Diamond Drilling at Abcourt-Barvue Property Continues to Intersect Excellent Silver Values
MONT-ST-HILAIRE, QUEBEC, CANADA -- (Marketwire) -- 11/21/11 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(FRANKFURT: ABI)(BERLIN: ABI) (the 'Company'), is pleased to announce that diamond drilling at Abcourt-Barvue property continues to intersect excellent silver values. Holes AB11-53 to AB11-59, listed below, are part of a drilling program designed to augment and to upgrade existing 43-101 all categories resources and reserves. The property is located 60 km north of Val d'Or, Quebec. Here are the results of seven holes drilled recently:
Assay results for seven holes drilled recently on the western part of the Abcourt-Barvue silver-zinc property
----------------------------------------------------------------------------
HOLE FROM TO LENGTH Ag Zn
ZONE SECTION No. Meters Meters Meters g/tonne %
----------------------------------------------------------------------------
1 5400E AB11-53 152.80 162.60 9.80 65,73 2.60
----------------------------------------------------------------------------
Inc 159.30 161.50 2.20 45.15 5.70
----------------------------------------------------------------------------
1 5370E AB11-54 238.70 244.50 5.80 106.39 1.35
----------------------------------------------------------------------------
2 252.70 254.20 1.50 53.70 4.27
----------------------------------------------------------------------------
1 5370E AB11-55 198.20 207.00 8.80 64.52 1.89
----------------------------------------------------------------------------
2 213.60 216.00 2.40 78.95 2.66
----------------------------------------------------------------------------
1 5370E AB11-56 121.50 131.40 9.90 74.22 2.23
----------------------------------------------------------------------------
1 5340E AB11-57 272.00 283.00 11.00 61.50 1.55
----------------------------------------------------------------------------
1 Inc 273.50 276.50 3.00 153.70 1.36
----------------------------------------------------------------------------
2 294.90 296.60 1.70 86.49 2.98
----------------------------------------------------------------------------
1 5340E AB11-58 203.30 212.00 8.70 170.67 2.17
----------------------------------------------------------------------------
1 5340E AB11-59 150.60 16..30 12.70 108.20 2.07
----------------------------------------------------------------------------
1 Inc 150.60 157.50 6.90 111.10 3.13
----------------------------------------------------------------------------
2 168.50 170.00 1.50 182.20 5.30
----------------------------------------------------------------------------
31.1 grams = 1 ounce
True width is about 80% of core length.
All assays were done by Techni-Lab S.G.B. Abitibi Inc., an approved laboratory.
'Our drilling program continues to give excellent results in the main zone of mineralization. We are getting good grades and good widths. The above results with those reported previously are adding to our reserves and resources.' stated Mr Hinse.
During the four latest months, in addition to the drilling done at Abcourt-Barvue, we drilled four holes on the Vendome property to confirm historical drill holes and we obtained excellent results (see our Press Release dated August 9, 2011). In addition, we drilled four holes on the Vezza property for assessment work needed to renew the claims. Nine holes were also drilled on the Jonpol property, as required in our purchase agreement for these claims. At Jonpol, the drilling was done near surface in a silver zone.
On the Abcourt-Barvue property, 300 meters west of the known ore zone, a few old drill holes possibly indicate a new mineralized zone with good silver values. We are currently drilling a few holes in this zone, at depths of 300 to 400 meters, to confirm this zone and to establish its extent.
In the past, from 1952 to 1957 and from 1985 to 1990, the Abcourt-Barvue mine produced 6.2 M tonnes of ore with a grade of 1.43 ounces of silver per tonne (8.87 M ounces) and 3.21% zinc (178.965 tonnes or 394 M pounds of zinc).
In 2006, an in-situ mineral resource for Abcourt-Barvue was calculated according to guidelines set forth in NI-43-101 by Mr Jean-Pierre Berube, P. Eng., an independent consulting engineer. With the 2007 feasibility study, most of these resources were converted into ore reserves after taking into account mine dilution and mining recovery. See table below:
Mineral Reserves Statement by Genivar Limited Partnership (including dilution) (NI-43-101)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Grade
Mining Ounces Tonnes
method Classification Tonnes Ag g/t Zn % of silver of zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Open pit Proven Mineral
Res. 5,338,731 44.79 3.15 7,688,000 168,170
-------------------------------------------------
Underground Proven Mineral
Res. 1,169,662 105.19 2.87 3,956,000 33,569
Probable Min.
Res. 315,139 101.61 3.23 1,030,000 10,179
---------------------------------------------------------------
---------------------------------------------------------------
Total
underground 1,484,901 104.43 2.95 4,986,000 43,748
---------------------------------------------------------------
---------------------------------------------------------------
Open pit and Proven Mineral
underground Res.
Probable 6,508,393 55.64 3.10 11,644,000 201,760
Mineral Res. 315,139 101.61 3.23 1,030,000 10,179
---------------------------------------------------------------
---------------------------------------------------------------
Total 6,823,532 57.76 3.11 12,674,000 211,939
---------------------------------------------------------------
---------------------------------------------------------------
Open pit Proven
marginal ore 1,152,502 17.65 1.58 654,000 18,210
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Remaining 43-101 resources
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Grade
Ounces Tonnes
Description Tonnes Ag g/t Zn % of silver of zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Measured and
indicated 562,748 71.26 3.76 1,289,000 21,159
Inferred 1,505,687 120.53 2.98 5,835,000 44,869
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Our drill was recently moved to the Vendome property to drill four confirmation holes which will be used to complete a 43-101 resource report by an independent qualified engineer. After that, it was moved to the Vezza gold property to drill four holes which are needed to hold our claims. This will be followed by drilling a few holes on the Jonpol property to satisfy our work commitment to purchase the claims. At Jonpol, we are planning to drill a silver zone near surface. Following that, the drill will return to the Abcourt-Barvue property and continue the current definition drilling program and check the potential of the Abcourt-Barvue zone at depth.
About Abcourt Mines Inc.
Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2009, for the Elder Mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at www.abcourt.com and SEDAR.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain 'forward-looking information'. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the 'Company'), or the assumptions underlying any of the foregoing. In this news release, words such as 'may', 'would', 'could', 'will', 'likely', 'believe', 'expect', 'anticipate', 'intend', 'plan', 'estimate' and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under 'Risk Factors' in the Company's amended and restated annual information form dated November 26, 2010 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
This press release was prepared by Mr. Renaud Hinse, a qualified person, President of Abcourt Mines Inc.
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.
Contacts:
Renaud Hinse
President and Chief Executive Officer
819 768-2857 / 450 446-5511
819 768-5475 / 450 446-3550 (FAX)
rhinse@abcourt.com