Abcourt tables Quebec gold mine operational update

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Abcourt Mines Inc. [ABI-TSXV] has released and operational update from its Sleeping Giant mine property in Quebec.

The 100%-owned Sleeping Giant Mine contains a high-grade gold deposit located in the Abitibi Greenstone Belt, 80 kilometres north of Amos.

Since the Sleeping Giant process plant resumed in February, 2024, and until March 31st, Abcourt said it processed 2,235 tonnes from the Pershing-Manitou deposit and a total of 2,821 tonnes since November, 2023. The company said it has approximately 2,200 tonnes of material remaining to process from the Pershing-Manitou bulk sampling. From this processing, Abcourt poured and delivered the first dore bar from the Pershing-Manitou bulk sample on April 4, 2024. The company said it expects one or two more dores to be delivered from this bulk program.  It said the grade reconciliation will be completed once the 5,000 tonnes are all processed.

Meanwhile, with the warmer temperatures, Abcourt also began to bring material to the surface silos from the Sleeping Giant underground mine. The company said it plans to begin processing this material immediately after the Pershing-Manitou bulk program is completed.

“We are very pleased to see the progress made at our Sleeping Giant Mine in the last few months,’’ said Abcourt President and CEO Pascal Hamelin. “This first gold pour indicates that we are advancing well the reconstruction of the mill,’’ he said. “With the upward movement in the gold price during the last few weeks, the timing is very good to begin pouring gold bars on a frequent basis.’’

In a press release on March 26, 2024, Abcourt said it had completed the first closing of a previously announced private placement financing that has generated gross proceeds of $1.43 million, consisting of 28.7 million units priced at $0.05 per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share for $0.06 for 36 months after the closing date of the offering.

It said net proceeds will be used to advance activities for development and exploration at the Sleeping Giant gold mine, which has a mining lease, as well as environmental certificates allowing for the extraction of 750 tonnes per day from the underground mine. On November 22, 2023, the company announced the start-up of the Sleeping Giant mill and the processing of the first tonnes from the Pershing-Manitou deposit.

The company has said the Sleeping Giant mine has strong potential for mineral resource expansion based on more than 800 mineralized structures remaining open at depth, down plunge and to the east.

In June, 2023, the company released the results of a preliminary economic assessment (PEA) which indicated that the project can produce 30,100 ounces annually over a projected mine life of 5.8 years. The total gold produced over that period is expected to be 181,300 ounces, according to the PEA.

The all-in-sustaining cost was forecast to be US$1,120 per ounce.

Abcourt shares were unchanged at $0.04 and currently trade in a 52-week range of $0.075 cents and $0.03.

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