Abcourt Announces Mineral Resource Update at the Sleeping Giant Mine

ROUYN-NORANDA, Quebec, Dec. 13, 2022 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Sleeping Giant Mine, a 100% owned high-grade gold deposit located in the Abitibi Greenstone Belt, 80 km north of the city of Amos, Quebec.

This MRE reflects the results of approximately 1.19 million meters of drilling, of which 9,281 meters were carried out by Abcourt from 2016 until May 2022, as well as all assay results received until September 2022. This MRE was carried out by the firm InnovExplo of Val d’Or.

Highlights

  • 173,000 oz of indicated resources at an average grade of 7.14 g/t Au;
  • Conservation of Measured and Indicated resources (99%) compared to the previous MRE;
  • 248,000 oz of Inferred resources at an average grade of 8.74 g/t Au;
  • Gain of 212,800 oz of Inferred resources (700% increase);
  • 98% of this MRE is at a depth accessible by the existing shaft;
  • Modeling of 846 distinct gold structures from 1.19 million meters of drilling and underground infrastructure, many of which remain to be fully explored;
  • This MRE excludes residual pillars around existing infrastructure, a 5 metres buffer zone around existing infrastructure, a 50 meter crown pillar and historical production. Following engineering studies, a portion of these pillars could be integrated into the MRE and constitute a potential for increasing resources;
  • The MRE complies with the Standards and Guidelines of the Canadian Institute of Mining, including the presentation of constrained mineral resources;
  • This MRE will serve as the basis for updating the estimate of the mineral reserves of the Sleeping Giant Mine;
  • The update of the mineral reserve estimate is scheduled for spring 2023.

Pascal Hamelin, President and CEO of Abcourt, said: “We are very proud to have reached an important milestone for the Corporation. This MRE demonstrates the potential for growth through the significant increase in Inferred resources. The robustness and quality of the Sleeping Giant deposit is confirmed by the conservation of the Indicated resources according to industry best practices. In addition, the 3D geological model that served as the basis for this MRE will allow geologists to clearly define the next drilling targets in order to continue to increase the potential of the deposit.”

The MRE adheres to the current Canadian Reporting Standards for Mineral Resources and Mineral Reserves, which are the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves of May 2014 (“CIM Definition Standards”). The MRE also follows the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines of November 2019 (the “CIM MRMR Best Practice Guidelines”).

This MRE includes all blocks (“must take blocks”) that fell within a potentially mineable shape that must satisfy the “reasonable prospects for eventual economic extraction” as specified by the CIM in 2019. These guidelines were introduced after the 2019 MRE at Sleeping Giant.

Table 1: Mineral Resource Estimate for the Sleeping Giant Mine (Effective as of December 12, 2022)

  Potential Long Holes Potential Room and Pillars Total
(cut off at 4,25 g/t Au) (Cut-off at 5,0 g/t Au)
Tonnes Grade (Au g/t) Ounces Au Tonnes Grade (Au g/t) Ounces Au Tonnes Grade (Au g/t) Ounces Au
Indicated Resources
    677 000         7,03     153 000       78 000         7,98       20 000     755 000         7,14     173 300  
Indicated Resources
    677 000         8,13     177 000     207 000      10,67       71 000     884 000         8,74     248 300  

Notes to the 2022 MRE

  1. The independent and qualified persons for the 2022 MRE, as defined by NI 43-101 are Olivier Vadnais-Leblanc, P. Geo. and Eric Lecomte, ing, all from InnovExplo Inc.
  2. These mineral resources are not mineral reserves because they do not have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic viability. The 2022 MRE follows the CIM Standards.
  3. The estimate encompasses 846 mineralized lenses that were modelled using a minimal geological width of 0.5m using Genesis software.
  4. A density value of 2.85 g/cm3 (based on measurements and mine et mill reconciliation) was assigned to all mineralized zones.
  5. High-grade capping supported by statistical analysis was done on composites data and established at 95 g/t Au for all mineralized zones. Composites (0.5 m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
  6. The exigence of a Reasonable Prospect of Eventual Economical Extraction is fulfilled by the use of cut-off grades based on reasonable mining parameters and locally constrained within Deswik Stope Optimizer shapes using a minimal mining width of 1.7 m for both potential methods. It is reported at a rounded cut-off grade of 4.25 g/t Au using the long-holes (LH) method, and 5.0 g/t Au, using the Room and Pillars (R&P) method. The cut-off grades were calculated using the following parameters: mining cost = C$213.96/t (LH) to C$261.56/t (R&P); processing cost = C$35.10/t; G&A = C$22.09/t; gold price = US$1,650.00/oz and USD:CAD exchange rate = 1.30. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  7. The estimate was completed using a sub-block model in Surpac 2022. A 4m x 4m x 4m parent block size was used (1m x 1m x 1m sub-blocked). Grade interpolation was obtained by Inverse Distance Squared (ID2) using hard boundaries.
  8. The mineral resource estimate is classified as Indicated and Inferred. The Inferred category is defined with a minimum of two (3) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of three (4) drill holes within the areas where the drill spacing is less than 30 m and shows reasonable geological and grade continuity. 
  9. The number of metric tonnes was rounded to the nearest hundred, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred.
  10. The independent and qualified persons for the 2022 MRE are not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially affect the Mineral Resource Estimate.

Qualified Persons

The qualified persons independent of the issuer, responsible for estimating the resources of the Sleeping Giant Mine, within the meaning of NI 43-101, are Mrs. Olivier Vadnais-Leblanc, geo., and Eric Lecomte, ing, of the firm InnovExplo Inc.

Mrs. Vadnais-Leblanc and Lecomte declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is correct.

Mr. Pascal Hamelin, ing, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.

Abcourt will host a live webinar to discuss this MRE.

Abcourt will be hosting a live webinar on Wednesday, December 14 at 2:00 p.m. EST / 11:00 a.m. PST. Pascal Hamelin, President and CEO of Abcourt, will discuss this Mineral Resource Estimate, as well as other recent news. Questions may be asked by email in advance to [email protected] A replay of the webinar will be available on Abcourt’s website once completed.

Date : Wednesday December 14th, 2022

Heure : 14h00 EST / 11h00 PST

Link to join the webinar : https://us02web.zoom.us/j/89885452734

Meeting ID: 898 8545 2734

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ABOUT ABCOURT MINES INC.

Abcourt Mines Inc. is a gold producer and a Canadian exploration corporation with strategically located properties in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

ABOUT INNOVEXPLO INC.

InnovExplo Inc. is a consulting firm offering services in mining exploration, mining geology, mineral resources, mining engineering, environment and sustainable development. Since its founding in 2003, InnovExplo Inc. has worked on 450 different mandates for 170 junior mining exploration and producing companies. The firm has produced more than 300 geological or engineering reports for projects affecting almost all of the spheres of activity of a mining project, from exploration to operation, including mainly the drafting of technical reports in accordance with the Regulation 43-101.

For further information, please visit our website at www.abcourt.com , and consult our filings under Abcourt’s profile on www.sedar.com, or contact:

Pascal Hamelin
President and CEO
T: (819) 768-2857
E: [email protected]
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
E: [email protected]

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, including the expectations of Abcourt’s management regarding the completion of the Transaction, 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.sedar.com. 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.

 


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