Absolut Vests an Initial 60% Interest in Pico Machay; Phase IV Drill Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Absolut Resources Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ABS (Automatic Backup System) See backup program. ) is pleased to announce that the Company has achieved a corporate milestone in qualifying to vest at an initial 60% interest in the Pico Machay Gold Project in Peru. Expenditure associated with the latest campaign of drilling has surpassed the contractual threshold. The Company has simultaneously notified the optionor, Monterrico Metals plc (LSE LSE - Language Sensitive Editor :MNA MNA Monitored Natural Attenuation MNA Massachusetts Nurses Association MNA Michigan Nonprofit Association MNA Mini-Nutritional Assessment MNA Mission to North America (Presbyterian Church in America outreach) ), of it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have intention to acquire an additional 15% with plans to spend an additional US$2 million or deliver a mine development plan. To this point Absolut wishes to accelerate engineering studies and scope a feasibility report to evaluate a future production scenario. Pico Machay is characteristic of a high-sulphidation, epithermal gold system. The geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. model has been repeatedly tested and additional drilling continues to delineate and expand the resource base. The Company previously announced an independent preliminary Mineral Resource Estimate indicating an inferred in situ In place. When something is "in situ," it is in its original location. resource of 580,000 ounces of gold at Pico Machay Gold Project (see news release Sept.26, 2005). Absolut wishes to report the first eleven holes of the 26-hole program Phase IV reverse circulation drill program. Highlights include holes ABS-170 intersecting in·ter·sect v. in·ter·sect·ed, in·ter·sect·ing, in·ter·sects v.tr. 1. To cut across or through: The path intersects the park. 2. 77.5m @ 1.14 g/t Au, ABS-171 intersecting 21m @ 1.06 g/t Au and ABS-165 intersecting 28.5m @ 0.91 g/t Au. Results for are tabulated below.
Drill Hole Au Grade Summary
Length Grade
Hole From To (m) (g/t)
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ABS-165 28.0 56.5 28.5 0.912
Including 28.0 35.5 7.5 1.036
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ABS-166 No Significant Results
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ABS-167 No Significant Results
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ABS-168 59.0 79.0 19.5 1.028
95.5 103.0 7.5 0.480
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ABS-169 16.0 19.0 3.0 0.452
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62.5 85.0 22.5 0.487
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Including 62.5 68.5 6.0 0.877
122.5 128.5 6.0 0.396
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ABS-170 0.0 77.5 77.5 1.143
Including 0.0 32.5 32.5 1.791
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83.5 91.0 7.5 1.123
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ABS-171 7.0 11.5 4.5 0.515
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16.0 20.5 4.5 0.465
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43.0 47.5 4.5 1.693
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59.5 80.5 21.0 1.062
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ABS-172 No Significant Results
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ABS-173 0.0 22.0 22.0 0.549
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35.5 52.0 16.5 0.516
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59.5 65.5 6.0 0.356
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ABS-174 19.0 26.5 7.5 0.604
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31.0 37.0 6.0 0.587
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43.0 61.0 18.0 0.486
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68.5 74.5 6.0 0.622
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ABS-175 56.5 71.5 15.0 0.901
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Intersections are calculated using a 0.3 g/t Au cut-off and up to
1.5m of internal dilution
Absolut has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and reverse circulation drilling samples. Dan Noone, President of Absolut Resources says..."we are delighted to have achieved this corporate goal and be in the position to an initial 60% in Pico Machay. In early 2006 the Company plans to define the scope of work to solicit quotes on a Feasibility Study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. for the development of what could be a highly profitable heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. gold operation at Pico Machay." Absolut Resources Corp. is a precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. exploration and development company based in Toronto, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Absolut strongly believes in an international best practices approach, and implements this on all its social and environmental decisions. Absolut has implemented a quality control program to ensure best practice. The required qualified person for the Pico Machay Gold Project is Mr. Dan Noone who is a member of the Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. Institute of Geoscientists. This press release contains forward looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Absolut Resources Corp. (TSX VENTURE:ABS) |
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