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Abacus Mining & Exploration Provides Results on Jersey Valley
VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) wishes to announc
About this update from Abacus Mining & Exploration Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) wishes to announce the results from a recently completed three-hole drilling program on the Jersey Valley epithermal gold property. The Company intercepted similar gold and silver values to historical drilling, with the targets tested further along strike and at slightly greater depth. The best results were a 12.64 metre interval of 0.053 g/t gold and 0.73 g/t silver, including 1.09 g/t silver over 7.55 metres and 0.19 g/t gold and 3.62 g/t silver over 1.5 m. These types of gold systems are found due to the presence of low, subeconomic precious metal values near surface, and it is possible that the Company did not drill deep enough in this first pass of drilling. Sampling of the drill holes was hampered by very poor core recovery throughout all holes. It is thought that Reverse Circulation drilling might provide better recoveries in a future program. The Company also collected a great deal of geochemical data during the drilling, and once analyzed, this should provide vectors towards better mineralization. The Company drilled three of the planned four holes on the property, each to a vertical depth of approximately 300 metres, and opted not to drill the final hole due to difficult drilling conditions with very broken and oxidized rock. The program was designed to test IP geophysical anomalies identified in a survey completed in 2020, which were the strike continuations of zones drill tested by a previous operator. The best intercept in drill hole Jersey 1 was 0.016 g/t gold over 4.14 m, although the adjacent 0.3 metre down hole interval had no core recovery, followed by a 1.52 metre intercept of 0.011 g/t gold. It is thus possible that elevated, but subeconomic gold values may have occurred over a core length of 5.97 metres. Drill hole Jersey 2 returned a 12.64 metre interval of 0.053 g/t gold and 0.73 g/t silver, including 1.09 g/t silver over 7.55 metres and 0.19 g/t gold and 3.62 g/t silver over 1.5 m. Drill hole Jersey 3 returned 0.047 g/t gold over 2.03 metres. The geology consists of a complex mixture of volcanic fragmentals, intrusives and broken sinter terraces. The fact that an active geothermal system is present, means that a great deal of fluid flow is occurring through th...