NEWS RELEASE - Sept 3/97
FOR: ABACUS MINERALS CORPORATION
VSE SYMBOL: AMC
SEPTEMBER 3, 1997
Abacus Minerals Corporation: Down Dip Continuity Proven
at Niblack
VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation continues
to be pleased with the drill program on its Niblack Project in
southeast Alaska and has initiated pre-feasibility studies.
The latest drilling at Niblack focused on following the Lookout
zone mineralization at depth and to the west. In addition, a
previously defined zone of anomalous base metal mineralization to
the west and above the plunge of the main Lookout zone was tested.
Four of the five holes drilled to test the down dip or western
continuity of the Lookout zone hit massive sulphides or wide zones
of base metal mineralization.
On the western portion of the Lookout zone, LO-144 was drilled
over 200 feet down dip of LO-129 (previously released) and
intersected 27.9 feet grading 0.040 oz/t gold, 0.48 oz/t silver,
1.15 percent copper and 4.8 percent zinc. LO-149 was drilled
approximately 100 feet down dip and 75 feet east of LO-21
(previously released) and intersected a wide zone of base metal
stringer mineralization which graded 0.82 percent copper over the
entire 254 foot interval including 27.6 feet grading 0.017 oz/t
gold, 0.17 oz/t silver and 3.14 percent copper. These two holes
strongly indicate the mineralizing system is continuing to depth.
LO-150 was drilled on the western extent of the Lookout zone
approximately 200 feet west of LO-129 and intersected 16.5 feet
grading 0.099 oz/t gold, 1.51 oz/t silver, 1.46 percent copper and
2.24 percent zinc. LO-150 indicates the mineralization is still
open to the west.
LO-147 was drilled under the eastern margins of the Lookout zone
approximately 100 feet down dip of LO-90 (previously released) and
intersected massive sulphides that graded 0.136 oz/t gold, 2.58
oz/t silver, 2.79 percent copper and 4.22 percent zinc over 21
feet. LO-147 is extremely encouraging as it indicates the Lookout
zone is also open at depth to the east.
LO-146 and LO-148 were drilled to test the up dip and down dip
continuity of the anomalous base metal mineralization previously
intersected in LO-49. Both holes hit disseminated base metal
mineralization which indicate the presence of a mineralizing
system. Further work is still needed in this area.
The drilling to date has significantly expanded the known
mineralization at Lookout. As a result, an update of the
geological resource is currently in progress.
The terms of the agreement between Teck Corporation and Abacus
Minerals for the continued development of the Niblack property
require Abacus to deliver a pre-feasibility report on the project.
Upon acceptance of this report, Teck will be responsible for
completing the final feasibility work and placing the property
into production.
Abacus and Teck have now agreed to the parameters for pre-
feasibility and work on this has commenced.
/T/
Aspects of the project to be included in the study are:
- Evaluation of estimated reserves.
- Development of mining methods and equipment selection.
- Metallurgical analysis.
- Process design.
- Environmental and cultural concern.
- Preliminary financial analysis based on the production rates
between 1,000 and 2,000 tons per day.
/T/
Abacus has commissioned Flour Daniel Wright to conduct this work.
Base line environmental surveys are being conducted by Hallam
Knight Piesold Ltd.
For an updated drill hole plan map and long-section, please
telephone the company and request one.
Further drill results for the program at the Niblack project
should be announced in late September.
The Company is beginning to formalize its Phase I program for the
La Manchuria project in southern Argentina which is anticipated to
begin in approximately four weeks. Abacus is earning a 100
percent interest in La Manchuria and five other properties in the
area from Barrick Gold Corporation by spending US $2.70 million.
Barrick will then have 60 days to decide to back-in for a 50
percent interest by spending the next US $3.70 million. A drill
ready target already exists on La Manchuria which Barrick
discovered in 1996 with two trenches 125 metres apart grading 110
metres of 1.48 g/t gold, 50.17 g/t silver and 180 metres of 1.37
g/t gold, 15.89 g/t silver.
ABACUS MINERALS CORPORATION
"Steve Todoruk"
Steve L. Todoruk, P. Geo., President
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