Abacus fully vested in Afton project (August 30, 2004)

Vancouver — Ahead of schedule, Abacus Mining & Exploration (AME-V) has fulfilled the terms to earn its acquisition of the Afton project from Teck Cominco (TEK-T). The 70-sq.-km copper-gold project is west of Kamloops, B.C.

The company’s accelerated earn-in matches the pace of its exploration programs at Afton since entering into the option agreement in early 2002.

The ground is adjacent to and southeast of DRC Resources‘ (drc-t) main Afton Mine project, which is being advanced toward underground copper-gold production.

Abacus’s land package covers the main structural corridor trending southeast from the Afton pit to the Ajax pit, 13 km away.

Abacus has spent more than $3 million on the project. This year alone, it has drilled in excess of 15,000 metres of core, and a second, 15,000-metre program is about to start.

The company has spent well in excess of the $1.5 million required to satisfy the terms of the option agreement. Once Abacus has spent more than $5 million or delivers a prefeasibility study, Teck Cominco has 120 days in which to exercise back-in rights for up to a 65% interest in the project.

Abacus’s upcoming drill program will focus on expanding the No. 2 and No. 22 zones on the Rainbow claims, while continuing to test the DM, Audra, Crescent and Coquihalla zones.

Previous drilling at Rainbow intersected significant intervals of copper-gold mineralization in numerous holes. Elevated values of molybdenum and palladium have also been encountered.

Buoyant copper and gold prices have led to a renewal of interest in bulk-tonnage, porphyry projects in British Columbia.

Abacus has 34 million shares outstanding and was recently trading in the range of 21-25.

Print

Be the first to comment on "Abacus fully vested in Afton project (August 30, 2004)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close