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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)
AMC 2.405-7.1%3:59 PM EST
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To: Laser who wrote (41)9/25/1997 3:34:00 PM
From: Laser  Read Replies (1) of 397
 
news release:

Niblack drilling results

Abacus Minerals Corporation AMC
Shares issued 18,040,405 Sep 24 close $0.37
Thu 25 Sept 97 News Release
Mr Steve Todoruk reports
Abacus Minerals has completed the 1997 surface drilling program on the
Niblack property and is currently in the process of evaluating the
possibility of an underground exploration program for 1998.
The most recent holes confirmed the potential for significantly expanding
the known resource at Niblack. Two of the final holes were drilled to test
the down dip extension of the stringer mineralization intersected in LO-149
(previously released) on the western portion of the Lookout zone. Both
LO-152 and LO-153 intersected very wide zones (greater than 250 ft) of
stringer pyrite/copper mineralization. Within these wide zones LO-152
intersected 1.06% copper over 9.0 ft and LO-153 intersected 1.33% copper
over 21 ft. Management believes these holes represent a feeder zone and
therefore indicate strong potential for additional mineralization down dip.
LO-151 was drilled to further explore the mineralization intersected in
LO-147 (previously released) on the eastern portion of the Lookout zone.
The hole intersected 1.20 ft of massive sulphide grading 0.163 oz/t gold,
3.1 oz/t silver, 0.18% copper, and 28.10% zinc up dip from its intended
target depth. This hole indicates the potential for finding additional
mineralization within the drilled portion of the Lookout zone.
LO-154 was drilled on the western margins of the Lookout zone to test the
up dip continuity of mineralization intersected in LO-150 (previously
released). A 10.5 ft section of massive pyrite mineralization with
anomalous gold and copper mineralization was intersected 700 ft above the
known mineralized horizon. This massive sulphide intercept opens up an
entirely new area for exploration and demonstrates the enormous potential
to discover additional reserves at Lookout.
Both Abacus and Teck Corp are encouraged by the results from the 1997
program. Abacus and its consultants have begun studies to determine the
feasibility of an underground exploration program for 1998. Studies under
way include metallurgical testing, environmental studies, preliminary cost
scoping and underground planning as well as updating the drill indicated
resource. Permitting will begin immediately with state agencies for
possible underground exploration. This process is estimated to take four to
six months.
Argentina Update
Abacus personnel are leaving on September 27 to set up logistics and begin
exploration of the company's six projects in Santa Cruz, Argentina which
are being optioned from Barrick Gold. A $750,000 program will commence in
mid October which will see continued trenching completed on the La
Manchuria property before the end of November followed by a 2000 metre RC
and diamond drilling program in mid-January 1998.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch
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