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Abacus Announces Start of Drilling at Willow in Nevada
VANCOUVER, British Columbia, April 24, 2018 (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, April 24, 2018 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) is pleased to announce that a diamond drill is presently being mobilized to the Company’s Willow and adjacent Nev-Lorraine properties in the Yerington, Nevada copper camp. The drill program is designed to test a newly defined 2.0 km by 2.2 km portion of a broad, intense silicic and advanced argillic alteration zone marked by coincident geological, geochemical and geophysical signatures typical of a porphyry copper deposit (see News Release dated February 02, 2018). The Company’s target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit. “The Company is excited to be able to drill test this newly developed porphyry copper target,” commented Paul G. Anderson, President of Abacus. “We have developed a compelling model in less than a year of work on the property, that may have pinpointed a fifth porphyry in the camp that other companies have tried to find in the past.” The Company has been on the property for almost two weeks, preparing for the program, and reviewing the model with a consultant who has worked in the Yerington camp since the 1960s. This individual has agreed that the Company’s model is valid, and further commented that it was a target he had recommended in the 1970s. The Company plans to drill approximately three holes, one to 800 metres and two at 600 metres. The Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Copper's Pumpkin Hollow (572 MT at 0.4% Cu) which is in development, and Quaterra Resources’ MacArthur oxide project (159MT at 0.212% Cu) which is in prefeasibility. Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly-owned subsidiary of Almadex Minerals Ltd. (see News Release dated February 15, 2017). The Company has recently acquired a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase the...