May 24, 2023 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX V: ABA) is pleased to release geochemical assays from drillcore samples collected during its successful 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 anomalous radioactivity in 8 holes (previously released), and assays confirm anomalous uranium intersections.
- 9 of the 11 drillholes intersected anomalous uranium over a cumulative total core length of 13.85 m.
- KLS-23-004 intersected a total of 1.5 m of anomalous uranium, including 10 cm at 1260 ppm U.
- KLS-23-006 intersected a total of 3.4 m of anomalous uranium, including 79 cm at 897 ppm U and 43 cm at 942 ppm U.
- KLS-23-009 intersected a total of 2.4 m of anomalous uranium, including 50 cm at 1010 ppm U.
- Multiple stacked graphic fault zones intersected at major lithological contacts with overprinting fracture zones, fault gouge, and fault breccia – Ideal features in other basement-hosted uranium deposits in the Athabasca Basin region.
- Confirmed anomalous uranium intersections located proximal to graphitic fault zones that are also elevated in pathfinder elements including up to 3540 ppm B, 267 ppm Ce, 350 ppm Cu, and 381 ppm V.
- Silicification, hematite and clay alteration observed in all drillholes within and proximal to fracture and fault zones.
The identification of silicification, hematite, and clay alteration within reactivated fault zone systems and coincident anomalous pathfinder element geochemistry, including Boron, Cerium and Copper, is essential to the search for uranium deposits such as the Key Lake and Arrow uranium deposits of the Athabasca Basin of Saskatchewan.
Brian McEwan, VP Exploration, stated: “the assay results of elevation uranium intersections and positive evidence of pathfinder elements are very encouraging and confirm the presence of anomalous uranium at Mustang. We look forward to continuing exploration at Mustang as well the remaining 8 kilometres along strike toward the north.”
“Abasca is pleased with the findings of the winter drill program and will continue advancing the KLS project to its full potentials for hosting uranium deposits. Plans for financing and logistics are on the way to start a summer drill program in near future”.Dawn Zhou, President and CEO
Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, an independent laboratory accredited under ISO/IEC 17025:2017 for preparation and ICP-MS multi-element analysis and Boron by fusion. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals in accordance with Abasca’s quality assurance / quality control procedures. For more information and an overview of the Key Lake South Uranium Project, please visit the Company’s website at https://www.abasca.ca.