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Abacus Provides Update on Willow Drilling

VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) — Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:…

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VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) — Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) wishes to provide an update on the ongoing drill program on the Willow porphyry copper property in the Yerington copper camp, southeast of Reno, Nevada.

The program began in early July and the third drill hole has just begun. All holes to date have intersected the Luhr Hill porphyry, which is the host rock of the four known porphyry copper-molybdenum deposits in the Yerington camp. Previous drilling in 2018 also intersected this rock unit, marking the first new discovery of a copper-molybdenum porphyry in the Yerington camp in over forty years.

Drill progress has been slow, partly due to very fractured rock. The drill contractor has advanced each hole slowly, bearing in mind that the previous contractor lost two of the three holes drilled. The pace of the drill program has also been affected by covid related delays – personnel contracting covid and requiring hospitalization, self-isolation of the remaining crew, supply chain issues causing basic drill supplies to be unavailable – plus site specific issues including smoke delays due to proximity of the large fires burning near the California/Nevada border, unavailability of equipment due to those same fires, and a general lack of technical personnel available.

The net effect of all these issues, is that the Company is behind in logging and sampling of the core but expects to get caught up later this month. No samples have been submitted to the lab to date, but once results are received, they will be released in a timely manner.

“I am encouraged by the fact that the host rock to the other four known porphyry copper-molybdenum deposits in the Yerington camp continues to be intersected under cover on Willow,” stated Paul G. Anderson, President and CEO of Abacus.” The target is large and robust, and it generally takes several drill holes to home in on the porphyry center, which is the objective of the current program.”

Based on past work done by Abacus the target is at least 1.5 km by 1.5 km in size, the Willow porphyry remains poorly tested, and the porphyry center has not yet been identified. The 2021 program comprises a planned four vertical holes, each to a depth of approximately 600 metres. The holes will be approximate 200-300 metre step outs from past drilling by the Company in 2018.

Abacus completed geological, geochemical and geophysical work on Willow beginning in 2017 and then undertook a short core drilling program. This drilling identified the Luhr Hill Granite on Willow with copper values in the 0.1% to 0.2% Cu range along with elevated Mo. This was a key new discovery, as there are no known instances of this granite in the camp without an associated porphyry. The Molybdenum values are a particularly strong indicator that you are close to a porphyry copper center.

The 2018 drill program was designed to test a very small portion of an extensive zone of intense silicic and advanced argillic alteration, marked by coincident geological, geochemical and geophysical signatures typical of a porphyry copper or Cu-Mo deposit. Porphyry copper systems are large in extent, and geochemistry collected from the drilling indicates that a likely porphyry center occurs north of the area initially drilled. The Company’s target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit.

Of the porphyries in the camp, Anaconda mined the Yerington porphyry between 1952 until 1978, producing 1.6 billion pounds of copper. The undeveloped Ann Mason porphyry deposit lies just east of Willow and is held by HudBay Minerals. In early April of 2021, HudBay announced an updated PEA on Ann Mason with a revised M&I resource of 2.2 billion tonnes at 0.34% Cu. Nevada Copper is in production at its Pumpkin Hollow skarn (P&P of 572 MT at 0.4% Cu). Quaterra Resources recently announced drilling to support the Prefeasibility Study that is ongoing on their MacArthur oxide copper project (M&I of 159MT at 0.212% Cu). *

Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly owned subsidiary of Almadex Minerals Ltd. The Company also has a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase these claims outright over a ten-year period. The entire claim group is known as the Willow Property.

Abacus also holds a 20% ownership interest in the Ajax copper-gold porphyry project, located near Kamloops, British Columbia., which is managed by base metal major KGHM Polska Miedź S.A., who hold the remaining 80%. The Ajax Project contains significant quantities of copper and gold, within a NI 43-101 Proven and Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and 5.3 Moz Ag**.

The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43-101.

* Data is from the respective Company websites. The Quaterra report is by M3 Engineering and Technology Corp, May 23, 2012. Amended NI 43-101 Technical Report Preliminary Economic Assessment Lyon County, Nevada, US.

** Wardrop Engineering Inc. 2012. Ajax Copper/Gold Project, Kamloops, British Columbia – Feasibility Study Technical Report. Doc. No. 1054610300-REP-R0004-02. January 2012.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson, P.Geo.
President and CEO

About Abacus

Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedź S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.

Abacus also holds an option on the Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement.

For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.

Forward-Looking Information

This release includes certain statements that are deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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. 

CONTACT: Tel: 604.682.0301
email: [email protected]
website: www.amemining.com








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Ameriwest Lithium Railroad Valley Geophysics Results in Staking of Additional Claims

VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF)…

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VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to announce that based on positive preliminary results from a recent geophysical survey, the Company has elected to stake 150 additional placer claims on its Railroad Valley property in Nye County, Nevada.

On August 31, 2021, Ameriwest announced the initiation of a deep target geophysical study designed to determine the presence and depth of conductive and potentially lithium brine-bearing strata. The survey program was undertaken in Q3 2021 by Zonge International Inc. (http://zonge.com) and consisted of a Magnetotelluric (MT) survey. Data was collected along two lines oriented at N90˚E for a total of 12.0-line kilometers. Electric field measurements were made continuously along the lines. Magnetic field measurements were recorded approximately every 1600 meters along each profile. From these measurements a total of 60 magnetotelluric soundings were obtained. See figure 1.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84e5fc86-3666-4cae-a20d-6f7b3fa7c2f0

As noted in Ameriwest’s news release of April 19, 2021, the Company originally staked 312 unpatented placer claims, totalling 6,240 acres at the Railroad Lithium Property located 100 miles northeast of Tonopah. Upon receipt and analysis of the geophysics data whereby sharp resistivity boundaries in the subsurface are represented as resistivity gradient zones, Ameriwest noted increased resistivity open to the eastern portion of the study. (See Figure 2). Therefore, the Company elected to acquire an additional 150 placer claims on the eastern portion of the existing claim block. The additional claims now increase the Railroad Property from 312 to 462 placer claims and increase the property size from 6,240 to 9,097 acres in total.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72b5e669-3a29-499e-acf9-36ce6c9c22f7

Railroad Valley was originally identified by the US Geological Survey (USGS) as having potential to host lithium bearing brines in its subterranean aquifers beneath the valley floor. The Valley fits the current geological model and understanding of lithium brine deposit occurrences, (as defined by USGS Open File 2013-1006), and is considered analogous to the highly productive Clayton Valley. While Railroad Valley offers certain geological similarities to Clayton Valley, it differs in that it represents a new and virtually unexplored target, with only a handful of companies present, unlike Clayton Valley’s numerous leases and complex water issues. Based on seismic surveys, the Valley is about three times the size of Clayton Valley.

David Watkinson, Ameriwest’s President & CEO, notes, “The results from our geophysics study were extremely compelling. So much so, that we felt that procuring additional leases was of paramount importance. As noted previously, this is one of Nevada’s largest trapped drainage basins and has geologic potential to host large lithium brine deposits. Given its comparative attributes to Clayton Valley and its potentially much greater size, the initial results from our study are a very optimistic first step for Ameriwest’s lithium exploration in the southern portion of the Railroad Valley basin.”

Greg Bell, P.E. (Arizona), a qualified person under the NI 43-101 instrument, has reviewed and approved the technical content of this release.

Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates, and reports from the field as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.

On Behalf of the Board of Directors,

David Watkinson
President and Chief Executive Officer

For further information, please contact:
Invictus Investor Relations
Tel: +1 (604) 343-8661
[email protected]
https://ameriwestlithium.com/

About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)

Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring Nevada’s Deer Musk East property, located in the prolific Clayton Valley, totalling 5,600 acres, the Railroad Valley property, totalling 9,097 acres, the Edwards Creek Valley totalling 16,940 acres and Arizona’s Thompson Valley totalling 2,859 acres. Additionally, Ameriwest’s current resource portfolio includes the ESN Project, located in White Pine County, Nevada, and the Koster Dam property, located in the Clinton Mining Division of British Columbia, in which Ameriwest has a 45% interest.

For more information visit: https://ameriwestlithium.com/.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

 





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79 Resources Ltd. Announces Financings

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / 79 Resources Ltd. (CSE:SNR) ("79 Resources " or the "Company") announces that it intends to conduct non-brokered…

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VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / 79 Resources Ltd. (CSE:SNR) (“79 Resources ” or the “Company”) announces that it intends to conduct non-brokered private placement financings of flow-through and non flow-through units (collectively, the “Private Placements”) for combined aggregate gross proceeds of up to $1.25 million.

The Company intends to issue up to 6,000,000 flow-through units (“FT Units”) at a price of $0.125 per FT Unit, for gross proceeds of up to $750,000. Each FT Unit will consist of one (1) flow-through common share and one-half of one transferable common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $.20 for 24 months from the date of issuance. The flow-through shares will entitle the holder to receive the tax benefits generally applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

The Company also announces that it intends to issue up to 5,000,000 non flow-through units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of up to $500,000. Each Unit will consist of one common share and one transferable common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.20 for 24 months form the date of issuance.

Proceeds raised from the Private Placements will, as applicable, be used to advance the Company’s exploration projects, including its recently acquired Five Point Property (a district-scale exploration opportunity covering nearly 120,000 hectares in central British Columbia that is located contiguous to Sun Summit Minerals Corp.‘s Buck Project), and for general working capital.

Finders’ fees may be payable on the Private Placements, subject to compliance with the policies of the CSE and applicable securities legislation.

Among other prospectus exemptions, the Company intends to rely on the “investment dealer” prospectus exemption with respect to the Private Placements. As such, the Company confirms that there are no material facts or changes about 79 Resources that have not been generally disclosed.

About 79 Resources Ltd.

79 Resources is a Canadian-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the company seeks to acquire, explore and develop high-potential mining assets that are situated in secure jurisdictions.

ON BEHALF OF THE BOARD

“Steven Feldman”
Steven Feldman Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Tel. 1-604-683-3995
Toll Free. 1-888-845-4770

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

SOURCE: 79 Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/669838/79-Resources-Ltd-Announces-Financings






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Durango Intersects Anomalous Gold in Several Zones on the Trove Property, QC

 

Vancouver, BC – TheNewswire – Oct 27, 2021 – Durango Resources Inc. (TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango”)…

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Vancouver, BC – TheNewswire – Oct 27, 2021 – Durango Resources Inc. (TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango”) announces that further to the news release of August 2, 2021, the Company has found gold (“Au”) mineralization in several drill holes drilled in 2021 on its wholly owned Trove Property in Québec.

 

A total of 2,661 meters (“m”) were drilled in five holes targeted to find the source of high-grade gold found in till samples near 3 geophysical anomalies which were interpreted as potential structural controls for gold mineralization.  

 

Hole DGT21-11 intersected gold grades of 0.576 g/, 0.458 g/t and 0.117 g/t in 3 distinct 1m intervals at depths ranging from 120.5 to 225m.

 

Gold results from Holes DGT21-12, 13 and 14 include:

 

  • – Hole DGT21-12:  from 0.10 g/t over 3m to 0.37 g/t over 1m in 5 zones at varying depths between 131m to 407m;

    – Hole DGT21-13: from 0.298 g/t over 5m (incl. 0.656 g/t over 1m) and 0.45 g/t over 1m in 2 zones at depths of 145m and 367 to 372m; and

    – Hole DGT21-14: from 0.16 g/t to 0.37 g/t over 1m in 5 zones at depths from 113m to 543m.

Hole DGT21-11 was drilled along the Barry Fault which is associated with the Gladiator gold deposit owned by BonTerra Resources Inc. (TSX.V-BTR).  Gladiator has a measured and indicated resource of 391,000 ounces (“oz”) gold with an average grade of 8.61 grams per tonne (”g/t”) Au and an inferred resource of 989,000 oz gold averaging 7.37 g/t Au.  

 

Holes DGT21-12, 13 and 14 were all drilled along the Rouleau Fault which is one of the structures related to the Windfall Lake gold deposit owned by Osisko Mining Inc. (TSX-OSK) which contains 1.86 million oz of indicated gold and 4.24 million oz of inferred gold.

 

Hole DGT21-13 also encountered several other metals including silver (“Ag”), base metals and PGE’s as per the following:

 

Over the interval 109m to 111m:

  • – 5.65 g/t Ag over 2m, (including 8.7 g/t Ag over 1m);

    – 1.45% Zinc over 2m (including 2.47% Zn over 1m); and

    – 27.2 g/t Cadmium over 2m (including 47.7 g/t over 1m) in a deformation zone at 109m.

Over the interval 281 to 290m:

  • – 600ppm to 1770ppm Chromium;

    – 100ppm to 803ppm Nickel; and

    – Anomalous Platinum, Palladium and Ruthenium.

The PGE anomalies were found in ultramafic rocks which were not the target of the drill program so only a few samples from these rocks were initially sent for analysis. Given the results from the ultramafic rock sampled, fourteen additional samples have recently been sent for PGE analysis. Results will be reported as they become available.

 

The 2021 drilling program was successful in finding evidence of a gold bearing mineralization system(s) and testing 3 of 9 geophysical anomalies delineated on the previously undrilled and under explored Trove Property. Future drilling programs will test the additional six geophysical anomalies and additional locations identified by high grade gold bearing till samples. All gold results have now been received from the Phase I drilling program completed earlier this year.

 

Marcy Kiesman, CEO of Durango stated, “Results from the 2021 drill program speak to the discovery potential on the Trove Property as the crosscutting fault systems appear to correlate with both the Trove gold & PGE anomalies and with neighbouring known gold deposits. We are pleased that Durango was able to test 3 geophysical anomalies in 5 drill holes on the Trove Property despite having limited access due to poor weather and road conditions.”

George Yordanov, P. Geo stated, “Most of the Trove Property drillholes intersected alternating packages of amphibolite, metasediments, and felsic and mafic tuffs. A gabbro unit was intersected at the bottom of holes 10 and 14. Interbedded units were also crosscut by porphyritic syenite dikes in holes 12 and 14. The geological setting encountered at these relatively shallow depths are favourable and warrant further deep drilling investigation.”

 

The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101.

 

About Durango

Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Québec, Canada.

 

For further information on Durango, please refer to its SEDAR profile at www.sedar.com.

 

Marcy Kiesman, CEO

Telephone: 604.428.2900 or 604.339.2243

Email: [email protected]

Website: www.durangoresourcesinc.com

 

Forward-Looking Statements

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the upcoming work programs, and other statements relating to the business, financial and technical prospects of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

 

Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of minerals, the ability to achieve its goals, the COVID-19 pandemic, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

 

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.

 

Copyright (c) 2021 TheNewswire – All rights reserved.










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