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Abcourt prepares the processing of the 5,000 tonnes bulk sample from the Pershing-Manitou deposit at the Sleeping Giant Mill

ROUYN-NORANDA, Quebec, Sept. 14, 2023 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to…

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ROUYN-NORANDA, Quebec, Sept. 14, 2023 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce that the transport of its 5,000 tonnes bulk sample from the Pershing Manitou deposit is now complete and Abcourt is now preparing the Sleeping Giant mill to process the bulk sample. See Figure 1 below.

Figure 1: 5,000 tonnes of Pershing-Manitou stored at the Sleeping Giant mine
5,000 tonnes of Pershing-Manitou stored at the Sleeping Giant mine

Over the past few months, the company has carried out a thorough clean-up of the mill which has enabled us to recover considerable sums of money, update our studies and 3D models as well as identify the maintenance required for a restart of the ore processing plant. The cleaning and recovery phase having been completed; the team can now begin work to put the mill back into operation as quickly as possible.

Thanks to the amounts raised during the first tranche of the current private placement, the company will now be able to relaunch its activities. Over the next 5 weeks, Abcourt will carry out the plant restart sequence. Then, it will process the 5,000 tonnes coming from Pershing-Manitou, which should take 5 to 6 weeks.

In parallel with the start-up of the mill and the resulting sale of gold, Abcourt plans to begin development work in the upper levels of the Sleeping Giant mine with a view to extracting mineralized material. This development work will consist of definition drilling, rehabilitation of the drifts and moving to surface mineralized material already available in the various stopes.

Subsequently, underground mineral extraction from stopes already accessible on levels 145, 190, 235, and 295 will be carried out during the first months of development. The objective is to use the revenues from this extraction to advance the production project, engineering and geology towards a pre-feasibility study.

To accomplish its goals, Abcourt will need to hire miners, mechanics, and plant operators and has already begun the hiring process. People wishing to apply can send their resume to [email protected].

Although the company is currently fully capitalized for the next steps, the ongoing private placement will accelerate development underground as well as secure small production that will help the company grow organically. It is expected that the money from the second investment tranche will be used to accelerate gold production. The company would also like to thank all the shareholders who supported it and who continue to do so in these times of restart.

Pascal Hamelin, President and CEO comments: We are pleased to see milling operations restarted, starting with the processing of the 5,000 tonnes from the Pershing-Manitou deposit. This will make it possible to fill the mill circuit after a campaign to recover gold-rich pulps, and to begin receiving material from the Sleeping Giant mine.

About the Pershing-Manitou deposit: The most recent acquisition of Mines Abcourt via the merger of Corporation Resources Pershimex is the Courville property, which is located approximately 75 kilometers north of the town of Val-d’Or, in the locality of Belcourt in Abitibi-Témiscamingue. The Courville property is made up of 322 contiguous claims for a total of 12,307 hectares in one of the most prolific mining regions in the world. The property contains 3 recognized gold deposits: Jolin, Thibodeau and the former Pershing-Manitou mine. The majority of recent work undertaken by Pershimex has been focused on the old mine. Indeed, it was in operation during the Second World War, between 1939 and 1945. Little information on the production history emerges from the archives and public information available. Some historic drilling in the vicinity of the mine has highlighted the gold potential. This is what guided the first work on the Pershing-Manitou deposit. Pershimex carried out approximately 5,000 meters of drilling on the deposit, including the deepest drilling ever carried out under the old mine. Drill hole PM-21-03 returned 3.07 g/t gold over 25.4 meters at a depth of more than 175 meters vertically. Following the drilling, a Mineral Resource Estimate was carried out, and allowed us to request and obtain authorization to extract a bulk sample of 5,000 tonnes which will be processed shortly at our Sleeping Giant mill.

Figure 2: Regional Map of Abitibi in Québec
Regional Map of Abitibi in Québec

Qualified Persons

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

ABOUT ABCOURT MINES INC.

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

For further information, please visit our website at www.abcourt.ca and consult our filings under Abcourt’s profile on www.sedarplus.ca, or contact:

Pascal Hamelin
President and CEO
T: (819) 768-2857
E: [email protected]
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
E: [email protected]


FORWARD-LOOKING INFORMATION

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”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Abcourt to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Abcourt’s public documents, available on SEDAR at www.sedarplus.ca. 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 preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where 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.

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

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9be9a28-f317-4c5c-a9e9-9ebb98570277
https://www.globenewswire.com/NewsRoom/AttachmentNg/efef42f4-ee33-4f22-89d7-3e62750d9b35

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