Abcourt Presents Results Update of the Underground Diamond Drilling Campaign at Sleeping Giant Mine

ROUYN-NORANDA, July 09, 2024 - Abcourt Mines Inc. ("Abcourt" or the "Corporation") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to present an update on the results of the underground diamond drilling campaign at Sleeping Giant mine.

From December 2023 until June 30, 2024, Abcourt has carried out, from levels 235 and 295, 27 drilling holes totaling 3,074 meters in the DAC 5 area.

Among these 27 holes, 20 holes totaling 2,457 meters were drilled in the DAC 5 area.

Abcourt presents the results of 13 drill holes totaling 1,554 meters drilled underground in the DAC 5 area from level 235.

The highlights of the analysis results, included in this press release, are as follows:

• 19.41 g/t Au over 0.5 meter in hole 23-473,
• 14.72 g/t Au over 0.6 meter in hole 23-483,
• 8.73 g/t Au over 2.1 meters and 19.93 g/t Au over 0.5 meter in hole 23-484.
  

The main results of holes drilled from level 235 are displayed in table 1.

The main results of the holes drilled from the 235 level are shown in plan view (Figure 1) and longitudinal section (figure 2).

Figure 1: DAC 5 Area, Level 235 and Sub-level 2, Plan View.

Figure 2: DAC 5 Area, Longitudinal Section.

Drilling data shows:

• The extension of the mineralized veins towards the west of the DAC 5 site confirming the intercepts of holes 29-266, 23-460 and 23-461.
• The extension of the mineralized veins towards the top of the DAC 5 site confirming the intercepts of holes 23-433, 23-415 and 23-468.
• The presence of several steeply dipping mineralized veins (70°) spaced about ten (10) meters from each other and which tend to become subparallel in a WNW-ESE direction towards the western part of the DAC 5 area. Some of its veins have were observed and mapped at sub-level 2 of the DAC 5 site (figure 3).

Figure 3: Mapping of the DAC 5 Site Sub-level 2 (SN-2).

Figure 4 shows an example of the veins intercepted by our drill holes.

Figure 4: Picture of Cores from Hole 23-484.

The drilling campaign in the DAC 5 site area is completed. The technical team at the Sleeping Giant mine is currently working on the interpretation and three-dimensional modeling of the veins for optimization of the mining plan.

Drilling operations continue underground at the 235 level in Zone 20 West.

Pascal Hamelin, President and CEO of the Corporation comments: "Thanks to these drillings, we are able to better understand our stopes, avoid unnecessary costs and maximize the recovery of gold resources. The first stope identified by the current campaign will be able to begin extracting ore in the coming weeks. Subsequently, we will continue with definition drilling for all our future stopes with the aim of converting the inferred resources into indicated to ensure the maximum return on all our investments in time and money. This working technique will also help us improve our mineral resource growth potential."

Quality Control Measures (QA/QC)

The drilling and core description work was carried out under the supervision of Mohamed Haithem Bennia, geo, chief geologist, qualified person according to Regulation 43-101.

Following an analytical quality assurance and control program, blank samples and certified reference materials as well as duplicates were added among the core samples before being analyzed at the Sleeping Giant mine's internal laboratory.

The analyzes were carried out by pyroanalysis (A.A.) with atomic absorption finishing. Samples with a grade greater than 10g/t Au were reanalyzed with a gravimetric finish.

To validate the quality of analysis of the internal laboratory, reanalyses were produced by Techni-Lab S.G.B. Abitibi inc. division of ActLabs which is an accredited external laboratory, registered to ISO 9001 and ISO/IEC 17025 certified CCN (lab707), MELCC (lab375) located in Sainte-Germaine-Boulé, Quebec.

The audits show a high degree of correlation with internal laboratory results.

Qualified Persons

Mr. Mohamed Haithem Bennia, geo, chief geologist of the Sleeping Giant mine, wrote, collected, verified and approved the technical information contained in this press release.

Mr. Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.

Mr. Hamelin and Mr. Bennia are qualified persons under Regulation NI 43-101.

About Abcourt Mines Inc.

Mines Abcourt Inc. is a Canadian gold exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the 100%-owned Sleeping Giant factory and mine, where it concentrates its activities. The Sleeping Giant mine has a mining lease as well as environmental certificates of authorization to extract up to 750 tonnes per day from its underground mine.

For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on www.sedarplus.ca

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, which 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a204ff08-bf7f-402e-9daf-058e0b42cd0d

https://www.globenewswire.com/NewsRoom/AttachmentNg/5777743e-040f-46a4-95e1-743719833402

https://www.globenewswire.com/NewsRoom/AttachmentNg/c5307250-00ee-4f79-a65f-e1be56c5610c

https://www.globenewswire.com/NewsRoom/AttachmentNg/40c8f171-9685-4982-ad45-4128dcf83077