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Abacus Identifies Alteration Systems at Willow Property in Nevada
VANCOUVER, British Columbia, Oct. 30, 2017 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) is pleased to prov
About this update from Abacus Mining & Exploration Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 30, 2017 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) is pleased to provide an update of exploration activities on the Willow porphyry copper-gold property located 65 km southeast of Reno, near Yerington, Nevada (the “Property”). The Property is considered prospective for porphyry copper, porphyry copper-moly and epithermal gold-silver. The Willow property is subject to an option agreement with Almadex Minerals Limited and its wholly-owned Nevada subsidiary, Almadex America Inc. (\"Almadex\"), wherein Abacus has the right to earn up to a 75% undivided ownership interest in the Property (see News Release dated February 15, 2017). The results of the program received to date are encouraging and provide a good basis for the emergence of porphyry copper targets for drill testing which is planned for the spring of 2018. The geological mapping has identified two very large, funnel-shaped alteration systems. The northern system covers an area of approximately 1.5 km north-south by 2.0 km northwest-southeast, while the southern zone is 2.5 km north-south by 2.5-3.0 km east-west. Mapping within both alteration zones has identified rocks displaying classic porphyry copper alteration, including sericitic, advanced argillic, and some potassic alteration. Both areas also contain granite porphyry dyke swarms, similar to those that host orebodies in the district such as the Yerington and Ann Mason deposits. “The presence of strong alteration systems, as well as numerous dykes is characteristic of many porphyry systems, including those in the Yerington district,” commented Mike McInnis, Abacus’ President and CEO. “The size of these alteration systems is very encouraging as well, and presently our efforts are focused on vectoring to target areas for drilling.” Of note, the southern alteration zone appears to have a larger number of these dykes, some of which are visible on surface. Many of the dykes were identified by logging historic drill core and were not evident during the mapping campaign. Historic drill logs and core have not yet been located for holes drilled into the northern alteration zone, consequently, the interpretation of this zone relies heavily on geological mapping and limited published geology. Since signing the option agreement, Abacus h...