NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ABACUS MINERALS CORPORATION
VSE SYMBOL: AMC
MAY 10, 1999
Abacus Minerals Corporation Announces La Manchuria
Project Drill Results
VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation is
pleased with the ongoing development of its gold-silver La
Manchuria project in southern Argentina. Results of the recently
completed reverse circulation drilling program have now been
received.
Drilling to date on the property (14 diamond drill holes in 1998
(LM98-1-14) and 8 RC holes in 1999 (RCLM99-1-8) totaling 3,100
metres) has delineated a 450 metre long gold-silver mineralized
system with anomalous to high-grade bonanza epithermal
mineralization. The 1999 drilling extended the known mineralized
system along strike in both directions as well as confirming and
expanding the continuity of narrower high-grade sections. The
mineralization remains open in all directions. The 1999 drilling
also helped define some of the structures on the property which
will aid in future drill programs. The significant results from
1999 are summarized with the 1998 results on a section by section
format in the following table:
/T/
Section Hole From To Width Au Ag Au equiv.
(m) (m) (m) (g/t)(g/t) (g/t)
--------------------------------------------------------------
L4900N RCLM99-5 26.0 94.0 68.0 0.45 27.6 1.01
incl. 36.0 38.0 2.0 2.08 114.8 4.38
L4950N LM98-12 24.0 67.5 43.5 1.27 22.8 1.72
incl. 40.5 43.5 3.0 5.89 50.2 6.89
L5000N RCLM99-3 8.0 34.0 26.0 0.79 14.2 1.07
And 90.0 104.0 14.0 2.21 93.1 4.07
incl. 90.0 92.0 2.0 7.85 63.7 9.12
incl. 102.0 104.0 2.0 6.67 526.2 17.19
LM98-6 7.54 95.2 87.66 0.29 16.3 0.62
incl. 50.0 51.0 1.0 3.44 227.5 7.99
L5050N LM98-11 106.0 120.5 14.5 5.10 56.7 6.23
L5100N LM98-2 45.02 103.07 58.05 6.53 22.3 6.99
incl. 52.52 66.02 13.50 21.66 45.3 22.60
and 89.47 96.07 6.60 11.08 30.7 11.72
LM98-8 149.5 151.0 1.50 7.53 70.5 8.94
L5150N LM98-9 34.0 88.6 54.6 4.46 12.1 4.70
incl. 79.9 88.6 8.7 24.88 11.3 25.09
L5200N LM98-10 3.04 97.5 94.46 0.74 104.6 2.83
incl. 45.04 57.04 12.0 1.45 418.5 9.82
and 87.85 97.50 9.65 1.82 449.8 10.81
LM98-1 106.2 117.7 11.5 1.22 136.6 4.06
incl. 110.2 111.7 1.50 6.71 670.0 20.66
RCLM99-1 4.0 60.0 56.0 0.33 9.45 0.52
incl. 6.0 10.0 4.0 1.38 7.10 1.52
note: last 1.0 metre of hole RCLM99-1 has 0.96 g/t
Au, 3.6 g/t silver and 1.03 g/t Au equivalent
L5250N RCLM99-2 128.0 130.0 2.0 4.83 33.50 5.50
RCLM99-6 40.0 72.0 32.0 0.50 39.9 1.30
incl. 40.0 42.0 2.0 2.60 374.1 10.08
and 88.0 90.0 2.0 0.79 295.2 6.69
/T/
Hole RCLM99-3 is believed to confirm the southward extension of
the narrow high-grade mineralization intercepted in diamond drill
holes LM98-2 (13.5 m (at) 21.66g/t gold, 45.2 g/t silver) and
LM98-11 (14.5 m (at) 5.10g/t gold, 56.66g/t silver). Hole
RCLM99-3 extends this zone for approximately 90 metres south.
East of hole RCLM99-3, hole RCLM99-5 extends mineralization to the
southeast. Hole 5 intersected a broad near-surface zone of lower
grade mineralization (68.0 m (at) 1.01 g/t gold equivalent) which
is believed to be the continuation of a similar near surface
mineralized zone encountered in diamond drill hole LM98-12 (43.5 m
(at) 1.27g/t gold, 22.8 g/t silver). Both this zone and the
mineralization intersected in hole 3 are considered open along
strike and to depth. Two distinct soil anomalies with different
trends extend from these zones for at least a further 200 metres.
Along strike to the north, RCLM99-6 extends the known
mineralization 50 metres north. Hole RCLM99-7 drilled a further
50 metres to the northwest intercepted a basal fault contact
between the felsic and mafic rocks earlier than expected. Although
hole 7 intercepted some anomalous values it is believed that due
to the movement of this fault, the potential strike continuation
of mineralization is expected to be to the NE of hole 7 collar.
Approximately 2.0 kilometres to the southeast of holes 1 - 7 lies
a newly recognized target area, within which hole RCLM99-8 was
drilled. Geochemical data outlines a very well defined continuous
mercury soil anomaly which occurs over a NW trend of 1.0
kilometres and up to 400 metres wide. This anomaly is defined by
mercury values of up to 2,400 ppb, and correlates well with strong
hydrothermal clay alteration as seen on satellite images. Hole
eight was drilled prior to receiving the soil geochemical results
and now appears to be drilled outside of the most favorable target
area. Within this South Grid target, the area is wide spread
silicified float material as well as hydrothermal hematite
breccia. Rock samples collected have returned up to 0.31 g/t gold
and up to over 10,000 ppb mercury.
The South Grid target area is believed to represent a mineralized
epithermal system close to the paleosurface. Lower to background
precious metal values and highly anomalous mercury values can be
characteristics of the upper part of an epithermal system.
Continuous linear features identified on air photos and satellite
images may have focused on hydrothermal activity in this target
area.
La Manchuria exhibits many similar characteristics to other well
known deposits of this type such as Meridian Gold Inc.'s El Penon
deposits in northern Chile and the very high grade Hishikari
deposits in Japan. At El Penon, Meridian Gold initially
discovered significant gold mineralization approximately 100
metres below surface associated with one controlling structure.
Ultimately, this work identified a reserve of 4,400,000 tons
grading 6.6 g/t gold and 99 g/t silver, which prompted a
production decision. Continuous exploration resulted in the
additional discovery in early 1998 of a new sub-parallel very high
grade zone reported to be 1,100,000 tons grading 27 g/t gold and
410 g/t silver. A similar exploration and discovery history
resulted in the very rich 8,000,000 ounce gold Hishikari deposits
where the discovery of the first of several sub-parallel
structural gold zones was made in a single drill hole 200 metres
below surface.
For a copy of a drill hole plan map, please telephone the company
for one.
For more information on Abacus' projects please visit our web-
site.
On Behalf of the Board, ABACUS MINERALS CORPORATION
Steve L. Todoruk, P.Geo., President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Abacus Minerals Corporation
Steve L. Todoruk, P.Geo.
President
(604) 682-0301 or toll-free: 1-800-811-5388
(604) 682-0307 (FAX)
Email: info@abacusminerals.com
Website: www.abacusminerals.com
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