To all,
Abacus Minerals Corporation - News Release
100% ownership of Trio Broadguage claims to be acquired
Abacus Minerals Corporation AMC
Shares issued 18040405 1997-06-25 close $0.6
Thursday Jun 26 1997 News Release
Mr Steve Todoruk reports
The company has reached an agreement with several individuals living in the US which will see the company acquire the remaining 62% interest in the Trio/Broadguage patented claims within the company's Niblack property in southeast Alaska. The Trio/Broadguage claims lie approximately 2000 feet east of the Lookout zone where Abacus earlier this year announced a drill indicated resource of 1,800,000 tons grading 0.117 oz/t gold, 1.37 oz/t silver, 1.50% copper, and 2.64% zinc. The Lookout zone is open in all directions and the company's geological consultants rate the chances of expanding this resource as extremely high.
Over the past 17 years, only one hole was drilled at the Trio/Broadguage claims because of ownership complications. Drill hole LO-19 intersected 15 feet grading 0.43% copper and 3.74% zinc. Approximately 800 feet east of drill hole LO-19 is an old adit and trench that exposes intensely altered rocks similar to the stratigraphy at the Lookout zone. Surface sampling, mapping, and diamond drilling are planned for the Trio/Broadguage claims in 1997.
Since the commencement of the 1997 drilling program in April this year, two diamond drill rigs have completed approximately 13,000 feet of drilling in 12 holes on the Niblack property. Assay results are expected to be received in early July and will be announced at that time. The company has approximately $4.5 million in the treasury and has sufficient funds to complete the 35,000 foot drill program planned for 1997 at the Niblack project and a diamond drill program at La Manchuria project in Argentina. The exploration at La Manchuria is to test surface trenching including trench TR-1 grading 1.48 g/t gold and 57.70 g/t silver over 110 metres and trench TR-2 grading 1.37 g/t gold and 14.89 g/t silver over 180 metres. This program is expected to commence in the latter quarter of 1997. Under the terms of the agreement with Barrick Gold, Abacus must spend at least US$500,000 on its Argentina properties in its first year. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
