CEO.CA Chairman's Briefing

ROUYN-NORANDA, Quebec, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce results from the underground diamond drilling campaign at the Sleeping Giant mine.

As part of the optimization of the mining plan with a view to support a prefeasibility study and starting production, Abcourt has carried out, from December 2023 to July 31, 2024, 33 underground drilling holes totaling 3,650 meters.

According to the mining plan, the Zone 20 West stope is among the first stopes to be put into production at start-up. 11 holes totaling 1,118 metres were drilled in the Zone 20 West sector to better define the dimension and grade of the planned stope.

Abcourt presents the results of 6 drill holes totaling 641 meters drilled in Zone 20 West from level 235. The 5 other holes drilled in the sector are awaiting results.

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

• 125.67 g/t Au over 0.5 meter in hole 23-489.
• 46.08 g/t Au over 1 meter in hole 23-485.

The main results are displayed in Table 1:

The main results from the holes drilled at Zone 20 West are illustrated in a longitudinal section (Figure 1).

Figure 1: Zone 20 West, Longitudinal Section.

Drilling data shows that:

• Holes 23-485 and 23-489 confirm the high grades of the main vein (vein 1) intercepted in holes 23-048, 23-459 and 23-192.
• Holes 23-486, 23-488 and 23-490 indicate the western limit of the bottom of the planned stope.
• The upper limit of the stope as well as the western limit of the top of the stope will be defined by holes 23-491, 23-492 and 23-494. These holes are already drilled and awaiting results.

It is also important to note the presence of a second vein (vein 2) subparallel to vein 1, located 30 m north of it (see figure 2). This vein has been intercepted by several drill holes. The most interesting intercepts are:

• 6.71 g/t Au over 2.6 meters including 16.97 g/t Au over 0.6 meters in hole 23-487.
• 50.19 g/t Au over 0.6 meter in hole 23-444 (drilled in 2021).

The extension of vein 2 is to be tested, particularly towards the west.

Figure 2: Zone 20 West, Plan View Level 235.

The drilling campaign in Zone 20 West has been completed. We are awaiting the results of the last drill holes to finalize the interpretation and three-dimensional modeling of the planned stope. Drilling operations continue underground at level 235 in Zone 3 South.

Mohamed Haithem Bennia, Superintendent Geology at the Sleeping Giant mine, comments: “With a view to continuously optimizing our production ramp up, we are continuing our drilling and modeling work for our future stopes. This approach is the best way to ensure tonnes of quality to supply our mill while respecting deadlines and extraction objectives towards commercial production.”

Quality Control Measures (QA/QC)

The drilling, core description and analysis preparation work was carried out under the supervision of Mohamed Haithem Bennia, geo, superintendent geology, 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.

The half-cores were prepared at the Sleeping Giant mine’s in-house laboratory according to industry standards.

To reduce the time taken to receive analysis results, part of the batch of samples used in the preparation of this press release was sent, in the form of pulps, to an external laboratory and the other part was analyzed at the internal laboratory of the Sleeping Giant mine.

The samples analyzed in the internal laboratory were carried out by fire analysis (A.A.) with atomic absorption finishing. Samples with a grade greater than 10g/t Au were reanalyzed with a gravimetric finish.

In order to validate the quality of analysis of the internal laboratory, reanalysis 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.

The samples sent externally were analyzed by the MSALABS laboratory in Val-d’Or, Quebec, using the Photon AssayTM method. 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.

Qualified Persons

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

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 43-101.

ABOUT ABCOURT MINES INC.

Abcourt Mines Inc. is a Canadian gold exploration Corporation with properties strategically located in northwestern Quebec, Canada. Abcourt 100% owns the Sleeping Giant mill 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/e0094f1a-87af-412a-a68d-4b9f189320eb
https://www.globenewswire.com/NewsRoom/AttachmentNg/3135f079-a997-4245-860c-13b9ac1def95

Figure 1

Zone 20 West, Longitudinal Section

Figure 2

Zone 20 West, Plan View Level 235