Abcourt announces mineral resource update in Sleeping | Daily News Byte

ROUIN-NORANDA, Quebec, December 13, 2022 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or “The Corporation”) (TSX Venture: ABI) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Sleeping Giant Mine, a 100% owned high-grade gold deposit located in the Abitibi Greenstone Belt, 80 km north of Amos, Quebec.

This MRE reflects the results of approximately 1.19 million meters of drilling, of which 9,281 meters were completed by Abcourt from 2016 to May 2022, as well as all test results received up to September 2022. This MRE was conducted by InnovExplo of Val d’Or.

Highlights

• 173,000 oz of Indicated Resource at an average grade of 7.14 g/t Au;
• Conservation of measured and indicated resources (99%) compared to the previous MRE;
• 248,000 oz of Inferred Resources at an average grade of 8.74 g/t Au;
• Gain of 212,800 oz of inferred resources (700% increase);
• 98% of this MRE is located at the depth accessible by the existing shaft;
• Modeling 846 different gold structures from 1.19 million meters of borehole and underground infrastructure, many of which remain to be fully explored;
• This MRE excludes remaining pylons around existing infrastructure, a 5m buffer zone around existing infrastructure, a 50m crown pylon and historical production. After engineering studies, part of these pillars could be integrated into the MRE and represent the potential to increase resources;
• The MRE complies with the standards and guidelines of the Canadian Institute of Mines, including the presentation of Restricted Mineral Resources;
• This MRE will serve as the basis for updating the mineral reserve estimate of the Sleeping Gin Mine;
• The update of the estimate of mineral reserves is scheduled for the spring of 2023.

Pascal Hamelin, President and CEO of Abcourt, said: “We are very proud to have reached an important milestone for the Corporation. This MRE shows the potential for growth through a significant increase in assumed resources. The robustness and quality of the Sleeping Giant deposit is confirmed by the preservation of the Indicated Resources in accordance with the best industry practice. In addition, the 3D geological model that served as the basis for this MRE will allow geologists to clearly define the next drilling targets to continue to increase the potential of the reservoir.

MRE adheres to current Canadian Reporting Standards for Mineral Resources and Mineral Reserveswhich are Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) definition standards for mineral resources and mineral reserves May 2014 (“CIM Definition Standards”). MRE also follows CIM Best Practice Guidelines for Estimating Mineral Resources and Mineral Reserves November 2019 (“CIM MRMR Best Practice Guidelines”).

This MRE includes all blocks (“must-take blocks”) that fall into a potentially exploitable form that must meet “reasonable prospects for eventual economic extraction” as stated by CIM 2019. These guidelines were introduced after the 2019 MRE at Sleeping Giant . .

Table 1: Mineral Resource Estimate for the Sleeping Giant Mine (effective December 12, 2022)

Notes with MRE 2022

1. Independent and qualified persons for UM 2022, as defined in NI 43-101 are Olivier Vadnais-Leblanc, P. Geo. and Eric Lecomte, ing, all of InnovExplo Inc.
2. These mineral resources are not mineral reserves because they have no proven economic viability. The results are presented on a non-diluted basis and are considered to have reasonable prospects for economic viability. 2022 MRE follows CIM standards.
3. The assessment includes 846 mineralized lenses that were modeled using a minimum geological width of 0.5 m using Genesis software.
4. Density value 2.85 g/cm³ (based on measurements and reconciliation of mines and mills) was assigned to all mineralized zones.
5. A high-grade closure supported by statistical analysis was performed on the composite data and determined at 95 g/t Au for all mineralized zones. Composites (0.5 m) were calculated within zones using the grade of the adjacent material when tested or a value of zero when not tested.
6. The need for reasonable prospects for eventual economic exploitation is met by using cutoff levels based on reasonable mining parameters and locally constrained within the Desvik Rate Optimizer shape using a minimum excavation width of 1.7m for both potential methods. It was reported at a rounded cutoff of 4.25 g/t Au using the long hole (LH) method, and 5.0 g/t Au using the room and pillar (R&P) method. Thresholds were calculated using the following parameters: mining price = C$213.96/t (LH) to C$261.56/t (R&P); processing costs = C$35.10/t; G&A = C$22.09/t; gold price = $1,650.00/oz and USD:CAD = 1.30. Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs, etc.).
7. The assessment was completed using the sub-block model in Surpac 2022. A parent block size of 4m x 4m x 4m (1m x 1m x 1m sub-blocked) was used. The degree interpolation was obtained by the Inverse Distance Squared (ID2) method using solid boundaries.
8. Mineral resource estimates are classified as indicated and inferred. The presumptive category is defined by at least two (3) wells in areas where the distance between wells is less than 75 m and shows reasonable geological and slope continuity. The category of Indicated Mineral Resources is defined by at least three (4) wells in areas where the spacing between wells is less than 30 m and shows a reasonable geological and degree of continuity.
9. The number of metric tons has been rounded to the nearest hundred, in accordance with the recommendations in NI 43-101 and any deviations in the totals are due to the effects of rounding. Metal content is presented in troy ounces (tons k quality / 31.10348) rounded to the nearest hundredth.
10. The independent and qualified persons for the 2022 UM are not aware of any known environmental, permitting, legal, political, title, tax, socio-political or marketing issues that could materially affect the mineral resource estimate.

Qualified persons

Qualified persons independent of the Issuer, responsible for the resource estimate of the Sleeping Giant Mine, within the meaning of NI 43-101, are Ms. Olivier Vadnais-Leblanc, Geo., and Eric Lecomte, Eng., of InnovExplo Inc. .

Ms. Vadnais-Leblanc and Ms. Lecomte declare that they have read this press release and that the scientific and technical information related to the resource estimate presented in it is correct.

Mr. Pascal Hamelin, Eng., President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.

Abcourt will be hosting a live webinar to discuss this MRE.

Abcourt will hold a live webinar on Wednesday, December 14th at 2:00 PM EST / 11:00 AM PST. Pascal Hamelin, President and CEO of Abcourt, will discuss this mineral resource estimate as well as other recent news. Questions may be submitted in advance by email to IR@abcourt.com. A replay of the webinar will be available on Abcourt’s website when it ends.

Date: Wednesday 14.12.2022

Time: 14:00 EST / 11:00 PST

Link to join the webinar: https://us02veb.zoom.us/j/89885452734

Meeting ID: 898 8545 2734

Mobile phone

+13602095623,89885452734# USA

+13863475053,89885452734# USA

Incoming call (for better quality, dial the number based on your current location):

Canada: +1 204 272 7920, +1 438 809 7799, +1 587 328 1099, +1 647 374 4685, +1 647 558 0588, +1 778 907 107 606

USA: +1 360 209 5623, +1 386 347 5053, +1 507 473 4847, +1 564 217 2000, +1 646 558 8656, +1 646 931 1469, +1 646 931 1469, +1 646 69 +1 646 931 1 1 689 278 1000, +1 719 359 4580, +1 253 205 0468, +1 253 215 8782, +1 301 715 8592, +1 305 224 1968, +1 305 224 1968, +1 306 19368, +1 306 19361 36 346 248 7799

Webinar ID: 898 8545 2734

About ABCOURT MINES INC.

Abcourt Mines Inc. is a Canadian gold producer and exploration corporation with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mill and mine where it concentrates its activities.

ABOUT INNOVEXPLO INC.

InnovExplo Inc. is a consulting firm offering services in mining exploration, mining geology, mineral resources, mining engineering, environment and sustainable development. Since its establishment in 2003, InnovExplo Inc. has worked on 450 different mandates for 170 junior mining exploration and production companies. The firm has produced more than 300 geological or engineering reports for projects affecting almost all spheres of mining project activity, from exploration to exploitation, including mainly technical reports in accordance with Regulation 43-101.

For additional information, visit our website at www.abcourt.com and consult our filings under Abcourt’s profile at www.sedar.com, or contact:

INFORMATION FOR THE FUTURE

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “seeks,” “expects,” “estimates,” “intends,” “anticipates,” “believes,” “may”, “may”, “probably” or variations of such words or statements that certain actions, events or results “may”, “will”, “could”, “would”, “perhaps”, “will be taken”, ” happen”, “be achieved” or other similar expressions. Forward-looking statements, including Abcourt management’s expectations regarding the completion of the Transaction, are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that could cause actual results, activity levels, performance or achievements of Abcourt- and differ materially from those expressed or implied in such forward-looking statements or information. Forward-looking statements are subject to business and economic factors and uncertainties, as well as other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt’s public filings , available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although Abcourt believes that the assumptions and factors used in the preparation of the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements and information. Except as required by applicable law, Abcourt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

TSX Venture Exchange and its regulatory service provider (as defined in the policies of TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.