SASKATOON, SK / ACCESSWIRE / November 27, 2024 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) is pleased to announce assay results from part of its 2024 summer exploration program (Figure 1) at its Key Lake South (KLS) Project. The program focused on systematically drilling a 600 m section of the 2 km Loki Flake Graphite Zone ("Loki Zone"), which remains open along strike and at depth (Figure 2). Locations and orientations of drillholes are listed in Table 1 and their assay results are shown in Table 2.
Assay Highlights
KLS-24-026: 42.5 m at 7.36 % Cg, including 5.5 m at 15.10 % Cg
KLS-24-027: 33.0 m at 7.28 % Cg, including 6.5 m at 14.01 % Cg
KLS-24-028: 30.3 m at 8.72 % Cg
KLS-24-030: 41.0 m at 7.20 % Cg
KLS-24-031: 52.0 m at 7.18 % Cg, including 8.5 m at 14.98 % Cg
Dawn Zhou, President and CEO remarked "Abasca is excited by the promising lab data from the 2024 summer drilling program at its Loki Zone. The significant intersection lengths and positive lab data position the zone for mineral resource estimation. The Canadian Critical Minerals Strategy lists graphite as one of six priority critical minerals for its potential to spur Canadian economic growth. While Abasca continues its exploration for uranium at KLS, the Company also dedicates to advance the flake graphite project for creating shareholders' value and contributing to enhance North America's graphite supply chain and Saskatchewan's strategy of doubling the number of critical minerals being produced in the province."
Loki Flake Graphite Zone
In the summer of 2024, the Company drilled 20 holes, totaling 5,499 m, at the Loki Flake Graphite Zone that was discovered in 2016. The delineation program was conducted at a 100 m x 100 m grid spacing, testing the strike- and depth-extents of the Loki Zone. All drillholes successfully intersected graphite mineralization, which was extensively sampled.
Graphite mineralization was intersected at the overburden-basement contact and dips toward the southwest (Figures 3 and 4). The mineralization is hosted in metapelitic rocks of the Wollaston Domain along a northwest-trending fault zone in the north part of the property. Pegmatite and local calc-silicate rocks are commonly observed in the hanging wall interlayered with the metapelitic gneiss and also contain local graphite mineralization (Figures 3 and 4).
Brian McEwan, Vice-President of Exploration commented "We are encouraged by the first set of lab data from the Loki Flake Graphite Zone. The grades are consistent with what our team has logged in the field, and we are looking forward to receiving the remaining lab results. Given the overall size of the trend, the shallow depth of the zone, and the access to the project site, we are very optimistic about continuing our work. This program is the first step in evaluating the Loki Flake Graphite Zone and we are excited that we have the opportunity to bring something a little bit different to the table in Saskatchewan in terms of critical mineral diversity."
An additional two drillholes, totaling 912 m, were drilled into a parallel fault zone approximately 600 m northeast of the Loki Zone (Figure 2). Both holes, KLS-24-042 and KLS-24-046 intersected graphite mineralization and were comprehensively sampled (Figure 5). Results from these holes and the remaining Loki Zone holes are pending, as well as metallurgical testing of samples from KLS-24-052.
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, boron by fusion as well as graphite content (% Cg) and total sulphur by LECO. Samples were collected in accordance with industry-standard quality assurance / quality control practices and included the insertion of blanks, standard reference materials, and repeats into the sample stream at regular intervals. Samples were also collected for in-field and lab density measurements at regular intervals and through the mineralized zones.
For more information on the Loki Flake Graphite Zone and an overview of the Key Lake South Project, please visit the Company's website at https://www.abasca.ca.
Table 1: Locations and orientations of drillholes included in this release.
Drillhole ID | Easting | Northing | Elevation | Azimuth | Inclination | Total Length |
KLS-24-026 | 445377 | 6330260 | 557 | 35 | -60 | 372 |
KLS-24-027 | 445317 | 6330176 | 556 | 35 | -60 | 420 |
KLS-24-028 | 445481 | 6330398 | 559 | 35 | -60 | 207 |
KLS-24-029 | 445405 | 6330477 | 559 | 35 | -60 | 159 |
KLS-24-030 | 445349 | 6330394 | 560 | 35 | -60 | 234 |
KLS-24-031 | 445289 | 6330313 | 557 | 35 | -60 | 304 |
| ||||||
Table 2: Drillholes and their composited graphite intersections through the Loki Flake Graphite Zone.
Drillhole ID | From | To | Length | Cg % | S % |
|---|---|---|---|---|---|
KLS-24-026 | 189.00 | 191.00 | 2.00 | 2.55 | 0.51 |
195.00 | 196.95 | 1.95 | 1.20 | 0.25 | |
235.50 | 278.00 | 42.50 | 7.36 | 1.03 | |
Including | |||||
236.00 | 238.50 | 2.50 | 13.64 |
| |
239.00 | 244.50 | 5.50 | 15.10 | ||
245.00 | 247.50 | 2.50 | 15.42 | ||
| |||||
KLS-24-027 | 296.50 | 303.50 | 7.00 | 2.96 | 0.53 |
343.00 | 376.00 | 33.00 | 7.28 | 1.12 | |
Including | |||||
357.50 | 358.50 | 1.00 | 11.30 |
| |
360.00 | 360.50 | 0.50 | 12.10 | ||
362.50 | 363.00 | 0.50 | 11.50 | ||
364.50 | 371.00 | 6.50 | 14.01 | ||
| |||||
KLS-24-028 | 71.50 | 72.00 | 0.50 | 4.02 | 0.45 |
78.50 | 79.50 | 1.00 | 3.90 | 0.49 | |
99.70 | 130.00 | 30.30 | 8.72 | 1.05 | |
Including | |||||
100.50 | 101.00 | 0.50 | 14.10 |
| |
101.50 | 105.00 | 3.50 | 14.47 | ||
108.50 | 110.50 | 2.00 | 15.83 | ||
123.50 | 124.50 | 1.00 | 11.10 | ||
125.50 | 128.00 | 2.50 | 15.42 | ||
| |||||
KLS-24-029 | 63.50 | 95.50 | 32.00 | 6.73 | 0.92 |
Including | |||||
71.00 | 73.50 | 2.50 | 15.02 |
| |
75.00 | 78.00 | 3.00 | 15.10 | ||
90.50 | 92.00 | 1.50 | 13.73 | ||
KLS-24-030 | 120.50 | 122.00 | 1.50 | 2.80 | 0.28 |
132.00 | 150.50 | 18.50 | 9.17 | 1.47 | |
Including | |||||
133.50 | 134.50 | 1.00 | 10.80 |
| |
138.00 | 141.00 | 3.00 | 13.95 | ||
141.50 | 146.00 | 4.50 | 14.23 | ||
155.00 | 177.50 | 22.50 | 5.24 | 0.88 | |
Including | |||||
175.50 | 176.00 | 0.50 | 11.70 |
| |
176.50 | 177.00 | 0.50 | 11.70 | ||
| |||||
KLS-24-031 | 208.00 | 260.00 | 52.00 | 7.18 | 1.02 |
Including | |||||
208.50 | 217.00 | 8.50 | 14.98 |
| |
224.00 | 224.50 | 0.50 | 10.00 | ||
227.00 | 228.00 | 1.00 | 11.80 | ||
228.50 | 229.50 | 1.00 | 10.95 | ||
255.00 | 255.50 | 0.50 | 11.70 | ||
All lengths are as measured downhole and do not represent true thickness. Composite intervals are calculated using a 3.0 % Cg cut-off and may include a maximum of 2.0 m internal dilution. | |||||
Qualified Person
The technical information in this news release has been reviewed and approved by Brian McEwan, P.Geo, a Qualified Person as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. McEwan is the Vice-President of Exploration at Abasca.
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 Project (KLS), 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. The project also hosts the Loki Flake Graphite Zone.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA, CGA
President, CEO and Director
For more information visit the Company's website at https://www.abasca.ca or contact:
Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
Forward-Looking Statements
This press 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. Forward-looking information reflects management's current beliefs with respect to future events and is based on information currently available to management. Forward-looking information contained in this press release includes, but is not limited to, statements relating to a follow up exploration program at the Loki Flake Graphite Zone and the testing of the other target areas at KLS. 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 press 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, uncertainties and factors, certain of which are beyond Abasca's control, including the impact of general business and economic conditions; risks related the exploration activities to be conducted on KLS, including risks related to government and environmental regulation; actual results of exploration activities; industry conditions, including uranium and graphite price fluctuations, interest and exchange rate fluctuations; the influence of macroeconomic developments; business opportunities that become available or are pursued; title, permit or license disputes related to KLS; litigation; fluctuations in interest rates; and other factors. In addition, the forward-looking information is based on several assumptions which may prove to be incorrect, including, but not limited to, assumptions about the availability of qualified employees and contractors for the Company's operations and the availability of equipment. The forward-looking information contained in this press 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.
SOURCE: Abasca Resources Inc.