Rouyn-Noranda, Canada, May 18, 2023 – Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce its first Mineral Resource Estimate (“MRE”) for the Flordin Project, a 100% owned gold deposit located in the Abitibi greenstone belt, 85 km east of the Sleeping Giant plant 100% owned by Abcourt, and 30 km north of the town of Lebel-sur-Quévillon, Quebec.
Figure 1: Regional Map
This MRE reflects the results of approximately 73.4 thousand metres of drilling, of which 34.9 thousand metres were carried out from 2010 to 2020. The MRE was carried out by the firm InnovExplo of Val d’Or. The MRE uses a base case valued at a gold price of $1,650/oz. Please read the notes below Table 1 for the full list of the MRE evaluation criteria.
Highlights
Pascal Hamelin, President and CEO of Abcourt, said: “We are pleased to now own a third deposit with a mineral resource estimate near our Sleeping Giant mill. With our ore processing plant having all its permits, having processing and storage capacity, Abcourt has the potential to become a significant producer in a mining camp without any mill and several orphan deposits belonging to several companies.
Figure 2: Longitudinal View of the Flordin deposit
Table 1: Mineral Resources Estimate of the Flordin Gold Project
Notes to the 2023 MRE
Table 2: MRE sensitivities according to the price of gold
This MRE adheres to current Canadian standards for the disclosure of mineral resources and reserves as created by the Canadian Institute of Mining (“CIM”) and defined in the CIM Definition Standards for Mineral Resources and Mineral Reserves dated May 2014 (“ICM Definition Standards”). The MRE also complies with the CIM Best Practice Guidance on Estimating Mineral Resources and Mineral Reserves dated November 2019 (“CIM MRMR Best Practice Guidance”).
This MRE includes the amalgamation of blocks of various grades (“mandatory blocks”) included within potential mining forms respecting the reasonable prospect of eventual economic extraction, as specified by the CIM in 2019.
Qualified Persons
The qualified persons independent of the issuer, responsible for estimating the resources of the Discovery property, within the meaning of NI 43-101, are Olivier Vadnais-Leblanc, P.geo., Carl Pelletier, P.geo., Simon Boudreau, P.Eng., and Eric Lecomte, P.Eng., of InnovExplo Inc.
Messrs. Vadnais-Leblanc, Pelletier, Boudreau and Lecomte declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is correct.
Mr. Pascal Hamelin, ing, President and Chief Executive Officer of the Company, 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 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 founding in 2003, InnovExplo Inc. has worked on 450 different mandates for 170 junior mining exploration and producing companies. The firm has produced more than 300 geological or engineering reports for projects affecting almost all of the spheres of activity of a mining project, from exploration to operation, including mainly the drafting of technical reports in accordance with the Regulation 43-101.
For further information, please visit our website at www.abcourt.com , and consult our filings under Abcourt’s profile on www.sedar.com, or contact:
Pascal Hamelin
President and CEO
T: (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276, post 456
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.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 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.
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