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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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New Drill Targets Identified at St. Stephen Nickel-Copper Project
The Company is very pleased with these developments on the St. Stephen project. The results of Continental’s first year exploration program on the project are very encouraging. Continental’s expertise in magmatic nickel-copper exploration has yielded a number of compelling targets for drill testing. The Company is looking forward to the 2010 program when a drill program is planned to test these quality targets.
Based on a compilation of historic data completed earlier this year, Continental selected two priority areas to be surveyed with a large loop, time domain electromagnetic (TDEM) survey. A total of twelve line kilometres of TDEM surveying from two fixed loops was completed. The aim of the survey was to explore for extensions of known mineralization in the area of the Rogers Farm Deposit and to confirm new, untested, anomalies identified from a review of the airborne VTEM survey flown by Abitex in 2004.
In the Rogers Farm area, the survey detected a new high conductance anomaly (referred as the Billy’s Brook Anomaly), located approximately 700 metres west of the Rogers Farm Deposit. The anomaly is 175 metres long and is untested by previous drilling. Surveying over the Rogers Farm Deposit, as expected, detected an extremely high conductance anomaly, over a 250 metre strike length, coincident with the deposit. Although no new extensions to the deposit were detected by the survey, historic drilling indicates that the deposit is open at depth. The survey also confirmed that a down dip extension is likely to the E Zone, located 200 metres east of the Rogers Farm Deposit, where historic drilling intersected up to 0.95% nickel and 0.45% copper over 9.15 metres. The survey results indicate that this zone is open at depth below the level of historic drilling.
In the second survey area, a second new high conductance anomaly (referred to as the Triple J Anomaly) was detected, 1.5 kilometres southwest of the Rogers Farm Deposit. This anomaly has similar conductivity to the anomaly of the Rogers Farm Deposit and has been modeled over a strike length of greater than 400 metres. It is also untested by previous drilling.
Based on these favorable results, including the discovery of two new, untested, high conductance EM anomalies, as well as potential depth extensions at the Rogers Farm and E Zones, Continental intends to design a drill program to test these targets in 2010.
Background
The St. Stephen project consists of 129 contiguous claims totaling 2,064 hectares near the town of St. Stephen in southwestern New Brunswick. The project is exceptionally well positioned with respect to infrastructure such as power and transportation with road links to bulk shipping port facilities located within 120 kilometres at Saint John.
The property hosts some seventeen, historic, sub-cropping, nickel-copper, magmatic, sulphide occurrences within Devonian mafic to ultramafic intrusive rocks of the St. Stephen igneous complex. Resources have been previously estimated for three deposits at Rogers Farm, Hall-Carroll, and C Zones, but pre-date and are not compliant with the reporting standards of NI 43-101. Based on the historic resource estimates, the Rogers Farm deposit, which is the largest deposit found to date, has an exploration target potential of approximately 500,000 tonnes grading 1% nickel and 0.45% copper to a depth of 150 metres. The Company considers this as a conceptual exploration target and is not treating the historical estimate as a current mineral resource. The historical resources should not be relied upon and should only be considered to be mineral occurrences that have the potential to be upgraded to resources by the application of exploration and evaluation to NI 43-101 standards.
Abitex entered into an Option and Joint Venture Agreement with Continental Nickel Limited (TSXV: CNI) of Toronto, Ontario in April of 2008. Under the terms of the option agreement, Continental can earn an initial 50% interest in the project by completing scheduled cash payments totaling $150,000, issuing a total of 270,000 shares of Continental and completing $1.0 million in work expenditures by April 3, 2013. The Company can increase its interest to hold a 60% interest by completing additional cash payments and share issuances of Continental totaling $60,000 and 80,000 shares, respectively, and completing additional work expenditures totaling $1.0 million by April 3, 2015.
Upon completion of a feasibility study within five years of earning a 60% interest, Continental’s interest will increase to 65% and can further increase to 75% if the study recommends a positive development recommendation and Continental gives notice that it intends to implement the study recommendation within two years of tabling the study.
Qualified Persons
The quality control, technical information and all aspects of the exploration program were supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. The information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and Chief Executive Officer for Continental Nickel Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified persons as defined by National Instrument 43-101. Yves Rougerie, P.Geo., President and CEO for Abitex Resources Inc. is the Qualified Person for Abitex and has reviewed and approved this release.
About ABITEX ABITEX is an exploration and development company based in Val d’Or, Quebec, which is currently focused on acquiring and advancing uranium properties in Quebec, including the Epsilon property in the Otish Mountains where two significant U-Au discoveries have been made by the Company in the last year. The Company is also in the process of completing an initial resource estimate and 43-101 report for the nearby Lavoie project. The Company 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.
About CONTINENTAL NICKEL Continental Nickel Limited is focused on the exploration and discovery of nickel sulphide deposits in geologically prospective, but under-explored regions globally. Current projects include its 70% controlling interest in the Nachingwea project in Tanzania, where NI 43-101 Mineral Resources have been defined, and an option joint venture on the St. Stephen project in New Brunswick, Canada.
CONTACT INFORMATION: Yves J. Rougerie President and CEO Tel: (819) 874-6200
The Company’s public documents may be accessed at www.sedar.com For further information on the Company, please 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.
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