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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR:ÿ ABACUS MINERALS CORPORATION
VSE SYMBOL:ÿ AMC
JUNE 17, 1998
Abacus Minerals: Drilling Encounters Further High Grade
Results at La Manchuria
VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation is
pleased to announce additional high grade interceptions from the
second stage drilling at La Manchuria.ÿ All holes continue to be
highly anomalous throughout their length confirming the presence
of a large system enriched in both gold and silver.
The majority of the second stage drill holes targeted the portion
of the system indicated by drill hole LM98-2 (58.5 metres grading
6.53 g/t gold, 22.3 g/t silver) as reported on April 29, 1998.ÿ
Significant results from these holes are summarized below.
/T/
Drillÿÿÿ Fromÿÿÿÿ Toÿÿÿ Intervalÿÿ Auÿÿÿÿÿ Agÿÿÿÿ Au Equiv.
Holeÿÿÿÿÿ (m)ÿÿÿÿ (m)ÿÿÿÿÿ (m)ÿÿÿ (g/t)ÿÿ (g/t)ÿ (50:1 conv.)
98-8ÿÿÿÿ 33.05ÿÿ 36.55ÿÿÿÿ 3.5ÿÿÿÿ 0.73ÿ 137.07ÿÿÿÿÿ 3.47
98-9ÿÿÿÿ 34.0ÿÿÿ 88.6ÿÿÿÿ 54.6ÿÿÿÿ 4.46ÿÿ 12.14ÿÿÿÿÿ 4.70
incl.ÿÿ 79.9ÿÿÿ 88.6ÿÿÿÿÿ 8.7ÿÿÿ 24.88ÿÿ 11.30ÿÿÿÿ 25.08
98-10ÿÿÿÿ 3.04ÿÿ 97.5ÿÿÿÿ 94.46ÿÿÿ 0.74ÿ 104.56ÿÿÿÿÿ 2.83
incl.ÿÿÿ 3.04ÿÿ 13.54ÿÿÿ 10.5ÿÿÿÿ 1.33ÿÿÿ 2.94ÿÿÿÿÿ 1.39
incl.ÿÿ 45.04ÿÿ 57.04ÿÿÿ 12.0ÿÿÿÿ 1.45ÿ 418.54ÿÿÿÿÿ 9.82
incl.ÿÿ 87.85ÿÿ 97.5ÿÿÿÿÿ 9.65ÿÿÿ 1.82ÿ 449.84ÿÿÿÿ 10.81
98-11ÿÿ 106.0ÿÿ 120.5ÿÿÿÿ 14.5ÿÿÿÿ 5.10ÿÿ 56.67ÿÿÿÿÿ 6.23
98-12ÿÿÿÿ 4.5ÿÿÿÿ 9.0ÿÿÿÿÿ 4.5ÿÿÿÿ 0.25ÿ 354.30ÿÿÿÿÿ 7.33
incl.ÿÿÿ 24ÿÿÿÿ 67.5ÿÿÿÿ 43.5ÿÿÿÿ 1.27ÿÿ 22.75ÿÿÿÿÿ 1.72
incl.ÿÿ 39.0ÿÿÿ 57.0ÿÿÿÿ 15.0ÿÿÿÿ 2.28ÿÿ 26.14ÿÿÿÿÿ 2.77
(x) Au and Ag values are uncut
/T/
Results are variable throughout these intersections (with
individual assays up to 159.98 g/t gold/1.30 metres and 5281.8 g/t
silver/ 0.65 metres) reflecting the apparent multi-stage
mineralizing sequence and type of mineralization.ÿ Due to the
early stage and limited understanding of the deposit, results have
been averaged over widths indicated by geological interpretation
and values.ÿ No values have been cut nor have economic cut-off
grades been applied.
Geologically, mineralization is hosted in a large epithermal
sheeted vein and/or stockwork system contained within rhyolitic
and andesitic volcanic units.ÿ High grade shoots are typical of
epithermal deposits.ÿ The majority of mineralization is hosted
within the upper sequence of rhyolitic volcanics.ÿ However, the
latest drilling has confirmed the continuation of mineralization
and veining into the underlying andesitic volcanics.ÿ Drill hole
LM98-10 ended in veined and altered andesite grading 0.81 g/t gold
and 374.3 g/t silver over 1.03 metres and drill hole LM98-8
yielded an interval within andesite 7.5 g/t gold and 70.5 g/t
silver over 1.50 metres.ÿ Company geologists believe that
mineralized feeders may underlie the mineralization encountered in
drilling.ÿ Preliminary petrographic work shows the presence of
native gold, native silver and pyrargyrite (Ruby Silver) contained
within the veins and veinlets of the stockwork.ÿ The system
contains minimal sulphides with the pyrite content estimated to
range from trace to 2 percent.
Drill holes LM98-1 and 2 and the results reported above represent
a 250 metre strike length to a depth of 100 metres open in both
directions on strike and to depth.ÿ Geochemical and geophysical
anomalies indicate excellent potential to expand the zone.
In the Phase II drill program, only LM98-13 tested an outside
target (500 metres east of LM98-2).ÿ Results were very encouraging
with 4.80 g/t gold, 1.45 g/t silver over 3.0 metres, as well as
other highly anomalous values.ÿ In addition, numerous other
geochemical and geophysical targets elsewhere on the property have
yet to be tested.
In conjunction with ongoing evaluation of the La Manchuria
prospect, a magnetometer geophysical survey was recently carried
out in an attempt to help delineate possible structural controls
to mineralization.ÿ As well, an extensive clay alteration study is
in progress which could potentially locate prospective precious
metal mineralization.
Abacus is extremely pleased with these results at this stage of
the project's development.ÿ Numerous examples of large epithermal
deposits are known worldwide.ÿ The closest of these to La
Manchuria is Anglo American's Cerro Vanguardia Mine.ÿ Cerro
Vanguardia is located 80 kilometres to the east of La Manchuria
and hosts 3.80 million ounces of gold and 35.0 million ounces of
silver.ÿ
Upon completion of the above data evaluation, a decision will be
made as to the timing of resumption of drilling at La Manchuria.
ABACUS MINERALS CORPORATION
Steve L. Todoruk, P.Geo., President |
