Vancouver — Ahead of schedule,
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
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.
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