Abacus Minerals Corporation (V.AMC) Message Board

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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)

AMC 2.580

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9:30 AM EST

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To: George Castilarin who wrote (318)	3/5/1999 4:37:00 PM
From: morrie	of 397

Abacus Minerals (AMC : VSE : $0.34 : Issued 28.3M : 33.4 M f.d : Working capital $700,000) will start a 1,000 m (8-12 hole) program next week on the 100% optioned La Manchuria gold target in Argentina. Last season's hole 2 intersected 58 m grading 6.5 g/t Au and 22.3 g/t Ag. Follow-up drilling intersected 54.6 m grading 4.46 g/t Au, 14.5 m at 5.1 g/t Au, and 43.5 m at 1.27 g/t Au in a 250 m area of sheeted veins that dip at 45 degrees. Geologically, mineralization is hosted in a large epithermal sheeted vein and/or stockwork system contained within rhyolitic and andesitic volcanic units. Company geologists believe that mineralized feeders may underlie the mineralization encountered in drilling. As a longshot for Abacus, Phelps Dodge has a 70% option on the Company's Ferragudo copper target in Portugal where there is the potential to discover the extension of, or related VMS zones to, the Neves Corvo (38M tonnes of 7.5% Cu) deposit located 3,500 m northwest of the Ferragudo concession boundary. No mineralization has yet been discovered in the 35-40 drill holes completed by previous operators over the last 50 years. However, Phelps Dodge hopes that the new UTEM geophysics will identify a target that could be drill ready by May. The UTEM survey has reportedly shown a strong response at Neves Corvo. We rate the shares of Abacus Minerals as a SPECULATIVE BUY. Canaccord Capital Corporation may have assumed an underwriting liability and/or entered into an agency agreement with respect to the securities mentioned herein. GRAEME CURRIE ANDREW MUIR, CFA

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