April 17, 2023 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX V: ABA) is pleased to announce the completion of its winter drilling program on the 100%-owned, 23,977-hectare Key Lake South Uranium Project (“KLS”). The Company drilled a total of 11 holes (Figure 1) comprising 4,959 metres at the Mustang target area (“Mustang”), intersecting lengths from 0.15 metre to 4.35 metres of anomalous radioactivity in 8 holes (Table 1).
The drilling identified and confirmed multiple stacked graphitic fault zones at Mustang. Overprinting fracture zones, fault gouge, and fault breccia demonstrate re-activation of several of these fault zones, which has been seen to be ideal features in other uranium deposits in the Athabasca Basin region. All drillholes intersected similar stratigraphy of biotite-garnet gneiss with intervals of granitic gneiss and local pegmatite bound between two major graphitic fault zones, and calc-silicate rocks at the contact with a lower unit of granitic gneiss. Hematite and clay alteration were observed in all drillholes within and proximal to fracture and fault zones. Anomalous radioactivity was intersected in multiple drillholes, proximal to lithological contacts and these two graphitic fault zones, hosted in the biotite-gneiss, granitic gneiss, and pegmatite units. Additionally, the surrounding rocks at Mustang are silicified and together with the alteration and stacked re-activated fault zones, have similar characteristics to other basement-hosted uranium deposits along the margins of the Athabasca Basin.
Brian McEwan, VP Exploration, stated: “These results are very encouraging, and we are excited to continue following up on these early intersections at Mustang and test the other 13 defined target areas at the Key Lake South Uranium Project.”
All drillholes were systematically sampled in addition to the radioactive zones and samples are being analysed at SRC Geoanalytical Laboratories in Saskatoon, SK.
“Abasca is pleased with the results from the KLS first drill campaign as a publicly traded company. While waiting for the winter drilling’s lab analytical information, the Company focuses on compiling the data acquired so far and on planning for a summer drilling program”.Dawn Zhou, President and CEO.
Table 1: Radioactivity results from winter 2023 drilling.
|Drillhole ID||Azimuth||Inclination||Total Length (m)||From (m)||To (m)||Length (m)||Radioactivity Range (cps)|
|KLS-23-002||280||-65||477.00||281.40||281.55||0.15||< 300 – 310|
|KLS-23-003||280||-65||393.00||260.60||260.70||0.10||<300 – 650|
|KLS-23-004||280||-65||417.00||310.00||310.60||0.60||< 300 – 1100|
|327.35||327.55||0.20||< 300 – 580|
|340.65||340.80||0.15||< 300 – 350|
|KLS-23-005||280||-65||414.00||267.00||267.55||0.55||300 – 500|
|353.50||354.10||0.60||< 300 – 650|
|KLS-23-006||280||-65||420.00||317.10||317.60||0.50||< 300 – 600|
|328.70||331.78||3.08||< 300 – 1700|
|KLS-23-007||280||-65||603.00||419.50||420.00||0.50||< 300 – 525|
|KLS-23-009||280||-65||426.00||204.00||208.35||4.35||< 300 – 1000|
|345.25||346.00||0.75||< 300 – 600|
|KLS-23-011||280||-65||396.00||192.45||192.70||0.25||< 300 – 350|
|269.80||270.00||0.20||< 300 – 350|
|277.30||277.53||0.23||< 300 – 300|
- All lengths are as measured downhole and do not represent true thickness.
- Maximum internal dilution of 2.00 m.
- All radioactivity measurements taken with a RS-120 scintillometer.
- “Anomalous” refers to radioactivity greater than or equal to 300 counts per second (cps) as measured with a RS-120 scintillometer.
- Where the minimum radioactivity range is < 300 cps, this refers to localized low radioactivity within the overall anomalous radioactive interval.
About Abasca Resources Inc.
Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The Company owns the Key Lake South Uranium Project, a 23,977-hectare uranium exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km south of the former Key Lake mine and current Key Lake mill.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA, CGA
President, CEO and Director
For more information contact:
Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261
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This news release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Abasca undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Abasca, its securities, or financial or operating results (as applicable). Although Abasca believes that the expectations reflected in forward-looking information in this news release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Abasca’s control, including the risk factors discussed in the Filing Statement which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking information contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. Abasca disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.