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Abacus Announces $600,000 Financing
VANCOUVER, British Columbia, July 22, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to ann
About this update from Abacus Mining & Exploration Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 22, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce a non-brokered private placement (“Offering”) for proceeds of up to $600,000 through the issuance of 6,000,000 units (\"Units\") at a price of $0.10 per Unit. Each Unit will consist of one common share of the Company and one half of a non-transferable common share purchase warrant, with each warrant exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 2 years from the date of closing of the financing. Proceeds from the financing will be applied towards a program of geophysics and drilling at the Company's Jersey Valley gold property in Nevada as well as for general working capital. Recent reinterpretation of historic geophysics at Jersey Valley has demonstrated the existence of compelling, open along strike, untested targets, which led to an approximate doubling of the staked claim group. Jersey Valley is prospective for both intrusion-related sediment hosted, and for epithermal precious metal mineralization. The property is located within north-central Nevada within the Battle Mountain trend, in close proximity to both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine: 3.4 Moz gold and 110 Moz Ag past production. (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). The Jersey Valley property has a well-maintained sealed road running through it, which provides access to a 15 MW geothermal power plant located on the edge of the claim group. The Company also holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in Nevada, and a carried interest in the advanced Ajax copper-gold development project in B.C. The Willow and adjacent Nev-Lorraine copper-molybdenum properties are 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 d...