CEO.CA Chairman's Briefing

ROUYN-NORANDA, Quebec, June 20, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Company”) (TSX Venture : ABI, OTCQB: ABMBF) is pleased to announce its prospecting and mapping results on its Flordin property in the Lebel-sur-Quévillon area. The fieldwork, carried out in early June 2024, resampled old trenches sunk in the rock near the old Cartwright shaft.

The mineralization consists of injections of pyrite and hematite into a sheared and altered basalt. High gold grades have been obtained (up to 59.9 g/t gold) in this type of mineralization. Recall that the 2023 drilling also intercepted this type of high-grade gold mineralization (up to 14.79 g/t gold over 4 metres, press release dated January 30, 2024). Surface work has followed over 3 km in strike length of high-grade gold mineralization across the entire property. As a result of the work carried out, we can confirm that the pyrite, hematite and gold-rich band mineralization sampled in the field by our team is possibly the surface expression of the south zone that was intercepted by Cambior in 1988 in hole S-158 (3 g/t gold over 16 metres). This is located at the eastern end of the Flordin deposit and intersected a lithology described as being made up of "magnetic mafic bands, strongly altered and mineralized, brecciated, carbonated, hematized and mineralized in fine disseminated pyrite".

Also, the drilling work carried out in 2011 on the Flordin property, by North American Palladium, directly connects the area of the 2023 Abcourt drilling to the Cartwright deposit. The conclusion of the report of the work of T. Birkett, Eng. states: "The drilling drilled between the Flordin deposit and the Cartwright Zone to study the continuity of the mineralized zones between these two areas has revealed good grades and shows numerous intersections above 1 g/t gold as well as several values above 5 g/t gold. These results allow us to establish continuity between the mineralized zones of the Flordin deposit and those of Cartwright."

Figure 1 : Property Location

Figure 2: Sample Location, Cartwright Zone

The table below shows the most significant gold results obtained in the area of the old trenches near the old Cartwright shaft.

In order to properly expose the recently updated mineralized zones, we have applied for an authorization permit for deforestation and stripping from the Ministry of Natural Resources and Forests. Upon receipt of this authorization, we will proceed with the stripping and channeling of the newly discovered mineralized zones in the Cartwright area.

Pascal Hamelin, President and CEO comments: “Recent prospecting work demonstrates the surface continuity of the high-grade gold zones. We believe that the southern area is continuous for more than 3 km on either side of our property. The stripping work that will follow shortly will demonstrate the relevance of our approach. We view our Flordin property as a significant gold opportunity within our project portfolio.”

Qualified Persons

Mr. Robert Gagnon, P.Geo. Vice President, Exploration, has reviewed and approved the technical information contained in this press release.

Analytical Procedure

The selected rock samples were shipped and analyzed by the MSALABS laboratory in Val-d'Or, Quebec, using the Photon AssayTM method. The samples were crushed to 70% passing two millimeters with a 500-gram division for gamma ray assay for gold. According to MSALABS' internal procedure, blank and standard samples are inserted. MSA operates numerous laboratories around the world and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the photonic analysis method.

About Abcourt Mines Inc.

Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill, where it focuses 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

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 forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of these words and phrases or statements specifying that certain acts, events or results "may", "would", "would", "would", "would", "would", "occur" or "be achieved" or other similar expressions. 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 out 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 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 of these 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 press release.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d55bfb0-3ca8-464f-9a0a-b8037d03c947
https://www.globenewswire.com/NewsRoom/AttachmentNg/70e28147-9079-4e91-b9f5-102ad327ceeb

Figure 1

Property Location

Figure 2

Sample Location, Cartwright Zone