Start Of Jersey Valley Drilling

VANCOUVER - Abacus Mining & Exploration Corporation reported that a diamond drilling program is about to begin at Jersey Valley, within the Battle Mountain trend of north-central Nevada. The Company has signed a contract for approximately 1100 meters of core drilling, designed to test two of the five anomalous trends identified in the Induced Polarization (IP) geophysical survey completed late last year. Four holes will be drilled, ranging in depth from 250 to 300 meters.

The IP survey detected 44 separate targets, which have been grouped into five separate ENE trending zones, four of which are open in at least one direction. Three zones have signatures characteristic of epithermal precious metal mineralization and two others have signatures associated with gold skarns. The property lies within an active hydrothermal environment, with an operating geothermal power plant on the claim group.

The 2020 IP survey was designed to bracket four historic lines of IP done by a previous operator in 2005. The historic survey was laid out to target a depth of approximately 200 meters, while the new survey was designed to penetrate to depths of over 400 meters.

JV-1 and JV-2 are the two main IP target zones, and both extend the anomalies 500 meters along strike from the historic IP survey. They lie on either side of a fault thought to be the conduit for mineralizing fluids feeding epithermal mineralization. JV-1 can be traced for at least 700 m and JV-2 for at least 900 m. Three historic diamond drill holes appear to have just grazed JV-1 and JV-2, but past drilling was neither extensive enough, deep enough nor optimally placed to adequately test the targets, leaving them essentially untested.

Historic drill hole 06JC014C was collared within the northeast part of JV-2, but it tested a weaker anomaly and missed a stronger, slightly deeper anomaly. Despite this, the hole intersected 1.18 g/t silver over 13.1 m near the top and then 0.19 g/t gold over 13.4 m within a slightly wider intercept of 2.36 g/t Ag over 16.5 m near the end of the hole.

Hole 06JC015C was collared 200 m west of 06JC014C and it also intercepted JV-2. It returned 0.18 g/t gold and 3.6 g/t silver over 6.09 m part way through the hole and then 1.58 g/t gold over 1.52 m near the end of the hole. This upper intercept is within a weaker anomaly, and the lower seems to have just hit the top of a much better target.

Likewise, the northeast edge of JV-2 was intersected by historic drill hole 06JC017C, which assayed narrow zones of anomalous gold and silver throughout, and then 0.18 g/t gold and 2.98 g/t Ag over 29.87 m. at the end of the hole. This hole also grazed the edge of a second order target.

All three holes have disseminated sulphides throughout, including pyrite and stibnite. All contain anomalous gold and silver, along with a suite of other elements typical of these precious metal bearing systems. Note that all intercepts are down hole lengths, as insufficient drilling was done to determine true widths. Note further that these results are historic in nature and although the author was not involved in the original work, proper industry standard sampling and data verification procedures appear to have been followed.