
279.60 |
348.60 |
69.00 |
0.082 |
1.31 |
1.05 |
1.90 |
|
|
103 |
incl. |
279.60 |
291.30 |
11.70 |
0.230 |
4.09 |
2.23 |
6.00 |
|
103 |
and |
636.00 |
652.60 |
16.60 |
0.047 |
1.01 |
1.28 |
1.25 |
|
103 |
and |
674.00 |
697.00 |
23.00 |
0.075 |
1.44 |
1.58 |
1.49 |
|
31 |
360.90 |
409.00 |
48.10 |
0.045 |
0.42 |
0.63 |
1.04 |
|
|
32 |
330.00 |
376.00 |
46.00 |
0.052 |
1.34 |
0.34 |
2.47 |
|
|
32 |
incl. |
367.20 |
376.00 |
8.80 |
0.082 |
4.23 |
0.55 |
9.20 |
|
152 |
1417.30 |
1426.30 |
9.00 |
1.06 |
||||
|
149 |
974.00 |
1001.00 |
27.60 |
0.017 |
0.17 |
3.14 |
0.08 |
|
|
149 |
and |
1052.30 |
1074.00 |
21.70 |
0.007 |
0.07 |
1.29 |
0.02 |
|
149 |
and |
12.09 |
1221.60 |
12.60 |
0.009 |
0.16 |
2.77 |
0.07 |
|
100 |
387.50 |
428.00 |
40.50 |
0.152 |
4.26 |
1.72 |
6.90 |
|
|
97 |
59.40 |
142.80 |
83.40 |
0.045 |
1.08 |
- |
- |
|
|
97 |
incl. |
89.50 |
132.60 |
43.10 |
0.066 |
1.61 |
- |
- |
|
97 |
and |
233.00 |
243.00 |
10.00 |
0.310 |
1.00 |
0.50 |
2.24 |
|
97 |
and |
319.60 |
347.10 |
27.50 |
0.293 |
6.34 |
1.34 |
25.81 |
|
98 |
49.00 |
98.00 |
49.00 |
0.038 |
0.85 |
0.47 |
0.30 |
|
|
99 |
incl. |
208.00 |
300.00 |
92.00 |
0.231 |
7.43 |
1.31 |
7.28 |
|
99 |
and |
365.10 |
393.00 |
27.90 |
0.090 |
1.68 |
0.85 |
2.40 |
|
99 |
and |
429.50 |
448.90 |
19.40 |
0.107 |
1.81 |
1.27 |
2.80 |
|
99 |
and |
489.50 |
502.80 |
13.30 |
0.136 |
3.00 |
0.31 |
4.21 |
|
106 |
151.70 |
163.90 |
12.20 |
0.198 |
2.25 |
1.87 |
0.99 |
|
|
106 |
and |
255.00 |
273.00 |
18.00 |
0.350 |
4.39 |
2.25 |
4.77 |
|
106 |
and |
302.00 |
334.60 |
32.60 |
0.099 |
1.68 |
2.58 |
4.27 |
|
106 |
and |
417.50 |
429.80 |
12.30 |
0.152 |
2.50 |
2.13 |
7.15 |
|
106 |
and |
585.90 |
590.00 |
4.10 |
0.303 |
4.93 |
1.28 |
3.34 |
|
14 |
158.80 |
197.00 |
38.20 |
0.169 |
3.19 |
- |
- |
|
|
14 |
and |
197.00 |
227.10 |
30.10 |
0.060 |
1.26 |
2.23 |
6.17 |
|
29 |
72.40 |
191.80 |
119.40 |
0.086 |
0.85 |
0.11 |
0.08 |
|
|
29 |
incl. |
140.00 |
191.80 |
51.80 |
0.144 |
1.36 |
0.13 |
0.07 |
|
33 |
491.00 |
525.00 |
34.00 |
0.048 |
0.29 |
0.70 |
0.90 |
|
|
33 |
and |
831.50 |
855.70 |
24.20 |
0.077 |
0.90 |
2.20 |
2.80 |
|
33 |
incl. |
831.50 |
837.20 |
5.70 |
0.150 |
1.00 |
0.75 |
10.25 |
|
33 |
incl. |
851.00 |
855.70 |
4.70 |
0.055 |
1.45 |
7.32 |
0.32 |
|
153 |
1005.00 |
1025.50 |
20.50 |
1.33 |
||||
|
91 |
0.00 |
58.00 |
58.00 |
0.125 |
0.94 |
0.12 |
0.03 |
|
|
91 |
and |
211.00 |
216.00 |
5.00 |
0.322 |
3.49 |
4.51 |
3.66 |
|
91 |
and |
327.00 |
341.20 |
14.20 |
0.081 |
1.41 |
1.64 |
4.82 |
|
91 |
and |
441.00 |
447.00 |
6.00 |
0.015 |
0.73 |
0.12 |
6.06 |
|
92 |
0.00 |
201.00 |
201.00 |
0.166 |
5.42 |
0.28 |
0.20 |
|
|
92 |
incl. |
120.00 |
0.245 |
|||||
|
92 |
and |
383.00 |
406.00 |
23.00 |
0.606 |
1.02 |
0.82 |
4.93 |
|
95 |
6.00 |
152.00 |
146.00 |
0.140 |
2.16 |
0.25 |
0.30 |
|
|
95 |
and |
303.00 |
317.00 |
14.00 |
0.030 |
0.78 |
4.04 |
2.46 |
|
95 |
and |
387.00 |
389.00 |
2.00 |
0.053 |
0.81 |
0.27 |
3.54 |
|
28 |
6.10 |
248.70 |
242.60 |
0.140 |
1.31 |
0.37 |
0.45 |
|
|
28 |
incl. |
14.10 |
50.00 |
35.90 |
0.280 |
3.14 |
0.20 |
0.06 |
|
28 |
incl. |
97.80 |
130.40 |
32.60 |
0.429 |
3.24 |
0.62 |
0.44 |
|
28 |
incl. |
205.20 |
210.70 |
5.50 |
0.228 |
2.44 |
3.29 |
3.31 |
|
28 |
incl. |
219.00 |
234.80 |
15.80 |
0.216 |
1.26 |
0.41 |
0.91 |
|
10 |
16.00 |
114.20 |
98.20 |
0.187 |
1.52 |
0.35 |
0.35 |
|
|
17 |
475.00 |
532.00 |
57.00 |
0.060 |
0.05 |
1.17 |
1.02 |
|
|
112 |
173.00 |
205.00 |
32.00 |
0.142 |
0.20 |
0.60 |
0.23 |
|
|
112 |
and |
295.00 |
347.00 |
52.00 |
0.051 |
0.35 |
0.65 |
0.20 |
|
54 |
28.00 |
191.70 |
163.70 |
0.114 |
1.32 |
0.41 |
1.12 |
|
|
54 |
incl. |
28.00 |
88.00 |
60.00 |
0.216 |
2.10 |
- |
- |
|
54 |
incl. |
150.00 |
158.00 |
8.00 |
0.104 |
1.84 |
2.73 |
5.48 |
|
57 |
331.00 |
342.00 |
11.00 |
0.052 |
0.40 |
4.65 |
4.40 |
|
|
30 |
191.30 |
362.50 |
171.20 |
0.070 |
0.48 |
1.75 |
0.19 |
|
|
30 |
incl. |
215.00 |
265.00 |
50.00 |
0.100 |
0.92 |
3.45 |
0.38 |
|
151 |
493.50 |
494.70 |
1.20 |
0.163 |
3.10 |
0.18 |
28.10 |
|
|
115 |
and |
310.00 |
332.50 |
25.00 |
0.120 |
0.36 |
0.89 |
tr |
|
115 |
incl. |
329.00 |
335.00 |
6.50 |
0.330 |
0.50 |
2.06 |
tr |
|
5 |
175.00 |
190.00 |
15.00 |
0.035 |
0.32 |
1.22 |
1.56 |
|
|
2 |
203.00 |
214.00 |
11.00 |
0.017 |
0.74 |
0.85 |
8.87 |
|
|
2 |
150.00 |
174.00 |
24.00 |
0.242 |
0.62 |
- |
- |
|
|
6 |
127.00 |
139.80 |
12.80 |
0.184 |
4.07 |
- |
- |
|
|
147 |
506.00 |
527.00 |
21.00 |
0.136 |
2.58 |
2.79 |
4.22 |
|
|
7 |
396.00 |
420.00 |
24.00 |
0.236 |
3.93 |
4.26 |
7.04 |
|
|
88 |
167.70 |
172.00 |
4.30 |
0.304 |
0.09 |
0.03 |
- |
|
|
118 |
56.00 |
82.00 |
26.00 |
0.225 |
1.57 |
0.22 |
- |
|
|
119 |
69.00 |
89.00 |
20.00 |
0.124 |
0.44 |
0.15 |
- |
|
|
84 |
468.00 |
477.25 |
9.25 |
0.067 |
1.40 |
0.94 |
3.84 |
|
|
85 |
478.00 |
482.20 |
4.20 |
0.030 |
0.85 |
1.65 |
4.46 |
|
|
133 |
617.00 |
636.00 |
19.00 |
0.029 |
0.71 |
1.60 |
5.83 |
|
|
133 |
666.20 |
674.60 |
8.40 |
0.010 |
0.32 |
0.91 |
5.56 |
|
|
134 |
685.90 |
702.00 |
16.10 |
0.069 |
1.35 |
6.96 |
8.18 |
|
|
125 |
incl. |
436.30 |
439.40 |
3.10 |
0.018 |
0.22 |
0.63 |
17.60 |
|
125 |
and |
445.90 |
458.70 |
12.80 |
0.049 |
0.40 |
3.60 |
4.68 |
|
127 |
442.00 |
452.50 |
10.50 |
0.159 |
2.11 |
1.47 |
1.22 |
|
|
127 |
602.60 |
606.00 |
3.40 |
0.341 |
0.46 |
3.42 |
0.12 |
|
|
127 |
678.60 |
702.00 |
23.40 |
0.052 |
0.77 |
1.28 |
2.92 |
|
|
127 |
incl. |
678.60 |
686.20 |
7.60 |
0.044 |
0.91 |
2.40 |
3.60 |
|
127 |
and |
692.00 |
702.00 |
10.00 |
0.084 |
1.04 |
1.09 |
4.02 |
|
131 |
366.30 |
373.00 |
6.70 |
0.024 |
0.26 |
0.23 |
3.89 |
The arrangement to transfer the Niblack property into Niblack Mining Corp. is subject to court approval and shareholder and regulatory acceptance.
On Behalf the Board
ABACUS MINING & EXPLORATION CORP.
"Doug Fulcher"
Doug Fulcher,
President
You can view the Next News Releases item: January 13, 2005,Additional Results On The Dm, Audra, Crescent Zone Preliminary Resource Estimates Underway
You can view the Previous News Releases item: December 16, 2004,Abacus Forms Subsidiary To Realize Potential Of Niblack Project
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