Abcourt receives government authorizations to undertake stripping and drilling work for its Flordin and Discovery Properties
And presents a Corporate and Operational UpdateROUYN-NORANDA, May 28, 2024 - Abcourt Mines Inc. ("Abcourt" or the "Company") (TSX Venture : ABI) is pleased to announce that it has just obtained from the Ministry of Natural Resources and Forests of Quebec, the necessary authorizations to undertake stripping and drilling work (Impact Work Authorization, ATI) for its Flordin and Discovery properties in the Lebel-sur-Quévillon area. Abcourt will shortly undertake field work on these properties with the aim of determining, based on the results obtained, future locations which will be subject to monitoring by stripping and drilling. The first phase of work which will begin in June will be concentrated between the Flordin deposit and Cartwrigth with the aim of validating the possible connection between the two mineralized zones. Note that the sector is sub-outcropping with little overburden. Despite the prospecting efforts that have already been carried out in the past on our properties, it is worth mentioning that the price of gold has never been so high historically. A gold index considered to be marginal at the time becomes, with the current gold price, a new gold opportunity. It is with this renewed vision that the Abcourt field team will undertake the 2024 field work.
Pascal Hamelin, President and CEO comments: "The field work which will begin on our Quévillon properties will make it possible to clearly target the next impact works. To this end, the Company holds all the authorizations required to carry them out. The price of gold has never been so high and the Company is positioning itself according to its same strategic business plan, which is to develop economical gold resources within a 100 km radius around its Sleeping Giant mill."
Sleeping Giant Mine Operational Update
Abcourt has completed the bulk sampling program of the Pershing-Manitou deposit at its Sleeping Giant mill. Analysis of the sampling results by an independent consultant is underway. A report will be published in the coming weeks. Operations at the Sleeping Giant project continue with underground drilling to increase total mineral resources and convert inferred resources to indicated resources. Underground teams are busy rehabilitating underground infrastructures as well as hoisting mineralized material to supply the ore processing plant. Abcourt therefore began pouring gold bar from the Sleeping Giant project in May. Over the coming months, Abcourt plans to continue supplying the mill with material from its Sleeping Giant project.
Update on Private Placement announced in March 2024
Abcourt is pleased to announce a new extension of its non-brokered private placement of up to 100,000,000 units (the "Units") at a price of $0.05 per Unit, for total gross proceeds of up to $5,000,000 (the "Placement"). The final closing of the Placement will take place no later than June 27, 2024.
To date, Abcourt has issued a total of 54,683,000 Units for gross proceeds of $2,734,150 under the Placement. Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles its holder to subscribe for one Common Share at a price of $0.06 for a period of 36 months.
Listing of Abcourt Mines on the OTCQB Market Venture (ABMBF)
Beginning May 29, 2024, Abcourt's common shares will be trading in the United States on the OTCQB Venture Market (OTCQB: ABMBF) for early stage and developing U.S. and international companies. Companies listed on the OTCQB must respect their information disclosure obligations and undergo an annual verification and management certification process. Investors will be able to find real-time quotes and market information for the Company on www.otcmarkets.com.
Qualified Persons
Mr. Robert Gagnon, P.Geo. Vice President, Exploration of the Company, has reviewed and approved the technical information contained in this press release.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill, where it concentrates its development activities.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on www.sedarplus.ca
| Pascal Hamelin | Dany Cenac Robert, Investor Relations | |
| President and CEO | Reseau ProMarket Inc., | |
| T : (819) 768-2857 | T : (514) 722-2276, poste 456 | |
| Courriel : phamelin@abcourt.com | Courriel : dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other expressions Similar. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, are available on SEDAR+ at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.