ROUYN-NORANDA, Quebec, May 08, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to report new drilling results and an update on its activities at the Sleeping Giant mine.
In 2025, Abcourt completed 36 underground drill holes totaling 5,632 meters. Of these holes, seven target the 785N zone and the underlying areas for a total of 3,316 meters. This 785N zone is in a new sector to the east and at depth of the developed sectors of the mine. After releasing the results of two of these holes earlier this year, Abcourt is today releasing the results of two more holes, 78-888 and 78-890.
The highlights included in this press release are as follows:
Hole 78-890 intersected the 785N Zone at the targeted depth (24.3 g/t over 1.9 metres including 41.9 g/t over 0.6 metres);
Abcourt will add a third underground drill rig to accelerate its resource conversion drilling program at the upper levels of the mine;
Abcourt continues work in anticipation of the closing of previously announced financing which will enable the mine to develop towards production.
Pascal Hamelin, President and CEO, comments: “Since underground drilling began in the fall of 2023, our goal has been to increase the quality and quantity of the mineral resources at Sleeping Giant. This drilling, along with the work accomplished by our Sleeping Giant team, has allowed us to build a solid financial plan for mine development and rapid production ramp-up. Indeed, our surface and underground infrastructure are in very good condition, which will allow us to quickly develop the mine towards a profitable production. Furthermore, we are very excited to see this new promising sector 785N near our underground infrastructure. We believe that we will be able to extend the life of the mine once it is in production.”
The main results of holes 78-888 and 78-890 are displayed in Table 1:
Table 1: Main Underground Drilling Results
DDH
From
To
Intervalle
Au
Vein
(m)
(m)
(m)
(g/t)
78-888
13.10
13.60
0.50
59.25
Intervals up the 785N vein.
and
87.00
87.80
0.80
10.17
and
144.40
145.00
0.60
27.13
and
285.40
286.00
0.60
9.24
785N vein
78-890
273.50
275.40
1.90
24.30
785N vein
Including
274.20
274.80
0.60
41.90
Notes:
1. The length represents the length measured along the drill core.
2. Assay results are not capped, but higher-grade sub-intervals are highlighted.
The main drilling results are illustrated in Figure 1
Figure 1: Main Results – Interception of 785N Zone.
Figure 1: Main Results – Interception of 785N Zone.
Drilling data reveal:
A concordance between the intervals intersected by drill holes 78-888 and 78-890 and those encountered in nearby previously drilled holes 66-1126-11, 78-885, and 78-886
The presence of several mineralized intervals upstream of the 785N Zone. These subparallel mineralized veins are part of the vein system underlying the 785N Zone, as previously mentioned in the February 13, 2025 press release.
Drilling work continues in the 785N zone. Results are being interpreted as they are received. Abcourt will publish all results following the first phase of work.
Alongside the program to enhance the deep mining potential of the Sleeping Giant Mine, drilling activities are currently underway in the upper part of the mine. These efforts aim to:
Maximize the conversion of inferred resources into indicated resources;
Update the mineral resource estimate for Sleeping Giant property;
Support the engineering studies necessary to optimize the mining plan and initiate production.
Renewal of the Drilling Contract with G4 Drilling
Abcourt has renewed the underground drilling contract with G4 Drilling and has requested the addition of a third underground drill rig. This rig will be designed for conventional mining requirements to facilitate movement and installation. This additional drill rig should be ready to drill in a few weeks to accelerate the conversion of our inferred resources to indicated resources and better define our production stopes if needed.
Progress of Financing Procedures
The standard due diligence review, the site visit by an independent team appointed by the potential lender, and the preparation of the final documents for the 8M USD loan are progressing according to the established schedule, marking a significant step forward in the development of mine. See the press release issued April 10th for the details on the terms of the proposed loan. This review also provided an opportunity to highlight the strategic potential of Sleeping Giant's infrastructure, while confirming our team's exemplary preparation for the restart of operations.
Quality Control Measures (QA/QC)
The drilling and core description work was carried out under the supervision of Mohamed Haithem Bennia, geo, Superintendent Geology, qualified person according to Regulation 43-101.
The core is also oriented using high-precision digital tools (Reflex ACTIII) to provide a better understanding of the geological structure.
The quality assurance and control protocols for the analyses include the insertion of blank, standard and duplicate samples every 25 samples, in addition to the internal control of the laboratory samples.
The half-cores were prepared at the Sleeping Giant mine's internal laboratory according to industry standards.
The samples used in the preparation of this press release were analyzed by the MSALABS laboratory in Val-d'Or, Quebec, using the Photon AssayTM method. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the Photon AssayTM method.
Qualified Persons
Mohamed Haithem Bennia, geo, superintendent geology of the Sleeping Giant mine, wrote, collected, verified and approved the technical information contained in this press release.
Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.
Mr. Hamelin and Mr. Bennia are qualified persons under Regulation 43-101.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill and the Flordin property, where it focuses its exploration and development activities.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on www.sedarplus.ca.
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other expressions Similar. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither the 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.
