NEWS RELEASE....GOOD NEWS - Abcourt resumes operations at Elder Gold Mine - 2021-02-02 13:50 ET - News Release Mr. Renaud Hinse reports
RESUMPTION OF OPERATIONS AT ELDER MINE
Abcourt Mines Inc. has resumed operations at the Elder mine. The motor for the hoist at the Elder mine was repaired with success. A production crew started with the night shift on Friday night, Jan. 29, 2021. The company is ready to increase production quickly to reach the excellent level that it had before the shutdown.
Being a employer of choice in the area, Abcourt is sure that most of its employees will be back to work within the next few days. The company's excellent safety record, with more than 450 days without compensable accidents, will help Abcourt with the hiring of new employees as needed. Besides, the company is happy to have a clean mine. This is a great advantage to recruit new miners when needed to develop Abcourt's projects. The assays of the mine water rejected in the environment over the past eight years have complied with regulations 99 per cent of the time. The chief operating officer of the corporation said, "I am very proud of this excellent environmental and safety record."
The company's good financial situation and its records of production and sales of gold over the latest quarters enabled Abcourt to go through this difficult period of work stoppage.
During the temporary closure period at the Elder mine, most of the rehabilitation crew at the Sleeping Giant mine was kept to advance this project. The company's objective of having two mines in production at the end of calender 2021 remains realistic and realizable.
This press release was prepared by Renaud Hinse, engineer and president of Abcourt. Mr. Hinse is a qualified person under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
About Abcourt Mines Inc.
Abcourt is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources.
Abcourt is currently focusing on the exploitation of the Elder mine and on the rehabilitation of the Sleeping Giant mine. For the long term in gold, the corporation has prepared a $2-million exploration program, mainly for the Sleeping Giant mine where important targets of gold mineralization have not been explored yet.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located halfway between Amos and Matagami, in Abitibi, Que.
The mill has a capacity to treat 700 to 750 tonnes per day.
Measured mineral resources total 10,900 tonnes with a grade of 12.2 grams per tonne of gold and indicated resources total 475,625 tonnes with a grade of 11.2 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold.
A National Instrument 43-101 feasibility study was completed in July, 2019, by PRB Mining Services Inc. Probable reserves according to Multilateral Instrument 43-101 have been estimated at 339,221 tonnes with a grade of 7.9 g/t of gold.
The Abcourt-Barvue property has silver-zinc reserves (2019). An MI feasibility study was completed in 2007 by Roche/Genivar. An update was completed in July, 2019, by PRB Mining Services Inc. A total of 8.07 million tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83 per cent zinc.
About 81.6 per cent of these reserves are mineable by open pit and 18.4 per cent are mineable by underground operations. Inferred resources total 2.07 million tonnes with a grade of 114.16 g/t of silver and 2.89 per cent zinc. Mypaddword2 thanks )
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