Abcourt Mines Inc. (“Abcourt” or the
“Corporation”) (TSX Venture: ABI) is pleased to
announce that the transport of its 5,000 tonnes bulk sample from
the Pershing Manitou deposit is now complete and Abcourt is now
preparing the Sleeping Giant mill to process the bulk sample. See
Figure 1 below.
Figure 1: 5,000 tonnes of Pershing-Manitou
stored at the Sleeping Giant mine
Over the past few months, the company has
carried out a thorough clean-up of the mill which has enabled us to
recover considerable sums of money, update our studies and 3D
models as well as identify the maintenance required for a restart
of the ore processing plant. The cleaning and recovery phase having
been completed; the team can now begin work to put the mill back
into operation as quickly as possible.
Thanks to the amounts raised during the first
tranche of the current private placement, the company will now be
able to relaunch its activities. Over the next 5 weeks, Abcourt
will carry out the plant restart sequence. Then, it will process
the 5,000 tonnes coming from Pershing-Manitou, which should take 5
to 6 weeks.
In parallel with the start-up of the mill and
the resulting sale of gold, Abcourt plans to begin development work
in the upper levels of the Sleeping Giant mine with a view to
extracting mineralized material. This development work will consist
of definition drilling, rehabilitation of the drifts and moving to
surface mineralized material already available in the various
stopes.
Subsequently, underground mineral extraction
from stopes already accessible on levels 145, 190, 235, and 295
will be carried out during the first months of development. The
objective is to use the revenues from this extraction to advance
the production project, engineering and geology towards a
pre-feasibility study.
To accomplish its goals, Abcourt will need to
hire miners, mechanics, and plant operators and has already begun
the hiring process. People wishing to apply can send their resume
to rh@abcourt.com.
Although the company is currently fully
capitalized for the next steps, the ongoing private placement will
accelerate development underground as well as secure small
production that will help the company grow organically. It is
expected that the money from the second investment tranche will be
used to accelerate gold production. The company would also like to
thank all the shareholders who supported it and who continue to do
so in these times of restart.
Pascal Hamelin, President and CEO
comments: We are pleased to see milling operations
restarted, starting with the processing of the 5,000 tonnes from
the Pershing-Manitou deposit. This will make it possible to fill
the mill circuit after a campaign to recover gold-rich pulps, and
to begin receiving material from the Sleeping Giant mine.
About the Pershing-Manitou
deposit: The most recent acquisition of Mines Abcourt via
the merger of Corporation Resources Pershimex is the Courville
property, which is located approximately 75 kilometers north of the
town of Val-d'Or, in the locality of Belcourt in
Abitibi-Témiscamingue. The Courville property is made up of 322
contiguous claims for a total of 12,307 hectares in one of the most
prolific mining regions in the world. The property contains 3
recognized gold deposits: Jolin, Thibodeau and the former
Pershing-Manitou mine. The majority of recent work undertaken by
Pershimex has been focused on the old mine. Indeed, it was in
operation during the Second World War, between 1939 and 1945.
Little information on the production history emerges from the
archives and public information available. Some historic drilling
in the vicinity of the mine has highlighted the gold potential.
This is what guided the first work on the Pershing-Manitou deposit.
Pershimex carried out approximately 5,000 meters of drilling on the
deposit, including the deepest drilling ever carried out under the
old mine. Drill hole PM-21-03 returned 3.07 g/t gold over 25.4
meters at a depth of more than 175 meters vertically. Following the
drilling, a Mineral Resource Estimate was carried out, and allowed
us to request and obtain authorization to extract a bulk sample of
5,000 tonnes which will be processed shortly at our Sleeping Giant
mill.
Figure 2: Regional Map of Abitibi in Québec
Qualified Persons
Mr. Pascal Hamelin, ing, President and Chief
Executive Officer of Abcourt, has verified and approved the
technical information contained in this press release.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration
corporation with strategically located properties in northwestern
Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where
it concentrates its development activities.
For further information, please visit our
website at www.abcourt.ca and consult our filings under Abcourt's
profile on www.sedarplus.ca, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING INFORMATION
Certain information contained herein may
constitute “forward-looking information” under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be
achieved” or other similar expressions. Forward-looking statements
are based on Abcourt’s estimates and are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Abcourt to be materially different from those expressed or implied
by such forward-looking statements or forward-looking information.
Forward-looking statements are subject to business and economic
factors and uncertainties, and other factors that could cause
actual results to differ materially from these forward-looking
statements, including the relevant assumptions and risks factors
set out in Abcourt’s public documents, available on SEDAR at
www.sedarplus.ca. There can be no assurance that such statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Although Abcourt believes that the assumptions and factors used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements and
forward-looking information. Except where required by applicable
law, Abcourt disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
The TSX Venture Exchange and its regulatory
service provider (as defined in the policies of the TSX Venture
Exchange) assume no responsibility for the adequacy or accuracy of
this press release.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/e9be9a28-f317-4c5c-a9e9-9ebb98570277https://www.globenewswire.com/NewsRoom/AttachmentNg/efef42f4-ee33-4f22-89d7-3e62750d9b35
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