As it considers its rights to take a majority ownership in the Willow porphyry copper-gold property, Abacus Mining & Exploration Corp. (TSX-V:AME) is conducting exploration to further identify potential resources.
The latest data from the prospective property, located 65 kilometres southeast of Reno, Nevada, is supportive of the emergence of porphyry copper targets, setting the stage from drill testing in the spring of 2018 and helping shares of AME climb to a multi-year high.
Abacus has the right to earn a 75% undivided stake in the property from Almadex America, a subsidiary of Almadex Minerals Ltd, through a option agreement inked in February.
According to Abacus, geological mapping has identified two large, funnel-shaped alterations systems covering an aggregate of approximately 10 square kilometres. The mapping shows geology similar to other host ore bodies in the district, such as the Yerington and Ann Mason deposits, characteristic of classic porphyry systems.
The results build upon compelling data collected through soil geochemistry, ground IP geophysics, detailed mapping and ground magnetics conducted across the entire property either by Almadex or Abacus in combination with historic drill information.
Additional information from studies conducted in August are starting to roll-in as well, which are helping to delineate zones of strong sulphide mineralization and better define the anomaly. The company is also planning to conduct a short field program in November with the goal of providing samples for spectrometer analysis to identify the presence of trace alteration minerals.
Investors are buying the stock up on the news, with shares gaining a dime per share, or 14.7%, to 78 cents in early Monday morning trading. Shares hit as high as 84 cents shortly after the opening bell, the highest price for the stock since May 2013.
