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Press Release - Abitex Resources Inc. (ABE-TSXV) |
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I worked five years in the Otish Mountains back in the early1980’s, so I’ve seen the entire Otish Mountains and all of the uranium showings, but this is by far the most significant outcrop in the Otish Mountains. There is no doubt about it. The quality is there of mineralization and everything else, so we are quite excited about it. The market response to that is that we have had a lot of offers to the company financially as we go along with these projects... - Yves Rougerie(ABE) (Interview published December 11, 2009) |
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Abitex and Continental Nickel intersect new sulphide zones at the St. Stephen project in New BrunswickVAL-D'OR, QC, June 23 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce initial results from a diamond drill program on its 100% owned St. Stephen nickel-copper-cobalt property in New Brunswick. Under an option agreement signed in 2008, Continental Nickel Limited (TSX-V: CNI) ("Continental Nickel" or "CNI") of Toronto, Ontario can acquire an initial 50% interest and up to a 75% interest in the project. CNI is the operator during the earn-in period. Continental Nickel reports that it has intersected several zones of sulphide mineralization while testing electromagnetic ("EM") anomalies on the property. Assay results are expected by mid-July and will be reported once they have been reviewed and validated. Yves Rougerie, President & CEO of Abitex Resources Inc., reports "We are very pleased with these initial drill results by Continental which have discovered several new sulphide zones associated with previously unknown, untested or poorly tested EM anomalies. The results have confirmed the potential for the discovery of new sulphide zones on the property and validate Continental's methodology and capability to identify quality targets for exploration at St. Stephen. We look forward to the assay results for these drill holes and additional positive drill results from the rest of the program." Continental Nickel commenced the diamond drill program in early June to test various targets identified on the St. Stephen Project, including recently discovered, high conductance, EM anomalies at Triple J and Billy's Brook (see Abitex Press Release dated June 9, 2010). The 2010 exploration program was initially planned to complete up to eight drill holes, totaling approximately 1,500 metres. To date, five drill holes totaling 677 metres have been completed. Triple J Anomaly ---------------- The Triple J anomaly is located approximately 1.5 kilometres southwest of the Rogers Farm Deposit and is modeled as a high conductance EM anomaly with a strike length greater than 400 metres. Four drill holes (SSD10-001, 002, 004 and 005) have been completed to test the conductor along a 50 metre strike length to a vertical depth of approximately 125 metres. All of the holes have intersected multiple zones of variably disseminated to net textured to locally massive sulphide mineralization dominated by pyrrhotite with trace chalcopyrite. Anomaly G --------- Anomaly G is a high conductance EM anomaly similar to and located approximately 300 metres northeast along strike from the Triple J anomaly. Drill Hole SSD10-003 was completed to test the anomaly after EM plate modeling of ground EM survey data suggested that it had not been adequately tested by nearby historic drill holes. The drill hole intersected a 2.85 metre interval of massive sulphide mineralization dominated by pyrrhotite with visible chalcopyrite. Drill hole collar locations and a summary description of the sulphide zones intersected are provided in Table I (below). The drill program is continuing with remaining drill holes planned to test the Billy's Brook EM anomaly, as well as drill for extensions at historic sulphide zones at Rogers Farm and E Zone. Yves Rougerie, P.Geo., President and CEO for Abitex Resources Inc. is the Qualified Person for Abitex as per NI 43-101. He has reviewed the information and approved this release. The technical information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and CEO for Continental Nickel Limited. Mr. MacDougall is a qualified person as defined by National Instrument 43-101. About ABITEX ------------ Abitex Resources is an exploration and development company based in Val d'Or, Quebec, which is currently focused on acquiring and advancing uranium properties in Quebec. A recently released initial resource estimate for the Lavoie uranium-gold project in the Otish Mountains by InnovExplo Inc. reported Indicated resources of 3.9M lbs U3O8 grading 0.45% and Inferred resources of 9.3M lbs U3O8 grading 0.56%. The report is available on SEDAR. Two significant U-Au discoveries were also made in the last year by the Company on the nearby Epsilon property. The Company also has other exploration assets with historical resources including the Jolin gold property near Val d'Or, Quebec, and the St. Stephen Ni-Cu project in New Brunswick. The Company's public documents may be accessed at www.sedar.com For further information on the Company, visit our website at www.abitex.ca or email us at info@abitex.ca ------------------------------------------------------------------------- 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. Table I: Summary of Recent Sulphide Drill Intersections, St. Stephen Project, New Brunswick.
------------------------------------------------------------------------- Location Length From To Interval Drillhole (UTM - Az / Intersection NAD83) Dip (m) (m) (m) (m) ------------------------------------------------------------------------- (SSD10-) "Triple J" and "G" EM Anomalies ------------------------------------------------------------------------- 1 48.5 52.4 3.9 Net textured to local massive sulphide with 35-80% Po and trace to 3% Cp. 92.0 110.0 18.0 5-12% dissemi- 632130E- 090 / nated and blebby 5007748N -70 150.0 Po, trace Cp. 110.0 133.85 23.85 10-20% dissemi- nated and blebby Po with trace Cp. 133.85 138.9 5.05 Net textured sulphide with narrow intervals of massive sulphide, 50% Po and trace to 0.5% Cp ------------------------------------------------------------------------- 2 22.9 25.0 2.1 10-20% coarse aggregates of Po, trace Cp. 632125E- 090 / 91.6 118.6 27.0 3-10% dissemina- 5007700N -76 158.0 ted Po, trace Cp. 118.6 126.6 8.0 25% disseminated to blebby Po, trace Cp. ------------------------------------------------------------------------- 3 632281E- 090 / 53.15 56.0 2.85 Massive sulphide, 5007997N -60 92.0 70-90% Po, trace to 3% Cp. ------------------------------------------------------------------------- 4 70.5 87.6 17.1 8-10% dissemina- ted Po, trace Cp. 87.6 97.8 10.2 20-35% dissemina- ted and blebby Po with trace Cp 632189E- 270 / 97.8 109.4 11.6 Net textured 5007757N -70 143.0 sulphide, 25-40% Po, trace Cp 109.4 111.5 2.1 Semi-massive to massive sulphide, 50-75% Po, trace Cp. ------------------------------------------------------------------------- 5 18.8 19.6 0.8 20% disseminated Po, trace Cp. 632189E- 270 / 92.7 97.25 4.65 Greater than 5% 5007757N -50 134.0 disseminated Po-Cp. 98.2 98.85 0.65 Massive sulphide breccia, 70% Po. ------------------------------------------------------------------------- Total 677.0 ---------------------------------- Po - Pyrrhotite; Cp - Chalcopyrite Note: Intervals represent core lengths, not necessarily true widths. %SEDAR: 00003760EF For further information: Yves J. Rougerie, President and CEO, Tel: (819) 874-6200
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