Latest news with #PascalHamelin
Toronto Star
07-08-2025
- Business
- Toronto Star
Abcourt Provides Sleeping Giant Project development Update
ROUYN-NORANDA, Canada, Aug. 07, 2025 (GLOBE NEWSWIRE) — Abcourt Mines Inc. ('Abcourt' or the 'Corporation') (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to provide an update on the ramp-up activities at the Sleeping Giant Project in Eeyou Istchee, Québec. Pascal Hamelin, President and CEO of Abcourt, commented: 'We had a very good start of the project as soon as we completed the financing with Nebari in early July. We immediately started the installation of the sleep camp on site. The underground teams began the rehabilitation of the underground openings as well as preparing the mining of the first stope that began at the end of July. The mill and surface teams prepared the mill during the month of July to start processing material from underground in August. Finally, we also began the hiring process to increase the size of the development and mining crews. Overall, we're all excited to start the development and ramp-up of the project.'
Yahoo
04-07-2025
- Business
- Yahoo
Abcourt Mines finalises $8m loan to reopen Sleeping Giant mine in Quebec
Abcourt Mines has finalised a $8m secured financing facility with Nebari Natural Resources Credit Fund II in a critical step towards reopening the Sleeping Giant mine in Quebec, Canada. The Sleeping Giant is situated midway between Amos and Matagami in the Abitibi region of Quebec and falls within the jurisdiction of the Quebec government's Plan Nord. The property comprises four mining leases spanning 458 hectares, and 69 mining claims. The 36-month loan agreement bears interest based on a floating rate per annum, combining the three-month term secured overnight financing rate (SOFR) and an additional 12% per annum. The SOFR will be considered as 4% if it falls below this threshold. The facility allows for early repayment after the first year, with a 25% absolute return on the prepaid principal amount for the lender. Abcourt has issued 87,040,000 non-transferable warrants to the lender, exercisable at C$0.0625 per common share until 3 July 2028, with terms subject to adjustments based on prepayments and TSX Venture Exchange policies. Abcourt president and CEO Pascal Hamelin stated: 'Closing this transaction with Nebari is a major step toward starting production at the Sleeping Giant mine. 'This investment of $8m of non-dilutive capital offers us solid operational flexibility going forward and allows the company to develop the Sleeping Giant mine toward a commercial production status.' The company has also incurred an arrangement fee of $120,000 and will pay a monthly administration fee of $2,500 post-closing date. Security arrangements for the loan include a priority senior security on all of Abcourt's properties, subject to certain permitted liens. This encompasses real property interests, mining rights, inventory and equipment. The funds will be utilised for essential operations to initiate gold production. Immediate plans include constructing a sleep camp and kitchen, continuing work on tailing facilities, commencing production in the upper level of the mine and developing lower levels to open new mining fronts. "Abcourt Mines finalises $8m loan to reopen Sleeping Giant mine in Quebec" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-02-2025
- Business
- Yahoo
Abcourt Intersects a New Gold Mineralized Zone Grading 1.3 g/t Gold over 28.5 Metres, 1.8 km West to the January 2025 Drilling on the Flordin Property in the Lebel-sur-Quévillon Area
ROUYN-NORANDA, Quebec, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. ("Abcourt" or the "Corporation") (TSX Venture : ABI) (OTCQB : ABMBF) is pleased to announce the assay results of its first hole drilled in the eastern extension of the South Zone on its Flordin Property (100% ABI). This gold-bearing zone was discovered in the mid-1980s by Cambior. Hole FL-25-280 intersected the South Zone at 483 metres depth as well as a new gold mineralized zone grading 1.3 g/t gold over 28.5 metres, including 5.1 g/t gold over 3 metres (540.5 to 569 metres) directly after the South Zone at over 400 metres depth. Pascal Hamelin, President and CEO comments: 'The drilling campaign underway on our Flordin Property has moved to the western part of the property, approximately 1.8 km from the last announced holes in the Cartwright area. With a single hole drilled in the South Zone area, we can trace and recognize the high-grade gold mineralization characteristics of the area. Our 2023 and 2025 holes demonstrate that we can link this high-grade gold mineralization over more than 1.8 km of distance on our property.' Highlights: A new mineralized zone was intersected in our hole FL-25-280 and returned 1.3 g/t gold over 28.5 metres, including 5.1 g/t gold over 3 metres. Hole FL-23-265 previously announced (press release dated January 30, 2024), returned 14.7 g/t gold over 4 metres, this high-grade interval is included within a mineralized envelope of 3.9 g/t gold over 19 metres. Characteristic high-grade gold mineralization recognized in all our drill holes is traceable over more than 1.8 kilometres. Hole From (m) To(m) Length (m) Grade (g/t) Zones Metal Factor (grade X length) FL-25-280 483.5 484 0.5 5.7 South Zone 2 540.5 569 28.5 1.3 New 37 Including 563 565 3 5.1 New 15 FL-23-265 36 55 19 3.9 Possible South /Horse Zone 74 Including 48 52 4 14.7 Possible South/Horse Zone 59 FL-25-274 28 55.5 27.5 3.5 Horse/Adam 96 Including 48 55.5 7.5 12.1 Horse 90 Figure 1: Regional Location of the Flordin PropertyFigure 2: Flordin Property and Adjacent Claim Owners Figure 3: Surface PlanFigure 4 : Section 359235, View to the West It should be noted that this new gold mineralized zone has never been drilled before. It remains open laterally and at depth. The 2025 drilling currently underway is the deepest ever drilled to date in this area of the property (see section 359235). The South Zone was recognized in our hole 280 and historical descriptions are consistent with the mineralization observed in our drill core. Indeed, this type of mineralization is characterized by pyrite bands associated with pink hematized silica bands with sericite and magnetite bands. This type of mineralization has already been recognized in our drilling in 2023 (see press release dated January 30, 2024) and in 2025 in the Cartwright area (see press releases dated January 30 and February 11, 2025). We are therefore able to recognize and trace this type of high-grade gold mineralization over a distance of more than 1.8 km. Hole FL-23-265, which intersected 14.7 g/t gold over 4 metres (press release dated January 30, 2024) was drilled right in the center of the prospect, between the South Zone and Cartwright. Based on our new data and all of our observations collected during our various phases of work on the property, we are able to include this high-grade gold in a mineralized interval grading 3.9 g/t gold over 19 metres. The mineralization in this hole is similar to that intercepted in our hole FL-25-280 and hole FL-25-274 (Cartwright area). Qualified Persons Mr. Robert Gagnon, The Company's Vice President of Exploration, has reviewed and approved the technical information contained in this press release. Quality Control Measures (QA/QC) Following an analytical quality assurance and quality control program, blank samples and certified reference materials were added to the NQ half core samples and were shipped and analyzed by the MSALABS laboratory in Val-d'Or, Quebec using the Photon Assay™ method. The samples were crushed to 70% passing two millimeters with a 500-gram division for gamma ray assay for gold. According to MSALABS' internal procedure, blank and standard samples are inserted. 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. The drilling, core description and assay preparation work was carried out under the supervision of Robert Gagnon, Vice-President Exploration of Abcourt Mines, a Qualified Person as defined by NI 43-101. About Abcourt Mines Inc. Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill and the Flordin Property, where it focuses its exploration and development activities. For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on Pascal Hamelin Dany Cenac Robert, Investor Relations Président and Chief Executive Officer Reseau ProMarket Inc., T : (819) 768-2857 T : (514) 722-2276, ext. : 456 Email : phamelin@ Email : 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 similar expressions. 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 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. Images accompanying this announcement are available at in to access your portfolio
