VAL-D'OR, QC, April 26 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce the signing of a Letter of Intent ("LOI") allowing the formation of a strategic alliance with Pershimco Resources Inc. ("Pershimco") (TSX-V: PRO) on the Courville Gold Project in the Val-d'Or - Malartic Gold Mining Camp in northern Quebec.
Through the terms of the alliance, Abitex and Pershimco will pool their individual claims into the Courville Gold Project (the "Project") representing a land package of approximately 100km2 in Courville and Carpentier Townships. Each company will retain an 80% interest in their original claims and acquire a 20% interest in the other party's claims. Pershimco will manage and operate the Project. The JV's final agreement between the two parties will be subject to final Board and regulatory approvals.
Mr. Yves Rougerie, President and CEO of Abitex, stated "We believe our Jolin gold deposit is a significant stand-alone asset. However, we feel that pooling our assets and resources at this time with Pershimco in this area creates an even more significant project where the large land package, favorable geology and existing significant gold occurrences greatly increase the potential for discovery and definition of a large tonnage gold deposit."
The Jolin Gold Property
The Jolin property is located in Courville and Carpentier Townships, adjacent to the North to Pershimco's East Courville property. The property is located approximately 50 km northeast of Val-D'Or and is easily accessed year round by road. Railway and power lines transect the property as well.
The property is host to Abitex's 100% owned historic Jolin gold deposit. More than 150 drill holes totaling over 30,000 meters have been completed on the deposit over the years, including over 8,000 meters by Abitex since 2005. The deposit consists of structurally controlled quartz vein systems hosted mainly by quartz-feldspar porphyry intrusive (QFP). In 2007, Abitex intersected visible gold in the Main vein zone at a vertical depth of 2,200 feet (750m), more than 1,000 feet (300m) below the previous deepest drilling of the deposit, demonstrating the strength and continuity of the structures and mineralization. Past work was concentrated on the Main vein zone but secondary gold intersections are recognized in the porphyry outside this zone, suggesting potential for discovery and/or definition of a larger tonnage, lower grade gold deposit.
A non-compliant historical resource estimate completed in 1996 suggested the Jolin deposit may host Indicated Resources totaling 190,000 tons grading 6.6 g/t Au and Inferred Resources totaling 250,000 tons grading 8.2 g/t Au (Géoconseil Marcel Vallée Inc., 1996) down to the 1,200 foot level (400m). This resource estimate predates and does not conform to National Instrument 43-101. The resource therefore cannot be relied upon and should only be viewed as an historical reference to the potential of the project.
The East Courville Property
Pershimco's Courville project hosts the TIC (Thibodeau Intrusive Complex) and also various known gold anomalies including the historical Pershing-Manitou gold mine. Pershimco has significantly progressed in the exploration of the Courville Property by means of geophysics, geochemistry, RC and core drilling indicating interesting mineralization at shallow depth and bulk tonnage possibilities. Additional metallurgical tests have been performed using bulk sampling methods. The first bulk of 14,000 tons yielded 786.75 ounces of gold, equivalent to a grade of 1.93 g/t Au. The second bulk, of 2,500 tons of siliceous material, realized at Xstrata's Horne operations yielded grades of 1.011 g/t Au and 5.2 g/t Ag.
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. An initial NI 43-101 resource estimate for the company's Lavoie uranium-gold project in the Otish Mountains under option from AREVA and SOQUEM 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. On the nearby 100% owned Epsilon property, Abitex has made two outcropping U-Au discoveries which have reported high grade uranium and gold values. The Company also owns the St. Stephen nickel-copper property with historical resources in New Brunswick which is under option to Continental Nickel Ltd.
The technical information in this release has been prepared, reviewed and approved by Yves Rougerie. P.Geo., President and CEO of Abitex. Mr. Rougerie is a Qualified Person as defined by National Instrument 43-101.
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
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.
