MONT-ST-HILAIRE, QUÉBEC--(Marketwire - Feb. 20, 2013) - Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the "Company"), reports that a NI 43-101 resource report on Vendome property has recently been filed on SEDAR. This report was prepared by Mr. Jean-Pierre Bérubé, B.Sc., Eng. (the "Author"), an independent consulting geologist and a Qualified Person with past relevant work experience in that matter.
ABCOURT is the 100% owner of the Vendôme property which consist in fifty-nine (59) contiguous mining claims (CL) located in Range 10 of Fiedmont Township and Range 1 of Barraute Township. The Vendôme deposit is located 3 km west of the municipality of Barraute in the province of Québec and is easily accessible by car via routes 117 and 397 joining Montreal to Barraute. The property is subject to a 2% net smelter return on any production originating from the 15 half claims of Xstrata Zinc that covers the Vendome VMS deposit and the Mogador gold occurrence. A right to purchase or treat any concentrate produced from the former Xstrata Zinc Vendôme property is also included in the deal concluded in February 28, 2011.
The Vendôme property straddles the contact between the Landrienne and the Héva-Nord Formations. This contact is intruded by the Mogador granodiorite stock. A 0,7 to 1,0 km thick felsic volcanic sequence lies in the central part of the property. This sequence is mainly composed of massive dacite to rhyolite flows interbedded with thin units of pyroclastic rocks having variable sizes. This felsic layer is bounded by massive variolitic andesite flows.
The Vendôme property includes three volcanogenic massive sulphides (VMS) deposits and one gold occurrence namely called and proceeding westward; Vendôme, Barvallée, Mogador (gold) and Belfort. There are many zones of massive and disseminated pyrite and pyrrhotite mineralization within the tuffaceous bands hosting the VMS deposits. These mineralized units strike N70°W and dip steeply to the north (Vendôme) to 55-60° north (Barvallée) on the westward direction.
At the request of the Author, four (4) holes totalling 658 metres were drilled to fulfill some of the following requirements; 1) get tangible geological information from the drilled core, 2) get assay results and mineralized intervals from the Vendôme deposit and, 3) test the Belfort deposit in drilling a hole 1,7 km west from the Vendôme shaft collar. The holes intersected the mineralized zones at their expected location and vertical depth. Assay results are as following;
|Table 1a. Best intersections from surface holes V11-01 to 04.
The data made available in a paper format represents more than 540 diamond drill holes (66,700 metres) and about 25,000 individual assay results. The Author spent a large amount of time to validate the assay results of the borehole logs with the assay certificates. The Author didn't observe any major errors. The Author made a new calculation of all composite intervals made available from hole-to-hole and hole-to-chip/muck samples taken for any block outlined in the current report.
It was observed that a few surface holes are not perfectly in line with the ore outline. Nevertheless, it was also possible to survey the casing of five of them (G8, G-16, X-18, X-32 and 72-3A). It was found that they were all within 0,5 metre from the position they were plotted on ABCOURT's and NORANDA compilation maps.
On June 14th 2011, the Author visited the Vendôme property guided by Mr. Eugène Gauthier, who was the senior geologist of ABCOURT at that time. This site visit included a field tour of the newly drilled holes V11-01 to 04 and a core review of mineralized and un-mineralized intervals.
The block method was used for this resources calculation. Resources categories for the Vendôme, Barvallée and Belfort deposits are following the recommendations of the CIM Standing Committee on Reserves Definitions. The detailed resources calculation for all the blocks are provided in Appendix III and they were plotted on sections (paper format). The parameters used for this mineral resources calculation are;
- Specific Gravity: 3,60 t/m3,
- Minimum (true) width: 1,50 m,
- No cuts on high Au, Ag, Cu and Zn values,
- Minimum cut-off of 55$/t or 4,53% zinc equivalent (ZnEq) based on the average metal prices in US$ over the past 3 years (June 2009 to May 2012):
gold = $1,359.94/ounce; silver = $25.91/ounce; copper = $3.53/pound; zinc = $0.95/pound
The geological resources of the Vendôme property are totalling 1,018,102 tonnes grading 1,15 g/t Au, 53,10 g/t Ag, 0,59% Cu and 6,54% Zn in all categories (Table 1b).
|MEASURED + INDICATED
||TOTAL ALL CATEGORIES
||1 018 102
|Table 1b. Total measured, indicated and inferred resources for all zones (refer to Appendix III for details).
Moreover, the upper levels of the Vendôme deposit are already developed and the property is 17 km away from the Abcourt-Barvue Ag-Zn deposit where over 7 Mt of Ag-Zn mineralization can be processed (Source: Genivar's Feasibility Study of 2007).
The Author is proposing an exploration budget of 500,000$ allowing an EM-Mag airborne survey and 4,250 metres of diamond drilling followed by In-the-Hole EM surveys to test the felsic units hosting the Vendôme, Barvallée and Belfort VMS deposits.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. A positive PEA report on Elder mine, prepared by Roche Ltd, Consulting Group, was recently received (November 2012)To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated November 26, 2010 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.