Under the terms of the Agreement, which is subject to
- 7,500,000 shares in the capital of the Company (“Shares”) (the “Initial Shares”) on closing of the transaction, expected to be on or about
June 30, 2024 (the “Closing Date”); and, - on
July 31, 2025 (the “Top-Up Date”), such number of Shares owned by Almadex immediately following the completion of the transaction on the Closing Date, then divided by the number of Shares outstanding on the Top-Up Date, equals 0.08, rounded down to the nearest whole Share (the “Top-Up Shares”).
Title to the claims comprising the Willow Property will be transferred to Abacus on issuance of the Initial Shares, and Abacus will, as soon as reasonably practicable following the Closing Date and in any event no later than
The Willow Property is subject to a 2% NSR from future production of minerals from the Willow Property.
“An option agreement on Willow was signed in early 2017 between Abacus and Almadex, allowing Abacus to earn an aggregate 75% interest in Willow by meeting certain spending thresholds and by issuing shares,” commented
Abacus completed geological, geochemical and geophysical work on Willow beginning in 2017, identifying an extensive zone of intense silicic and advanced argillic alteration, marked by coincident geological, geochemical and geophysical signatures typical of a porphyry Cu-Mo deposit.
The Company drilled two diamond drill holes in 2018, which intersected the Luhr Hill granite, which is the host rock of the four known porphyry copper-molybdenum (Cu-Mo) deposits in the
In 2021, three additional core holes intersected broader intervals of the Luhr Hill granite with significant composited intervals of low-grade copper and molybdenum mineralization. The results indicate close proximity to a porphyry copper center and clearly indicate that further drilling is warranted.
Cu-Mo porphyry deposits at
The Company’s target is essentially identical to the two largest porphyry deposits in the
Of the known porphyries in the camp, the Ann Mason deposit lies adjacent and east of Willow and is held by HudBay Minerals. In 2021, Hudbay announced an updated PEA on
Lion Copper and Gold control the
The Company in addition has a lease on the Nev-Lorraine claims contiguous to Willow, giving it the right to explore and to elect to purchase these claims outright over a ten-year period.
Abacus also holds a 20% ownership interest in the Ajax copper-gold porphyry project, located near
* Data is from the respective Company websites.
**
The technical information in this news release has been reviewed and approved by
On Behalf of the Board,
President, CEO, Director
(604) 682-0301
About Abacus
Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and
Abacus is in the process of acquiring a 100% interest in the Willow copper-gold property located near
For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that are deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither
Source:
2024 GlobeNewswire, Inc., source