Abacus Minerals cuts massive sulphides at Alaska’s Lookout Mountain zone

To date, Abacus Minerals (AMC-V) has drilled 23 holes at the Niblack project in southeastern Alaska, and reported preliminary results from six of them.

At the Lookout Mountain zone, drilling has identified a semi-massive to massive sulphide horizon over a strike length of 500 ft. and a dip length of 700 ft. The thickness ranges from 4.5 to 36 ft.

The LO-57 area of Lookout Mountain also covers a near-surface oxidized gold zone. Drilling has extended the structure over a strike length of 500 ft. and to a depth of 200 ft.

Starting at surface, Hole 91 intersected a 58-ft. interval of the Gold zone grading 0.12 oz. gold and 0.94 oz. silver per ton. Farther downhole, the sulphide zone was intersected at a depth of 211-216 ft. and 327-341.2 ft. The 5-ft. interval averaged 0.33 oz. gold, 3.49 oz. silver, 4.51% copper and 3.66% zinc, while the 14.2-ft. section returned 0.081 oz. gold, 1.41 oz.

silver, 1.63% copper and 4.2% zinc.

Hole 92 returned a 201-ft. intersection of the Gold zone grading 0.17 oz.

gold and 3.93 oz. silver (including 120 ft. grading 0.25 oz. gold and 5.84 oz. silver), and a 23-ft. interval from a depth of 383-406 ft. grading 0.61 oz. gold and 1.02 oz. silver, plus 0.82% copper and 4.94% zinc.

Assays are pending for a third hole from the same site.

Hole 97 was a stepout 150 ft. to the west of holes 91, 92 and 95. While assay results are pending for a 73.2-ft. interval of the Gold zone, a 27.5-ft.

interval of the sulphide zone from a depth of 319.6-347.1 ft. averaged 0.29 oz. gold and 5.98 oz. silver, as well as 1.39% copper and 25.8% zinc.

At the LO-7 area, 300 ft. southeast of LO-57, Abacus drilled four holes as a follow-up to 1982 hole LO-7, which intersected 24 ft. grading 0.24 oz. gold and 3.93 oz. silver, plus 4.26% copper and 7.04% zinc.

Selected results included: 9.25 ft. grading 0.067 oz. gold and 1.4 oz.

silver, as well as 0.94% copper and 3.38% zinc in hole 84; 4.2 ft. grading 0.03 oz. gold and 0.85 oz. silver, plus 1.65% copper and 4.46% zinc in hole 85; and 12.3 ft. grading 0.03 oz. gold and 0.64 oz. silver, plus 1.13% copper and 0.87% zinc.

Drilling is continuing in the LO-57 area, with further infill drilling planned for the LO-7 area.

In return for financing the development of the Niblack project, Teck (TEK-T) holds the right to earn a 51% interest from Abacus.