Lion One Metals

Abcourt Mines: Update of 43-101 Resources for Elder Mine and Tagami Property

Mont-St-Hilaire, Quebec, Canada / TheNewswire / April 25, 2018 - Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) ("Abcourt" or the "Company") is please to announce that a NI 43-101 update report of resources on the Elder mine has been prepared by Jean-Pierre Berube, engineer, independent consulting geologist and a Qualified Person according to NI 43-101, with pertinent experience in this domain. This update was done in three parts.

The first part is inside the limits of mining concession 363 and covers the upper part of the mine, from the 10th level to surface.

The second part covers the lower part of the mine, below the 10th level. This update was prepared for an application to have a mining lease.

The third part is located immediately to the North of the Elder mine and was incorporated in the 2012 calculations of resources.

See the cross-section below.

AbcourtMines4252018

At the Elder mine, the No. 1 vein is the main vein. It extends over a strike distance of about 650 meters, from surface to the bottom of the mine. The dip is 22o to the South. It is accompanied by vein #3 and #6 with the same strike and dip. There are also veins No.2 and No.2A, from the 4th level to surface, with the same strike and a dip of 40o S and vein No.4 with a North-South direction and a dip of 22o to the East. See the cross-section on the previous page.

Vein #7 is indicated in one hole with marginal values. Additional drilling will be done to assess the economic potential of this structure.

Abcourt owns 100% of the Elder and Tagami properties, made up of one mining concession, a mining lease, claims and small parts of claims for which a mining lease has been asked and adjacent claims.

Table of resources and parameters used

As of June 30, 2017, mineral resources in the measured and indicated categories, within the mining concession 363, in the upper part of the mine were as follows:

CATEGORIES MEASURED INDICATED MEASURED + INDICATED GOLD
ZONE TONNES GRADE TONNES GRADE TONNES GRADE OUNCES(Oz)
(metric) (g/t) (metric) (g/t) (metric) (g/t)
ELDER              
VEIN 1 8,091 6.00 111,146 7.60 119,237 7.49 28,727
VEIN 2 16,102 5.28 73,925 6.53 90,027 6.31 18,253
VEIN 3 5,200 8.23 37,942 6.21 43,142 6.46 8,954
VEIN 4 44,947 5.76 97,086 5.63 142,034 5.67 25,892
VEIN 6 0 0 71,711 7.71 71,711 7.71 17,768
TOTAL: 74,341 5.85 391,811 6.80 466,151 6.65 99,594

Measured and indicated resources on M.C. 363

In addition, inferred resources total 360,900 tonnes with a grade of 5.78 g/t Au.

CATEGORY INFERRED GOLD
ZONE TONNES GRADE THICK OUNCES(Oz)
(metric) (g/t) (m)
ELDER        
VEIN 1 102,600 5.32 2.08 17,544
VEIN 2 70,191 6.24 1.93 14,079
VEIN 3 64,258 6.17 2.18 12,749
VEIN 4 81,628 5.04 1.93 13,218
VEIN 6 42,227 6.97 1.81 9,460
TOTAL: 360,904 5.78 2.00 67,050

Inferred mineral resources within M.C 363

The technical parameters used were:

  • Density: 2.70 t/m3, minimum thickness: 1.8 m
  • Lower cutting grade = 3.45 g/t Au
  • Higher cutting grade = 31.1 g/t Au

RESOURCES LOCATED WITHIN MINING LEASE 1045

As of March 22, 2017, measures and indicated resources located within mining lease 1045 were as follows:

  MEASURED INDICATED MEASURED+ INDICATED GOLD
ZONE TONNES GRADE THICK TONNES GRADE THICK TONNES GRADE THICK OUNCES
(Oz)
(metric) (g/t Au) (m) (metric) (g/t Au) (m) (metric) (g/t Au) (m)
ELDER                    
Vein 1 230,217 7.66 5.18 51,030 5.01 2.13 281,247 7.18 4.63 64,916
CDR                    
  - - - 4,172 16.49 2.50 4,172 16.49 2.50 2,213
TOTAL: 230,217 7.66 5.18 55,202 4.63 1.97 285,419 7.07 4.56 67,129

Measured and indicated resources within mining lease 1045

In addition, inferred resources totaled 94.088 tonnes with a grade of 5.15 g/t Au.

  INFERRED GOLD
ZONE TONNES GRADE THICK OUNCES
(OZ)
(METRIC) (g/t Au) (m)
ELDER        
Vein 1 43,840 5.14 2.49 7,246
CDR        
  50,248 5.15 1.83 8,328
TOTAL: 94,088 5.15 2.14 15,574

Inferred mineral resources in mining lease 1045

The technical parameters used for the calculation of these resources were the same as those used for the calculation of resources in the mining concession above.

TAGAMI RESOURCES LOCATED IMMEDIATELY TO THE NORTH OF THE ELDER MINE, NEAR SURFACE

In his 43-101 report of 2012, Jean-Pierre Berube estimated the Tagami resources. As there has not been any additional drilling since that time, these calculations are considered valid now.

CATEGORIES MEASURED INDICATED MEASURED & INDICATED GOLD OUNCES
ZONE TONNES GRADE TONNES GRADE TONNES GRADE  
  (metric) (g/t Au) (metric) (g/t Au) (metric) (g/t Au) (Oz)
TAGAMI 0 0 173,200 6.54 173,200 6.54 36,400

Indicated mineral resources at Tagami project (Berube 2012)

The parameters used for the calculation of these resources were the same as those above, except that the minimum thickness was 1.5 m instead of 1.8 m.

TOTAL RESOURCES OF THE ELDER MINE AND THE TAGAMI PROPERTY

The measured and indicated resources of the Elder mine and the Tagami property is shown in the table on the next page. These resources are estimated at 924,700 tonnes with a grade of 6.8 g/t Au, for a total of 200,000 ounces.

  Categories MEASURED INDICATED
  Zone Tonnes Grade Ounces Tonnes Grade Ounces
  CM 363(1) 74,300 5.85 14,000 391,800 6.80 85,650
  BM 1045 230,200 7.66 56,700 55,200 4.63 8,200
  Projet Tagami 0 0,00 0 173,200 6.54 36,400
  TOTAL: 304,500 7.22 70,700 620,200 6.53 130,250

Measured and indicated mineral resources for the Elder and Tagami properties

Note (1): From July 1, 2017, to March 31, 2018, Elder produced 82,450 tonnes with a grade of 4.41 g/t Au.

The inferred resources at Elder and Tagami is shown in the table below. These resources are estimated at 630,400 tonnes with a grade of 5.7 g/t Au, for a total of 114,800 ounces.

  Category INFERRED
  Zone Tonnes Grade Ounces
  CM 363 360,900 5.78 67,100
  BM 1045 94,100 5.15 15,600
  Projet Tagami 175,400 5.69 32,100
  TOTAL: 630,400 5.66 114,800

Inferred mineral resources for the Elder and Tagami properties

Quality control and assurance

In its operations, Abcourt applies a procedure for the three methods of sampling used: drill core (series D), chips (series F) and broken muck (series M), to reconcile grade with the ounces produced at the Sleeping Giant mill. The lab is directed by a chief analyst with adequate experience in this domain. This lab maintains an internal quality control program. Assay results of blanks, duplicates and standards appear regularly (3/24) on assay reports.

Check assays done for 15 chip samples (F) and 10 muck samples (M) done by an accredited laboratory (ALS-Chemex) indicate that the assay results from both laboratories have a very good coefficient of correlation (R2=0.975) even after including an odd value for sample M18465. See graph on next page.

Strong correlation coefficient between Sleeping Giant (GD) and ALS-Chemex (ALS) assays without the odd value

Marc Filion's resignation

It is with regrets that we announce the resignation of Marc Filion, as of March 2, 2018. The latter was a director and chief of finance for the Company. We wish to thank him for all the services rendered to the Company.

About Abcourt Mines Inc.

Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2012) and a positive P.E.A. study. Abcourt is focusing on the exploitation of the Elder mine.

The Abcourt-Barvue property has silver-zinc resources (2014). A feasibility study was completed in 2007 by Roche / Genivar on the Abcourt-Barvue project.

In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity of 700 to 750 tonnes per day. Resources are being revised now.

To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com.

This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. and by Mr. Jean-Pierre Berube, independent engineer. Messrs. Hinse and Berube are "Qualified Persons" under the terms of Regulation 43-101.

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Abcourt' annual and periodic reports. The forward-looking information contained herein is made as of the date of this news release.

For more information, please contact:

Renaud Hinse, President and CEO

T: 819 768-2857 450 446-5511

F: 819 768-5475 450 446-3550

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither 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. 

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