Abacus Mining and Exploration Corp. (Abacus) has received assay results from the final 17 holes from the 2006 diamond drill program on the Ajax West Pit zone near Kamloops, B.C. All 17 holes intersected the large zone of copper- gold rich mineralization underlying the former producer.
A continuous zone of copper gold mineralization has now been traced for over 650 metres with depths to more than 400 metres below the historic Ajax West pit. Abacus has now completed 42 diamond drill holes, totaling 20,722 metres, in the Ajax West Zone since it began in November, 2005. The Company has begun the process of completing a NI-43-101 compliant resource on Ajax West which is expected to be completed in early January 2007. The Company has also contracted both Knight Piesold Ltd. and Beacon Hill Consulting Ltd. to begin a preliminary scoping study and an economic evaluation on the Ajax West deposit.
Ajax West Drilling Highlights:
Ajax East Drilling Highlights:
Doug Fulcher, president of Abacus states: "We are extremely pleased with the results from the Ajax drilling. We have defined a continuous zone of mineralization over a strike length of 650 metres at Ajax West and look forward to the 43-101 compliant resource early in the new year. Abacus has also initiated preliminary economic studies for its Afton holdings and hopes the results of these studies will be available early in 2007. Current drilling is expanding the mineralized zone at Ajax East and the resource at DM/Audra. We believe 2007 will be the year Abacus moves its Afton projects from an advanced exploration stage into the early development stage."
The company's Ajax property comprises eight 100 percent owned Crown grants near Kamloops, B.C., encompassing most of the historic East and West pits that were last mined in 1997 by Afton Operating. The Ajax property lies nine kilometers southeast along an existing haul road from the Afton mill facilities, which Abacus recently agreed to purchase from Teck, along with the shop facilities and tailings area.
The following table lists the most recent results from the Ajax West Pit zone. Intercept lengths are core lengths, which do not necessarily reflect true width. A drill hole plan map and cross sections will be posted on the Abacus website as soon as possible.
Section |
Hole No. |
Az |
Dip |
From |
To |
Length |
% |
g/t |
Comments |
---|---|---|---|---|---|---|---|---|---|
1100E |
AW-06-040 |
29 |
-46.2 |
52 |
79 |
27 |
0.35 |
0.10 |
West limit of drilling |
1100E |
AW-06-041 |
30 |
-62.3 |
132 |
183 |
51 |
0.38 |
0.28 |
|
1100E |
AW-06-042 |
31 |
-73.9 |
123 |
630 |
507 |
0.21 |
0.15 |
|
|
Incl |
|
|
123 |
174 |
51 |
0.50 |
0.26 |
|
|
|
|
|
537 |
585 |
48 |
0.49 |
0.26 |
|
1150E |
AW-06-037 |
28 |
-65.6 |
138 |
327 |
189 |
0.32 |
0.34 |
Hole abandoned--faulting |
|
Incl |
|
|
165 |
222 |
57 |
0.63 |
0.38 |
|
1150E |
AW-06-039 |
28 |
-69.8 |
153 |
645 |
492 |
0.34 |
0.30 |
|
|
Incl |
|
|
276 |
489 |
213 |
0.42 |
0.45 |
|
|
|
|
|
351 |
465 |
114 |
0.61 |
0.68 |
|
1200E |
AW-06-027 |
212 |
-84 |
336 |
384 |
48 |
0.48 |
0.46 |
From N. side of pit drilled southwards |
|
Incl |
|
|
483 |
597 |
114 |
0.51 |
0.23 |
|
1250E |
AW-06-033 |
29 |
-49 |
132 |
492 |
360 |
0.24 |
0.20 |
|
|
Incl |
|
|
450 |
492 |
42 |
0.56 |
0.38 |
|
1250E |
AW-06-034 |
30 |
-69.6 |
259 |
415 |
156 |
0.58 |
0.22 |
|
|
Incl |
|
|
358 |
415 |
57 |
0.85 |
0.35 |
|
1300E |
AW-06-030 |
205 |
-86 |
291 |
312 |
21 |
0.52 |
0.52 |
From N side of pit drilled southwards |
|
And |
|
|
354 |
504 |
150 |
0.52 |
0.40 |
|
1350E |
AW-06-032 |
28 |
-44.8 |
67 |
319 |
252 |
0.23 |
0.13 |
|
|
Incl |
|
|
70 |
121 |
51 |
0.50 |
0.20 |
|
1600E |
AW-06-026 |
26 |
-46 |
69 |
201 |
132 |
0.44 |
0.17 |
|
1600E |
AW-06-028 |
26 |
-65.5 |
70 |
115 |
45 |
0.51 |
0.18 |
|
|
Incl |
|
|
184 |
376 |
192 |
0.41 |
0.15 |
|
1650E |
AW-06-029 |
24 |
-49.5 |
162 |
177 |
15 |
0.48 |
0.22 |
|
1650E |
AW-06-031 |
24 |
-70.6 |
60 |
285 |
225 |
0.37 |
0.19 |
|
|
Incl |
|
|
195 |
285 |
90 |
0.61 |
0.29 |
|
1750E |
AW-06-035 |
28 |
-50.1 |
252 |
300.8 |
58.8 |
0.38 |
0.10 |
East limit of drilling |
1750E |
AW-06-036 |
28 |
-64.8 |
71 |
152 |
81 |
0.40 |
0.13 |
|
1750E |
AW-06-038 |
208 |
-59 |
59 |
95.4 |
36.4 |
0.77 |
0.25 |
Drilled S. away from pit; hole abandoned--faulting |
|
Incl |
|
|
68 |
95.4 |
27.4 |
0.94 |
0.30 |
|
Ajax East Drill Hole Intercepts---Arranged by Section (South to North)
Section |
Hole No. |
Az. |
Dip |
From (m) |
To |
Length |
%Cu |
g/tAu |
Comments |
---|---|---|---|---|---|---|---|---|---|
1500N |
AE-06-006 |
123 |
-50.5 |
150 |
168 |
18 |
0.48 |
0.36 |
|
|
And |
|
|
384 |
483 |
99 |
0.59 |
0.31 |
|
|
incl |
|
|
384 |
447 |
63 |
0.82 |
0.39 |
|
1500N |
AE-06-007 |
123 |
-63.4 |
122 |
422 |
300 |
0.22 |
0.17 |
|
|
Incl |
|
|
329 |
422 |
93 |
0.43 |
0.35 |
|
1550N |
AE-06-008 |
115 |
-50.1 |
88 |
511 |
423 |
0.24 |
0.16 |
|
|
|
|
|
292 |
340 |
48 |
0.44 |
0.27 |
|
Drilling continues under the Ajax East Pit zone, located approximately 500 metres to the northeast of the West Pit; where a similar zone of copper-gold mineralization was also previously mined by Afton Operating Corp. To date, twelve holes totaling 7202 metres have been completed. Assay results for three more holes (AE-06-006 to AE-06-008) have been received and are reported in this release.
With the completion of the Ajax West Zone program, one drill has now been mobilized to Abacus's DM-Audra-Crescent Zone, located approximately 1.5 kilometres east of the original Afton mine/mill site. The DM-Audra-Crescent Zone was last drilled extensively by Abacus in 2004, and was followed up with a compliant indicated resource estimate totalling 28,500,000 tonnes grading 0.30% copper and 0.15g/t gold and an inferred resource of 15,800,000 tonnes grading 0.28% copper and 0.124 g/t gold (at 0.20% copper cutoff). The drill program at DM-Audra-Crescent is intended to fill-in and expand on this resource.
Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus's analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, PGeo and Robert J. Darney, PGeo, are the qualified persons responsible for the design and conduct of the work performed.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
"Doug Fulcher"
Doug Fulcher,
President
This ews release, required by applicable Canadian laws, is not for distribution to U.S. news wire services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any statsecurities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
You can view the Next News Releases item: March 1, 2007,102 Metres Of 0.50 % Copper And 0.34 g/t Gold Ajax East Property Expands To 400 Metres Of Strike Length Dm-Audra Zone Highlighted By Additional Drilling
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