Update On Jersey Valley Geophysical Program

VANCOUVER - Abacus Mining & Exploration Corporation reported that a program of ground IP geophysics has begun at its Jersey Valley gold property, within the Battle Mountain trend of north-central Nevada.

The new high-resolution Time Domain Induced Polarization survey will consist of approximately twelve line-kilometers bracketing four historic lines of IP done by a previous operator in 2005. The historic IP has extensive, virtually untested anomalies, and limited past drilling shows that these are both gold and silver bearing.

Abacus recently reprocessed the historic IP data, which very clearly shows two flat-lying anomalies. The largest target is approximately 600 meters long by 500 meters wide. Both targets are open along strike to the northeast and southwest. The Company doubled the claim size in July of 2020 to cover the southwestern strike extent of these anomalies.

The reprocessing has highlighted the fact that the best portions of the two IP targets are essentially untested, although past drilling clearly indicates that they contain gold and silver, along with a suite of other elements typical of these precious metal bearing systems. The current IP program is designed to extend these anomalies both to the northeast and to the southwest, to enable a drill program to be planned.

As demonstrated by past operators, the Jersey Valley property is prospective for both intrusion-related sediment hosted, and for epithermal precious metal mineralization, within the Battle Mountain trend of north-central Nevada. Jersey Valley is in close proximity to both the Phoenix/Fortitude mine complex (approximately 14 Moz gold plus significant Ag and Cu past production and a proposed mine life to 2063) and the Cove/McCoy Mine: 3.4 Moz gold and 110 Moz Ag past production.

The Company also has additional properties of merit in Nevada. The Willow and adjacent Nev-Lorraine copper-molybdenum properties are in the Yerington copper camp, southeast of Reno. Drilling by the Company in 2018 intersected a key intrusive rock unit on Willow that hosts all known porphyry Cu-Mo deposits at Yerington. This rock unit was not previously known to exist on the Company’s property, and it represents a significant new discovery. The target is large and robust, and it remains essentially untested.