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Abcourt Reports an Adjusted Net Profit of $1M and a Net Profit of $87K for the Second Quarter 2020
V.ABI |
(via TheNewswire)
Rouyn-Noranda,Quebec,Canada -
TheNewswire - March 11, 2020 -
Abcourt Mines Inc. (TSXV:ABI), (Berlin:AML-BE) and (Frankfurt Stock
Exchanges:AML-FF) ("Abcourt" or the"Mines Abcourt inc.) reprts its
results today for the second quarter ended December 31, 2019.
All amounts are in Canadian dollars unless otherwise indicated.
These amounts and production results for the December 31 period have not
been audited and have not been reviewed by our auditors in accordance
with the standards of the Chartered Professional Accountants of Canada.
Highlights :
- Second quarter revenues of $6.9 M from the sale of 3,524 ounces of
gold. A drop of 4 % over the second quarter ended December 31, 2018.
- The average realized price of gold sold was C$1,949 per ounce.
- Net profit in the second quarter of $87K, compared to $237K in 2018.
- Adjusted net profit of $1M compared to $746K in 2018.
- Cash of $3.7M, an increase of 32 % over 2018.
- The Company has no long-term debt. It finances itself with its
operating revenues.
Recent developments:
- Work currently being done on levels 4, 9 and 10 at the Elder mine to
open new stopes.
- $ 728 000 recently raised by private placement for diamond drilling.
- Work started to reopen the Sleeping Giant mine.
Comparative table of results for the second quarter ended on
December 31, 2019 and 2018
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=153969235
https://stockhouse.com/news/press-releases/2020/03/11/abcourt-reports-an-adjusted-net-profit-of-1m-and-a-net-profit-of-87k-for-the
This is a monthly chart, last time the RSI moved above 70 -
as its doing now, it went from $350 to $1900 over 8 years....
Could it happen again?
POG Gold Today -
#gold today. pic.twitter.com/9w17Vd9TsL
— Clarkii Stomias (@ClarkiiStomias) March 6, 2020
bigone thank you, Trump urges public to avoid crowds of 10 or more people -
38,633 views Streamed live 2 hours ago
) - ) - ) The region's economic growth surpasses that of Quebec
The population increased by 0.08%
Photo Mines Abcourt
The region continues to be an economic force in Quebec.
An ounce of gold cost $271 in 2001. Ten years later it reached $1,896—an
increase of almost 700 percent.
On the way, it passed through some of the stormiest periods of recent
history, when banks collapsed and currencies shivered.
The gold price fed on these calamities.
In a way, it came to stand for them:
it was the re-discovered idol at a time when other gods
were falling in a heap of subprime mortgages and
credit default swaps and derivative products too
complicated to even understand.
Against these, gold shone with the placid certainty of
received tradition.
Honored through the ages, the standard of wealth,
the original money, the safe haven.
The value of gold was axiomatic.
This view depends on a concept of gold as unchanging and
unchanged—nature’s hard asset - The REAL MONEY -
it's a part of why I LT-invest long term in
ex....
10 reasons I invest in ABCOURT -
117 views•Jul 24, 2019
Dany Cenac Robert
21 subscribers
RE: Abcourt 2020 bigone thank you,
RE: Abcourt seeks to extract 12,500 tons/month
of mineralization from the Elder Mine.
Management intends to open the high grade
Sleeping Giant mine to complement the mill feed
from Elder.
That will make the mill more efficient.
The mill has the capacity to treat up to an
additional 10,000 to 12,500 tons/per month
from
The Sleeping Giant Mine.
Unlike the ore derived from the Elder mine,
no extra transportation cost is involved with
The Sleeping Giant Mine ore because the mill
is located directly on that property.
Though the mine start up will be a gradual process,
the additional ore from the Sleeping Giant mine
will raise the overall grades being milled.
The Sleeping Giant mine has huge potential.
Even the Elder mine may contain significantly more
high grade ore.
With a much higher gold price, profits will logically,
increase greatly, over time.
Then the exploration money will come.
From the retail shareholders point of view,
let the profits come, let the company grow as much
as possible first!
That will maximize shareholder value.
This company is not going broke!
Are there better investments to make?
As investors in Abcourt Mines, time is on our side!
All the best! by Javaman
Why gold could reach highs of $25,000 - Pierre Lassonde -
Ready for Another Big Move in Gold and Silver? Welcome to 2020
Interviewed by Craig Hemke, Sprott Money News
It’s the first Weekly Wrap-Up of 2020, and we’re already having a happy New Year in precious metals. After a great year-end rally, all the forces are coming together for some big moves ahead. Eric Sprott and your host Craig Hemke discuss all the gold and silver news you missed over the holidays and set the table for what to expect in the year to come.
Ready for Another Big Move in Gold and Silver? Welcome to 2020
Interviewed by Craig Hemke, Sprott Money News
Crude Oil Spikes Higher as Conflict Between the United States & Iran Boils Over - Nathan McDonald (03/01/2020)
Short-Term Reversal in Gold and Silver Before Trend Higher Continues - David Brady (02/01/2020)
https://www.sprottmoney.com/Blog/short-term-reversal-in-gold-and-silver-before-trend-higher-continues.html
TheNewsWire
December 11, 2019 - 10:35 AM PST
Tags:
INDUSTRIAL METALS & MINERALS
Read more at https://stockhouse.com/news/press-releases/2019/12/11/results-from-the-annual-shareholders-meeting-and-private-placement#rYdUDjeZPRPjDFtd.99
Is the next gold rush in Quebec?
3,235 views •Nov 5, 2019
Kitco NEWS
75.9K subscribers
Abcourt Announces the Discovery of a New High-Grade Gold Vein at the Elder Mine
V.ABI | 3 hours ago
(via TheNewswire)
Rouyn-Noranda, Quebec, Canada - TheNewswire - November 25th, 2019 -
Abcourt Mines Inc. (TSXV:ABI) (Berlin: AML-BE and Frankfurt Stock
Exchanges: AML-FF) ("Abcourt" or the "Mines Abcourt Inc.) is pleased to
announce the discovery of a new high-grade vein in the extension
of the west drift on level 9 at the Elder mine.
This vein, named 9-1-5, is currently being developed.
It has given so far 13.24 g/t of gold over a true
width of 1.1 meter for a distance of 39 meters.
Operating results for the first quarter, ended on
September 30, 2019, will be announced later this week.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company
with strategically located properties in northwestern Quebec, Canada.
The Elder property has gold resources (2018).
Abcourt is focusing on the exploitation of the Elder mine.
A $2M exploration program has recently been approved by directors.
The Abcourt-Barvue property has silver-zinc reserves (2014).
A feasibility study was completed in 2007 by Roche / Genivar.
A 43-101 update was completed in January 2019.
A total of 8.07 M tonnes of proven and probable reserves with a grade
of 51.79 g/t of silver and 2.83% of zinc are available to be mined.
The portion mineable by open pit is 81.6% and the portion mineable
underground is 18.4%. Inferred resources are 2.07 M tonnes
with a grade of 114.16 g/t of silver and 2.89% zinc.
In 2016, Abcourt acquired the Sleeping Giant mine and mill,
located half-way between Amos and Matagami, in Abitibi, Quebec,
in the territory covered by the Plan Nord of the Quebec government.
The mill has a capacity of 700 to 750 tonnes per day.
A NI 43-101 resource estimate was filed in May 2019.
A positive 43-101 feasibility study was completed recently by
PRB Mining Services Inc.
The mineral reserves are 10,900 tonnes in the proven category with
a grade of 12.20 g/t of gold and 475,625 tonnes in the probable
category with a grade of 11.85 g/t of gold.
The inferred resources are 93,100 tonnes with a grade of
11.85 g/t of gold.
Surface diamond drilling will start shortly.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at
http://www.abcourt.com
and consult our filings under Abcourt's profile on
http://www.sedar.com .
This press release was prepared by Mr. Renaud Hinse, P.Engineer and President of Abcourt Mines Inc. Mr. Hinse is a "Qualified Persons" under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt' annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.
For more information, please contact:
Renaud Hinse, President and CEO
T : 819 768-2857
F : 819 768-5475
Email: rhinse@abcourt.com
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
Dany.Cenac-Robert@ReseauProMarket.com
Neither 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.
TheNewsWire
November 25, 2019 - 1:11 PM PST
Tags:
INDUSTRIAL METALS & MINERALS
1
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Read more at https://stockhouse.com/news/press-releases/2019/11/25/abcourt-announces-the-discovery-of-a-new-high-grade-gold-vein-at-the-elder-mine#c7Fg0gOEZ2xDjLKD.99
bigone thank you; RE: Well, It will be very interesting to see what the future
holds for the price of gold.
Mother Gold has for 100's of years been the leader of the metals -
and with an easy view of it, I see one of her kids
ex.
Rhodium Rd has been running in front of her to $5500 - 5900/oz line -
the silver Ag kid did it in 1980 and run to $50/oz line -
and mother gold Au was catching up to Ag from $35 - 850/oz line -
history often repeat itself and the mother Au will catch up to Rd
sooner or later; she is on her GO right Au-bull way UP - )
An ounce of gold cost $271 in 2001. Ten years later it reached $1,896—an
increase of almost 700 percent -
On the way, it passed through some of the stormiest periods of recent
history, when banks collapsed and currencies shivered.
The gold price fed on these calamities.
In a way, it came to stand for them:
it was the re-discovered idol at a time when other gods
were falling in a heap of subprime mortgages and
credit default swaps and derivative products too
complicated to even understand.
Against these, gold shone with the placid certainty of
received tradition.
Honored through the ages, the standard of wealth,
the original money, the safe haven.
The value of gold was axiomatic.
This view depends on a concept of gold as unchanging and
unchanged—nature’s hard asset - The REAL MONEY -
it's a part of why I LT-invest long term in
ex....
10 reasons I invest in ABCOURT
• Jul 24, 2019
Dany Cenac Robert
An ounce of gold cost $271 in 2001. Ten years later it reached $1,896—an
increase of almost 700 percent.
On the way, it passed through some of the stormiest periods of recent
history, when banks collapsed and currencies shivered.
The gold price fed on these calamities.
In a way, it came to stand for them:
it was the re-discovered idol at a time when other gods
were falling in a heap of subprime mortgages and
credit default swaps and derivative products too
complicated to even understand.
Against these, gold shone with the placid certainty of
received tradition.
Honored through the ages, the standard of wealth,
the original money, the safe haven.
The value of gold was axiomatic.
This view depends on a concept of gold as unchanging and
unchanged—nature’s hard asset - The REAL MONEY -
it's a part of why I LT-invest long term in
ex....
10 reasons I invest in ABCOURT
117 views•Jul 24, 2019
Dany Cenac Robert
21 subscribers
10 reasons I invest in ABCOURT
117 views•Jul 24, 2019
Dany Cenac Robert
21 subscribers
Eric Sprott Gold Futures Fall: Not Gold $16,000 and Silver $700 Prices !
bigone thank you, I agree, I hear very little from ABI
IR-investor & PR media? -
I think they should do better and would like to see;
more videos, updates etc. from the IR-media -
ABCOURT REPORTS HIS FOURTH QUARTER AND YEAR-END RESULTS
FOR 2019
_________________________________________________________________
Rouyn-Noranda, Québec, Canada, October 30, 2019
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock
Exchanges: AML-FF)
(“Abcourt” or the “Mines Abcourt inc.) reports his results today for
the fourth quarter and fiscal year
ended on June 30, 2019.
All amounts are in Canadian dollars unless otherwise indicated.
https://abcourt.com/wp-content/uploads/2019/10/PR2019-10-30.pdf
Highlights :
• Fourth quarter revenues of $ 7.3 M from the sale of 4,137 ounces of
gold.
Best tonnage mined
at Elder mine with an average of 11 813 tonnes per month.
• Net loss in the fourth quarter of $ 2.5 M brought about by changes in
accounting procedures
and non-recurrent production interruptions.
• Revenues of $ 24.1 M for 2019 fiscal period.
Net profit of $ 161,561. Adjusted net profit of
$ 3.2 M.
• Update of Abcourt-Barvue feasibility study for silver-zinc project.
• Resources, reserves and feasibility study completed for
Sleeping Giant mine.
• Cash of $ 2.8 M.
• The Company has no long-term debt.
It finances itself with its operating revenues.
Recent developments:
• Drilling programs planned for Elder and Sleeping Giant gold mines and
on-going drilling
program for Abcourt-Barvue silver-zinc project.
• $ 728 000 recently raised by private placement for diamond drilling.
• Work started to reopen the Sleeping Giant mine.
We take advantage of the favorable gold price and the exchange rates of
the Canadian/US dollars to
move forward in our various projects and to increase the value of the
company for the benefit of
shareholders
Bottom Lines:
STRATEGY AND OUTLOOK
Currently, the Company is focussing on stabilizing and increasing the
Elder production. Our objective is
to produce 12,500 tonnes per month of gold mineralization.
We wish to use the full capacity of the Sleeping Giant mill by opening
the Sleeping Giant mine, to reduce
the operating cost per tonne treated.
For the long-term, in the gold sector, the Company had a drilling
program, in the Fall of 2019, on the
Abcourt-Barvue silver and zinc project and the Sleeping Giant gold
property where substantial gold
mineralization is found.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company
with strategically located
properties in northwestern Quebec, Canada.
The Elder property has gold resources (2018) and a
positive P.E.A. study (2012).
Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver–zinc reserves (2019).
A feasibility study was completed in 2007
by Roche / Genivar.
An update was completed in January 2019.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located
half-way between Amos and
Matagami, in Abitibi, Quebec, in the territory covered by
the Plan Nord of the Quebec government.
The mill has a capacity of 700 to 750 tonnes per day.
A NI 43-101 resource estimate and feasibility study was
recently completed.
To know more about Abcourt Mines Inc. (TSXV: ABI),
please visit our web site at
http://www.abcourt.com
and
consult our filings under Abcourt’s profile on
http://www.sedar.com
This press release was prepared by Mr. Renaud Hinse, Engineer and
President of Abcourt Mines Inc.
Mr. Hinse is a “Qualified Persons” under the terms of
Regulation 43-101. Mr. Hinse has approved the
scientific and technical disclosure.
https://abcourt.com/wp-content/uploads/2019/10/PR2019-10-30.pdf
http://abcourt.com/
https://abcourt.com/miningproperties/
https://investorshub.advfn.com/Abcourt-Mines-Inc-ABMBF-29448/
Is the next gold rush in Quebec?
3,235 views •Nov 5, 2019
Kitco NEWS
75.9K subscribers
Positive Feasibility Study for Sleeping Giant Mine
Modest Investment of Only $5m High Yeild Rate
V.ABI | August 8, 2019
(via TheNewswire)
Rouyn-Noranda, Quebec, Canada -
TheNewswire - August 8, 2019
Abcourt Mines Inc. (TSXV:ABI) (Berlin:AML-BE and Frankfurt Stock
Exchanges: AML-FF) ("Abcourt" or the "Mines Abcourt Inc.)
announces that a technical report NI 43-101 entitled
Feasibility Study on The Sleeping Giant Gold Mine Project
was prepared by PRB Mining Services Inc. of Val-d'Or,
Quebec, Canada.
The Sleeping Giant Gold Mine
Here is a summary of this technical report(1):
General and History
The Sleeping Giant mine is located 80 km north of Amos in
north-western Quebec, Canada.
It is accessible via road 109 that connects Amos to Matagami.
This is a paved road and it passes less than 1 km from the mine site.
Material and services are available at competitive prices.
The mine was exploited from 1988 to 2014.
It has been maintained dry since its temporary closing in 2014 and
no infrastructure has been taken out or added.
Currently, the Sleeping Giant mill treats ore from
The Elder Gold Mine owned by Abcourt Mines Inc. and occasionally,
some custom ore.
The mill capacity is 700 to 750 tonnes per day.
The activated carbon process is used to recover gold.
Historically, the gold recovery on the Sleeping Giant ore,
at that mill is 97.5%.
The tailings pond complies with all governmental regulations and the dykes and the quality of water are checked every year by an external expert. The tailings pond has enough capacity to receive the tailings from Elder and those from the Sleeping Giant mine as indicated in section 16 of the technical report. The setting pond at the discharge of the tailings pond is used to treat the discharged water according to the rules and to control the quality of the water.
Geology and Mineralization
The Sleeping Giant property is located in the central part of the north volcanic zone affected by major E-W and NW-SE corridors of deformation. The geological units in the mine area consist of basalt, andesite and volcano-sedimentary rocks. Mineralization is in disseminated sulfides, in veinlets or in small massive bands parallel to bedding. The best veins contain four types of sulfides: pyrite, pyrrhotite, chalcopyrite and sphalerite, which make up from 5 to 60% of the vein fillings. Beside gold, the veins contain silver and small amounts of copper and zinc.
Note 1: For more information, see Sedar.
Mineral Resources
The mineral resources used in the feasibility study are extracted from a technical report prepared by Mr. Valere Larouche entitled "Estimation des ressources minerales de la propriete Geant Dormant", May 2019. The Sleeping Giant ore body contains 10,900 tonnes of measured resources grading 12.20 g/t of gold (4,300 ounces of gold) and 475,625 tonnes of indicated resources with a grade of 11,20 g/t of gold (171,275 ounces of gold) and 93,100 tonnes of inferred resources grading 11.85 g/t of gold (35,400 ounces of gold). Abcourt Mines inc. has identified some substantial exploration targets on existing levels of the mine, ignored in the past. The company is planning an important exploration program and hopes to increase considerably its resources and reserves.
Mineral Reserves
The mineral reserves are estimated at 339,221 tonnes grading 7.9 g/t of gold (85,690 ounces). These mineral reserves are probable.
Mining Method
A mining plan has been prepared to extract 325,000 tonnes of reserves over a 4-year period including one year of pre-production (25,000 tonnes) followed by the three years with an annual production of 100,000 tonnes per year. The remaining 14,221 tonnes of reserves, not extracted by this mining plan, will be extracted later in subsequent operations following additional exploration and development work. There are good possibilities of extending the production period by doing additional exploration work on the indicated resources excluded from the mining plan and on the inferred resources and converting the latter into measured or indicated resources and eventually into reserves.
The mineralization is typically in narrow veins. The dip varies between 30oand 80o. The mining methods will be shrinkage and room and pillars. The long-hole method is not favored but will be used where the other methods are not adequate.
Project Infrastructures
The access to the Sleeping Giant is facilitated by road 109 that passes through the property at less than 1 km from the mine site. All surface installation necessary for the opening of the mine are available on the site. The mill and tailings pond are functional. Electricity is provided by Hydro-Quebec. Mine water is used for the mine and mill. Water from a well is used in lunch rooms, toilets and showers. Telephone and internet services are provided by Telebec.
Mill
The process used in the mill to treat the gold ore is carbon in pulp. The mill capacity is 700 to 750 tonnes per day. This capacity is sufficient to treat the Elder and the Sleeping Giant ores. Historically, the gold recovery in this mill has been 97,5%.
Environment, Permits, Social Impacts and Closing Plan
Mining leases and certificates of authorization are valid. Studies are done regularly to comply with exigencies of the provincial and federal environmental laws and regulations. The waste rock is not acid generating and do not leach heavy metals. The re-start of the Sleeping Giant mine will have a positive economic impact on the region by creating about 100 jobs and by the local purchase of material and services.
A closing plan was updated and filed with the ministry of "Energie et Richesses Naturelles du Quebec" in October 2018. The estimated cost of restoration and closing by Abcourt is $3.6M. An amount of $4M has already been deposited in trust with the ministry of "Energie et Richesses Naturelles du Quebec". Hence, no additional amount is needed and it is not necessary to include this amount in the financial analysis.
Capital and Operating Costs
The capital cost for the pre-production of the Sleeping Giant mine is estimated at $4.6M, including operating costs of $8.5M, royalties for $0.125M, capital expenditures of $3.4M, a working capital of $1.3M and revenues of $8.7M. The pre-production period is 12 months. During the production period, the sustaining costs are $2.7M including on going capital expenditures of $4.0M and a refund of $1.3M in working capital.
Total operating costs during the production period are $52.4M for an average of $174.84 per tonne treated. Royalty payment of $1.375M are not included in this amount.
Economic analysis
The economic analysis of this report is based on the engineering work done by PRB Mining Services and on the information provided by Abcourt Mines Inc. The economic analysis is based on a gold price of $1,200 US/oz and a rate of exchange of $1.25 CAN/US. The mining plan is for 325,000 tonnes of mineral reserves. Before taxes, a cash flow of $48.1M and a net present value (NPV) at 8% of $39.4M and an internal rate of return (IRR) of 240% are indicated. The pay-back period before taxes is 0.6 year. The project is more sensitive to revenues than operating and capital costs.
After taxes, a cash flow of $30M, a net present value at 8% of $24.6M and an IRR of 184% are indicated. The pay-back period is then 0.7 year. At the current prices of gold of $1.397 US/oz of gold and a rate of exchange of $1.31 CAN/US, the net revenue would be $144.2M and the net present value would be $62M.
Risks
As all other mining projects, there are technical risks that may affect the economical feasibility of the project. Risks for the Sleeping Giant mine are considered manageable for the next phases of the project. These risks are usual to most mining projects and many may be mitigated by adequate engineering, planning and by a pro-active management.
External risks escape somehow from the control of the project manager and are much more difficult to attenuate although in certain cases, a reduction of risks may be realised. The external risks are for example, the political situation in the project region, metal prices, the rate of exchange of the Canadian dollar in US dollar and governmental legislation. These external risks are generally applicable to all mining projects. A negative impact of these elements on the hypotheses used in the economic model would reduce the profitability of the mine and the estimate of mineral reserves. The potential risks factors are discussed in Art. 25.2 of the technical report.
Recommendations
The Sleeping Giant project has mineral reserves and a positive economic analysis with a realist price for gold. It is therefore recommended to proceed with the repair of the emergency escape way, to proceed with a detailed planning and to start production. Abcourt Mines Inc. has identified additional potential resources. It is recommended to proceed with an update of the resources once the mine geologist has completed his review of the available informations.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018) and a positive P.E.A. study (2012). Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver-zinc reserves (2014). A feasibility study was completed in 2007 by Roche / Genivar. A 43-101 update was completed in January 2019. A total of 8.07 M tonnes of proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% of zinc are available to be mined. The portion mineable by open pit is 81.6% and the portion mineable underground is 18.4%. Inferred resources are 2.07 M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity of 700 to 750 tonnes per day. A NI 43-101 resource estimate was filed in May 2019. A positive 43-101 feasibility study was completed recently by PRB Mining Services Inc. The mineral reserves are 10,900 tonnes in the proven category with a grade of 12.20 g/t of gold and 475,625 tonnes in the probable category with a grade of 11.85 g/t of gold. The inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a "Qualified Persons" under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt' annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.
For more information, please contact:
Renaud Hinse, President and CEO
T : 819 768-2857
F : 819 768-5475
Email: rhinse@abcourt.com
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
Dany.Cenac-Robert@ReseauProMarket.com
Neither 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.
Copyright (c) 2019 TheNewswire - All rights reserved.
TheNewsWire
August 8, 2019 - 6:00 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Note. An IRR of 240 % !!! with payback before taxes of 0.6 years. OUTSTANDING
by bigone thank you -
Read more at https://stockhouse.com/news/press-releases/2019/08/08/positive-feasibility
Read more at https://stockhouse.com/companies/bullboard?symbol=v.abi&postid=30057521#OYYsqsxRwmVBFScH.99
bigone thank you, Abcourt Gold Mine Part 1 - Au million oz. Target -
1,005 views Nov 4, 2010 - Old Abcourt video -
by Jay Taylor Media
5.38K subscribers
) The Elder Mine and Tagami Property -
The Elder mine and Tagami Property is conveniently located
10 kilometres northwest of the mining community of
Rouyn-Noranda, Quebec, and is 100% owned by Abcourt.
The Property comprises 36 contiguous claims, a mining concession
and two mining leases.
There are royalties of 2% to 3% NSR payable on different parts
of the Property.
The surface plant includes an office,
a service building,
a hoist room and a shaft building.
The mine is serviced to a depth of 794 meters (2,606 feet)
by two shafts and several drifts on 16 levels.
All mining equipment and required facilities are in place.
Between 1984 and 1989, a total of $23 M was spent on this property by the Aunore Resources Inc – Nova Beaucage Mines Limited joint venture. The surface plant was installed and the necessary equipments were purchased. The mine was dewatered, 4,268 meters (14,000 feet) of old drifts were rehabilitated, the shaft was deepened 15 meters (50 feet), new stations were established on three upper levels, in no 2 shaft, that is the 4th, 5th and 6th levels, an ore pass and a waste pass system with loading pockets was established, 142 surface and 75 underground diamond drill holes were drilled, approximately 2,134 meters (7,000 feet) of new drifts were excavated, ventilation raises were driven and a few stopes were started. Approximately 13,200 metric tonnes of ore with a grade of 0.198 oz/mt of gold were extracted. Following a drop in the price of gold, the mine was closed and almost all mining equipment was sold, except important pieces of equipment like the hoist, compressors and the electrical distribution system.
From 1995 to 2013, several surface drilling programs were completed and results obtained were used to revise the 43-101 resources. The revision of resources was completed by Mr. Jean-Pierre Bérubé, P. Eng. Mr. Bérubé is a Qualified Person under Regulation 43-101. Based on these resources, a preliminary economic assessment report (PEA) was prepared to determine if additional exploration work was needed to increase resources before considering mine development before production. The PEA prepared by Roche Ltd., Consulting Group (Roche) and independent consultants indicated that enough resources were available to continue with our exploration and valuation work.
Commercial operations at the Elder mine started in January 2016. For results obtained since the start of commercial operations, please refer to the Company’s management’s discussion and analysis and financial reports filed on SEDAR and available on the Investors Relations section.
On October 31, 2018, Abcourt filed on SEDAR an Update Report of Resources on the Elder Mine and Tagami Property prepared by Mr. Jean-Pierre Bérubé according to Regulation 43-101.
Cross-section of the Elder mine.
The ore in vein no. 1 is found in several quartz veins generally striking N-40o–E on surface but east-west at a depth of 305 meters (1,000 feet) in the mine and dipping on the average at 22o to the south-east, with the exception of the vein no 4 which is striking north-south and dipping 22o to the east. The CDR vein is located 4,500 feet (1,377 m) south of vein no. 1.
Table of Resources and Parameters Used
As of May 31, 2018, mineral resources in the measured and indicated categories were as follows:
CATEGORIES MEASURED INDICATED MEASURED + INDICATED GOLD
ZONE TONNES GRADE TONNES GRADE TONNES GRADE OUNCES
(metric) (g/t Au) (metric) (g/t Au) (metric) (g/t Au) (Oz)
ELDER
VEIN 1 32,607 5.09 159,502 6.91 192,109 6.60 40,755
VEIN 2 5,343 5.36 75,957 6.39 81,300 6.32 16,516
VEIN 3 0 0.00 15,321 6.27 15,321 6.27 3,088
VEIN 4 18,181 6.35 104,176 6.26 122,357 6.28 24,691
VEIN 6 0 0.00 52,739 6.53 52,739 6.53 11,077
SUB-TOTAL 56,131 5.52 409,695 6.57 463,826 6.45 96,126
TAGAMI 0 0.00 174,258 6.22 174,258 6.22 34,848
TOTAL 56,131 5.52 581,952 6.47 638,083 6.38 130,974
The total measured and indicated resources for Elder and Tagami is 638,083 tonnes with a grade of 6,38 g/t.
In addition, the inferred resources total 547,746 tonnes with a grade of 5.48 g/t Au.
CATEGORY INFERRED GOLD
ZONE TONNES GRADE OUNCES
(metric) (g/t Au) (Oz)
ELDER
VEIN 1 119,276 5.41 20,749
VEIN 2 75,051 5.70 13,755
VEIN 3 43,847 5.37 7,571
VEIN 4 102,169 7.89 25,920
VEIN 6 39,808 5.36 6,877
SUB-TOTAL 380,251 6.12 74,872
TAGAMI 167,495 5.48 29,510
TOTAL 547,746 5.93 104,382
The technical parameters used for the calculation of the measured and indicated resources and the inferred resources were:
Density: 2.70 t/m3, minimum thickness: 1.8 m
Lower cutting grade = 3.45 g/t Au
Higher cutting grade = 31.1 g/t Au
UPDATE OF PRELIMINARY ECONOMIC ANALYSIS PREPARED BY ROCHE, CONSULTING-GROUP (2012)
Resources with a reasonable prospect for eventual economic extraction
MINERAL RESOURCES MEASURED AND INDICATED RECOVERABLE RESOURCES 85% 40% DILUTION RESOURCES AS DESCRIBED ABOVE
TONNES GRADE TONNES GRADE TONNES GRADE TONNES GRADE
(metric) (g/t Au) (metric) (g/t Au) (metric) (g/t Au) (metric) (g/t Au)
MEASURED 56,131 5.52 47,711 5.52 19,084 0.00 66,795 3.94
INDICATED 407,695 6.57 346,541 6.57 138,616 0.00 485,157 4.69
TOTAL 463,826 6.45 394,252 6.32 157,700 0.00 551,952 4.51
Here is the CIM definition of resources:
“A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.”
General
A preliminary economical analysis was prepared according to the net present value method. This method is built on the basis of a constant dollar. There is no provision for inflation nor for taxes to pay. The mine is presently in exploitation, without debt. The internal rate of return was not used as the mine is operating and there is no initial investment. This update was prepared by Renaud Hinse, mining engineer. As resources did not increase by 100% or more, it was not necessary to have an independent person.
Hypothesis
The hypothesis used are indicated in the table below. The sensitivity analysis is made for variations in the price of gold of plus and minus 10%.
DESCRIPTION UNITS VALUE
Price $US / ounce 1,230
Exchange Rate Cdn / US 1.30
Discount Rate Annual % 8
The cost of royalties is already incorporated into operating costs.
Technical Hypothesis
DESCRIPTION UNITS VALUE
Recoverable measured and indicated resources Tonnes 551,953
Annual rate of extraction Tonnes / year 130,000
Life of mine Years 4.25
Grade of mineralization g/t Au 4.51
Gold recovery in mill % 97
Net recoverable value $ Cdn/t 224.74
Annual gold production Ounces 18,300
Ongoing capital costs $ Cdn/t 19.19
Total operating costs per tonne $ Cdn/t 191.24
Gold refining $ Cdn/oz 1.31
Financial model and results
A summary of the technical hypothesis is given in the table above. A total revenue at the mine of $124 M is expected, that is $224.74 per tonne. Ongoing capital expenditures, necessary in the course of mining, is estimated at $10.6 M, that is $19.19 per tonne of recoverable measured and indicated resources.
Operating costs are $191.24 per tonne for a total of $105.4 M, including $6.89 per tonne of royalties for a total of $3.8 M. A working capital of about $2.5 M is necessary to cover about one month of operation costs, but this amount was already available on June 30, 2018.
The financial analysis shows a net cash flow of $7.9 M before taxes and $4.1 M after taxes. The net present value, discounted at 8%, is $6.5 M before taxes and $3.5 M after taxes.
Summary of project evaluation
DESCRIPTION EVALUATION BASE $ CDN
Total mine revenue 124,000,000
Ongoing capital expenditures 10,600,000
Total operating expenses including royalties 105,600,000
Net cash flow before taxes 7,900,000
Net cash flow after taxes 4,200,000
Quality Control and Assurance
In its operations, Abcourt applies a procedure for the three methods of sampling used: drill core (series D), chips (series F) and broken muck (series M), to reconcile grade with the ounces produced at the Sleeping Giant mill. The lab is directed by a chief analyst with adequate experience in this domain. This lab maintains an internal quality control program. Assay results of blanks, duplicates and standards appear regularly (3/24) on assay reports.
Check assays done for 15 chip samples (F) and 10 muck samples (M) done by an accredited laboratory (ALS-Chemex) indicate that the assay results from both laboratories have a very good coefficient of correlation (R2=0.975) for sample M18465.
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The Elder Mine and Tagami Property
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The Aldermac Property (zinc, copper, silver)
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Read more at https://stockhouse.com/companies/bullboard?symbol=v.abi&postid=30273178#jhDEi9yF0AugVlfq.99
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Abcourt Gold Mine Part 1 - Au million oz. Target -
1,005 views Nov 4, 2010 - Old Abcourt video -
by Jay Taylor Media
5.38K subscribers
The Sleeping Giant Gold Mine -
The Sleeping Giant Mine
In June 2016, Abcourt completed the acquisition of the Sleeping Giant
Gold mine and mill and several other properties with
excellent showings of gold.
The Sleepy Giant property is 100% owned by Abcourt since its purchase
in June 2016.
The property is located half-way between Amos and Matagami, in Abitibi,
Quebec, in the territory covered by the Plan Nord of
the Quebec government.
It comprises four (4) mining leases covering an area of
approximatively 458 hectares and 69 mining claims.
A royalty of $5.00/ton on the first 350,000 tons of ore extracted
from the Sleepy Giant property is payable.
Among the assets that Abcourt has acquired, there is
a mill with a capacity of 700 to 750 tonnes of ore per day,
or 250,000 tonnes per year.
This capacity is adequate to treat the Elder and the future
Sleeping Giant production.
The process is carbon in pulp.
There are also installations to deposit the mill tailings,
underground infrastructures including two shafts and drifts,
a mechanical shop, offices,
a store, dries and mining equipment,
surface installations, an important inventory
of parts, five (5) mining leases and forty (40) adjacent cells and
several other exploration properties.
The treatment plant was restarted by
Abcourt in August 2016 to process ore from
the Elder Mine and custom milling to utilize
the full capacity of the mill.
In September 2018, a NI 43-101 resource calculation has been
prepared by Jean-Pierre Bérubé, geological engineer.
Mr. Bérubé is a qualified and independent person under
National Instrument 43-101 and has relevant experience in this area.
A summary of Measured, Indicated and Inferred Resources is presented in
the following table:
ZONE MEASURED INDICATED MEASURED + INDICATED INFERRED
Tonnes Grade (g/t) Tonnes Grade (g/t) Tonnes Grade (g/t) Tonnes Grade (g/t)
J 46,802 9.88 46,802 9.88 13,806 5.70
D 37,920 8.64 37,920 8.64 10,948 9.60
2 5,447 13.28 5,447 13.28 1,280 7.80
3 40,510 9.54 40,510 9.54
6 15,434 8.60 15,434 8.60 18,483 16.64
7 31,199 10.42 31,199 10.42
8 3,350 6.26 3,350 6.26 3,627 9.87
8 Sig 18,434 9.59 18,434 9.59
8N 2,993 15.50 11,368 10.44 14,361 11.49
9 12,297 7.08 12,297 7.08
15 15,664 13.86 15,664 13.86 13,619 8.07
16 15,816 11.10 15,816 11.10 22,165 15.36
18 9,497 14.33 9,497 14.33 2,096 10.80
20 9,763 10.79 9,763 10.79
30 8,418 10.09 8,418 10.09
30 Parc 4,981 10.70 4,981 10.70
30FW 6,155 8.43 6,155 8.43
30HW 2,303 6.46 2,303 6.46
30W 31,532 13.29 31,532 13.29 4,324 14.50
30 Shadow 26,120 8.89 26,120 8.89
50 2,020 6.93 10,182 10.67 12,202 10.05 1,434 13.40
78H 5,902 12.28 5,902 12.28 1,290 7.00
785N 112,440 14.27 112,440 14.27
Total 10,915 12.17 475,633 11.17 486,548 11.20 93,073 0.00
Rounded 10,900 12.20 475,625 11.20 486,500 11.20 93,100 11.85
Calculation Criteria Used:
Cut-off grade of 6.5 g/t Au. Some polygons under this cut-off grade were included to ensure the continuity of the zones.
Price per ounce of gold at US $1,225 (3 years average) and an exchange rate of US $1 = Can $1.20.
Maximum content: 60 g/t Au for core samples and 55 g/t Au for chip samples. A grade of 32 g/t Au was applied for the polygons generated by the 2013-2014 drilling.
Specific Gravity: 2.85 g/cm3 as used in previous resource estimates.
Resources were evaluated from diamond drill samples and face samples using the polygon method applied to inclined longitudinal sections.
The minimum true thickness of the veins is calculated from its dip; 1.6 metre for veins having more than 50° and 1.8 metre for those having less than 50°.
The vein content is determined by the drilling intersection and the content of the adjacent material to meet a minimum thickness of 1.6 or 1.8 metre.
One Troy ounce = 31.1035 grams. The metric system was used for these calculations (metres, tonnes and grams/tonne).
Calculated tonnes have been rounded to the nearest hundred. Differences in the calculation total are due to rounded figures as recommended by NI 43-101.
ICM definitions and guidelines were used for this resource calculation.
Plan view of level 665 showing drifts and cross-cuts in known mineralized areas and the geological context
QUALITY CONTROL AND REPORTING PROTOCOLS:
Considering the potential sources of errors that a laboratory may encounter in the context of large-scale sampling. Previous owner, Aurbec Mines Inc. (“Aurbec”), introduced a Quality Assurance and Quality Control (QA/QC) program in 2013-2014. This program consisted of; 1) the use of a control laboratory (Agat) to verify the accuracy of pulps and rejects results; 2) the insertion of blanks to control the sources of contamination; 3) the insertion of pulps in renumbered core sample rejects whose gold content was known to evaluate the reproducibility of the results; and 4) insertion of Rocklabs certified referenced material.
Core samples taken from diamond drill holes were split in two equal parts with a core splitter by Aurbec’s employees. One half of the carrot was prepared to determine its gold content while the other half was kept in the core box. The whole core from definition drilling samples was analyzed at the mine’s laboratory.
The reception and preparation of samples at the mine’s laboratory was done according to the accepted standards of the industry. The steps of drying, grinding (80% passing 10 mesh), splitting and pulverization were followed to produce 200 grams of pulp of which 80% passes a 200-mesh screen. A pulp fraction weighing just under 15 grams (half assay-ton) was used to determine the gold content of each sample. Although this quantity of pulp is one-half that used in the industry (one assay-ton) for gold determination made during exploration programs, it is considered sufficient when used for mining sites given the large number of samples taken by producing mines. The analytical method consisted of pyro-analysis with an atomic absorption finish. The method has a detection limit of less than 0.01 g/t Au.
After having examined Aurbec’s internal protocol for controlling analytical results and compared 588 pulps and rejects made by an accredited external laboratory (Agat), the author is of the opinion that the manipulation, sampling and analysis of core samples, as performed at the mine’s laboratory, are consistent with current industry standards.
Moreover, considering that:
the gold mineralization of the VMS-type vein deposits (which includes the Sleeping Giant gold deposit) is, by its nature, distributed more homogeneously than the gold contained in the classical vein deposits;
the validation work done by InnovExplo in 2013 from drillings carried out prior to 2013, in areas also targeted by the 2013-2014 drilling program, concluded that the drilling database was adequate and reliable; and
the update of the diamond drillhole database was done by a qualified geologist having an extensive experience of the Sleeping Giant geology.
The author’s report is of the opinion that the analytical results of the Sleeping Giant mine’s laboratory can be used safely for this mineral resource estimate.
INVESTORS
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PROPERTIES
The Elder Mine and Tagami Property
The Sleeping Giant Mine (gold)
Abcourt-Barvue Property (silver and zinc)
The Discovery-Flordin Project (gold)
The Vendôme Property (gold, silver, copper and zinc)
The Aldermac Property (zinc, copper, silver)
The Jonpol Property (gold, silver, copper and zinc)
Other Properties
https://abcourt.com/the-sleepy-giant-mine/
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
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