Abacus Minerals Corporation makes announcement.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 7, 1995-- Abacus Minerals Corporation is pleased to announce it has completed a 1,560,000 unit Statement of Material Facts financing with Canaccord Capital Corporation and Haywood Securities Inc. netting the company $1,655,752. The proceeds will be used on the company's Niblack Project on Prince of Wales Island Prince of Wales Island, Canada Prince of Wales Island, c.12,800 sq mi (33,150 sq km), Nunavut Territory, Canada, between Victoria and Somerset islands. , Southeastern Alaska and for general working capital. Geological crews have been on-site at Niblack since mid-July in preparation for this year's drill program. With the financing now complete, the diamond drill will be moved the 30 miles from Ketchikan, Alaska Ketchikan (IPA: [ˈkɛ.tʃɪˌkæn]) is the fifth most populous city in the U.S. state of Alaska and the southeastern most sizable city in that state. to the property. As the drill pads have already been constructed, the first hole of the 10,000 foot Phase I program will be collared August 8, 1995. The Phase I program will target the Lookout and Gold Zones, the Dama Zone, the Niblack Mine as well as untested exploration targets. An expanded Phase II program is anticipated to follow contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent favourable results. Tentatively, the first four holes of the Phase I program are planned for the Lookout/Gold Zone area. The primary focus of the first three holes will be to attempt to intersect the copper-gold rich massive sulphide mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and to develop continuity along a mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. trend which includes LO-30 (50 feet 3.5 percent copper and 0.100 oz/ton gold), LO-17 and LO-33. In addition to testing projected massive sulphides down-hole, these holes should also intersect near surface Gold Zone mineralization such as LO-28 (220.7 feet of 0.138 oz/ton gold and 3.14 oz/ton silver). These drill holes should develop and increase the drill-inferred gold resource and could furnish important massive sulphide intercepts which will warrant Phase II follow-up. The fourth hole will be targeted up-dip from LO- 7 which assayed 4.89 percent copper, 8.02 percent zinc, 0.265 oz/ton gold and 4.58 oz/ton silver over 20 feet. Upon completion of the Lookout Mountain Lookout Mountain, actually a plateau, is located at the northwest corner of Georgia, the northeast corner of Alabama, and along the southern border of Tennessee near Chattanooga. It is one of the southernmost ridge mountains of the Ridge-and-valley Appalachians. holes, the drill will move to the Dama Zone where drill intersections in 1993 included LO-46 which assayed 6.97 percent copper, 3.87 percent zinc, 0.04 oz/ton gold and 1.74 oz/ton silver over 51.5 feet. -0- Note to Editors: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Abacus Minerals Corporation Steve Todoruk (P.Geo), 604/682-0301 |
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