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Abacus Outlines New Gold Targets at Jersey Valley
VANCOUVER, British Columbia, July 13, 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 13, 2020 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce an expansion of the property position at its Jersey Valley gold property, within the Battle Mountain trend of north-central Nevada. Based on recently reprocessed and reinterpreted geophysics (see News Release dated July 8, 2020) the Company has approximately doubled the property size by staking an additional 30 claims. The reprocessing exercise clearly showed that the two main IP targets were close to the claim boundaries or off the original claim group. The new claims now cover the southwest and western strike and down dip extensions of all known targets at Jersey Valley. “The acquisition and reprocessing of historic geophysics at Jersey Valley has clearly upgraded and defined the gold-silver targets” commented Paul G. Anderson, President of Abacus. “The new claims will allow the Company to potential expand these targets, the largest of which is approximately 600 metres long by 500 metres wide”. Jersey Valley is underlain by an uplifted range of sediments and intrusives to the east and an extensive basin covered by gravels to the west, separated by a prominent, brecciated range front fault. A distinctive sinter associated with hot springs activity is exposed out in the valley gravels. The previous operator completed a large-scale ground magnetic survey in the early 2000’s which extended well beyond the current property and then initiated a limited four-line northwest oriented IP survey over the valley gravels. The reprocessed IP data very clearly shows two flat-lying anomalies marked by moderate to high chargeability and low resistivity. Both targets are open to the northeast on the original claim group, and to the southwest and west on the newly staked claims. Three historic diamond drill holes appear to have just grazed these two anomalies but were not optimally oriented. All three holes had >1% pyrite, occasional realgar and stibnite, and numerous additional gold-silver intercepts associated with elevated levels of arsenic, antimony and mercury. The best results were: Drill hole 06JC014C intersected 1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold over 13.4 m near the end of the hole. Drill hole 06JC015C assayed 0.18 g/t gold and 3.6 g/t s...