Abitibi Mining Corp ABB
Shares issued 21,321,244 1999-09-13 close $0.07
Tuesday Sep 14 1999
Mr. Richard Hughes reports
Rio Algom will commence drilling the week of Sept. 13 on Abitibi's Pyramid property. The Pyramid claims cover another potential subbasin similar to that which hosts the Sullivan Mine at Kimberley, B.C. The Sullivan deposit is one of the largest base metal deposits in the world. It will have produced over 150 million tonnes of ore grading 6.7 per cent lead, 5.8 per cent zinc and 79 grams per tonne silver by the time the mine closes, in about 2001.
Two drill holes are planned, the first being 12 kilometres west of the Sullivan mine just south of the Kimberley fault. This hole is planned to test the Sullivan horizon (the horizon that hosts the Sullivan mine), in an area not previously tested. This drilling is two kilometres west of a previous drill hole by Cominco Ltd. which indicated anomalous sulphides at the Sullivan horizon. The predominant current direction in the Sullivan subbasin was from west to east.
Following this drilling, Rio Algom then plans to drill a hole to test for Sullivan type mineralization on Abitibi's Yahk claims.
Options granted
Subject to regulatory approval, Abitibi has granted 930,000 incentive stock options to directors and officers of the company, exercisable at a price of 15 cents per share for a five-year period ending Sept. 13, 2004.
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