I have to agree with you both. The stock should be much higher.
<< The Neves Corvo Mine, adjacent to the pending concessions, is considered to be one of the world's richest and highest grade VMS deposits.>>
this could be very BIG!
morrie
PS. Thought I'd post some info for others to view.
Property Location
The Ferragudo Project comprises of two mineral exploration concessions located within the
South Portuguese Zone of the Iberian Pyrite Belt. The applied for concessions, totaling 192.5
square kilometres, adjoin the world class Neves Corvo Mine which is owned by Somincor
(49% - Rio Tinto Mining (RTZ) and 51% - Portuguese government).
The Iberian Pyrite Belt is arguably the largest massive sulphide (VMS) province in the world. The belt of
favourable stratigraphy, measuring 250 km long and 60 km wide, extends westward in arcuate fashion from
Seville, Spain towards the southeast to Lisbon, Portugal. It hosts more than ninety known deposits which range
from a few thousand tons to giant ore bodies of over one hundred million tons. These VMS deposits are
predominantly pyrite. However, significant copper, base metals, and precious metals have been both
discovered from both primary sulphide zones, and secondary oxidized zones.
Joint-Venture
Phelps Dodge Exploration Corporation, of Phoenix, Arizona, signed a formal joint-venture partnership
agreement with Abacus to explore this highly prospective property. Phelps Dodge will have the right to earn a
70% interest in the project by funding the first US$7,000,000 in exploration over six years. At that point
Abacus will participate as to a 30% working interest.
Exploration Potential
Due to limited outcropping and limited near-surface showings, exploration companies in the Iberian Pyrite Belt
have relied more on geophysical exploration techniques to search for deeper VMS deposits. The discovery of
the Neves Corvo Mine is an excellent example of the benefits of applying and interpreting Gravity Surveys, as
well as, indicating that new deposits of immense economic importance could still be found within the Iberian
Pyrite Belt.
The Neves Corvo Mine, adjacent to the pending concessions, is considered to be one of the world's richest
and highest grade VMS deposits. It also contains exceptionally high tin values. The mine presently comprises
six different ore bodies contained within a pyritic massive sulphide resource of 270,000,000 tons grading 1.6%
copper, and 1.4% zinc. Two of the more significant ore bodies include the Neves and Corvo with reserves of
38,000,000 tons grading 7.5% copper and 4,000,000 tons grading 2.5% tin, and the Lombador with reserves
of 47,000,000 tons grading 6.2% zinc. Recent studies have indicated significant gold credits are contained
within the ore. Occurring over a strike length of 3,000 metres, the overall sulphide deposit is open to the
northwest, and is located only 3,500 metres away from the Abacus pending concessions.
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