ABE Resources Inc.

Published : September 10th, 2009

discovery of a new high grade Uranium

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Keywords :   Canada | Gold | Lead | Uranium |
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


1019, boul. des Pins

Val-d'Or (Qu?bec)

J9P 4T2

T?l. : 819-874-6200

T?lec. : 819-874-6202

 

 

 

 

 

PRESS RELEASE

 

 

ABITEX REPORTS NEW HIGH GRADE U-AU DISCOVERY IN OTISH MOUNTAINS WITH INITIAL ASSAYS UP TO 3.54% U3O8 AND 46.85 G/T GOLD

 

Val-d'Or, Quebec, Canada, September 10, 2009 - Yves Rougerie, President and CEO of Abitex Resources Inc. (TSX-V: ABE)  (the "Company") is very pleased to announce the discovery of a new high grade Uranium-Gold occurrence on the Company's 100% owned Epsilon property in the Otish Mountains region of Quebec. The new discovery named Epsilon-B is located 750 meters southwest of the Epsilon-A occurrence discovered in 2008 where two samples assayed 2.15% U3O8 and 27.7 g/t Au as well as 1.04% U3O8 and 8.7 g/t Au (Abitex Press Release of April 14, 2009).

The technical success of making two high grade discoveries in less than a year is a reflection of the highly qualified exploration team we have mandated to explore the Epsilon property as well as our ability to recognize and acquire areas which exhibit signs for these types of discoveries. With two high grade discoveries in less than a year in the same area, the Company believes it has identified a new area of high potential uranium-gold mineralization in the Otish Basin. Abitex has a large ground position surrounding the discoveries and is the clear leader in the central Otish area with the Epsilon and Lavoie projects as well as the only all-weather camp within 50+  km.

The Epsilon-B occurrence was discovered through follow-up ground prospecting of radiometric anomalies defined during a detailed airborne survey in 2009. On the ground, an area of highly elevated radioactivity was identified extending for more than 100 meters in shallow overburden. By late August, a strongly radioactive outcrop area of approximately 70 square meters (700 sq ft) was exposed from which four grab samples were extracted using a rock saw. The samples from the new discovery outcrop represent areas of highest and lowest radioactivity and returned the following results:

Sample #

U3O8 %

Au g/t

Pb %

Ag g/t

B-01

3.36

  2.20

2.81

159

  B-02*

3.54

46.85

1.20

     89.8

  B-03*

0.33

  6.94

0.27

  41

B-04

0.17

  0.15

3.25

208

*: average of two assays

Assays completed at SRC Geoanalytical Laboratories, Saskatoon

U-Pb-Ag assayed by ICP1 total digestion; Au assayed by fire assay

U3O8 % = (U ppm*1.1792)/1000

 

The Company is very encouraged by these results which present very high Uranium and Gold grades but also show the widespread nature of the poylmetallic suite of mineralization at the outcrop level. The high uranium oxide grades of 3.54% and 3.36% are amongst the highest ever found in outcrop in the Otish, and the high gold assay of 46.85 g/t is possibly the highest gold grade ever encountered in the Otish. A mechanical shovel has now been mobilized to the site in order to expose the bedrock under deeper overburden where the highly anomalous radioactivity persists for over 100 meters and possibly further. Exposed outcrops will be sampled later this month with results likely due in early November. The Company will advance exploration of this new occurrence this fall in order to propose priority drill targets as soon as feasible. Exploration of the 750 meter long, overburden covered area between the Epsilon-A and Epsilon-B occurrences is also planned as their many similarities suggest the two occurrences may represent lateral equivalents of the same mineralizing system.

 

The Epsilon property lies approximately 15 km West of the Company's Lavoie property under option from AREVA Resources Canada ("ARC") and SOQUEM Inc. where Abitex is engaged in a definition drilling program on the "L" deposit which hosts an historic resource of 5.9M lbs U3O8 * (Abitex Press Release of March 26, 2009). The "L" deposit has a strike length of over one kilometer.

The new Epsilon-B occurrence has many similarities with both the Epsilon-A occurrence and the "L" deposit. The mineralization is sandstone-hosted, disseminated and fracture controlled, poylmetallic, occurs at the interpreted same stratigraphic level and within short distance of gabbro intrusive rock. The poylmetallic uranium and gold rich mineralization is also typical of the "L" deposit-type. As with Epsilon-A last year, Abitex believes the new Epsilon-B discovery could potentially lead to a major discovery similar to the "L" deposit where the high U-Au grades encountered greatly enhance the potential to feasibly develop uranium deposits in this area.

During the past summer, the Epsilon-A occurrence was stripped, mapped and channel sampled and assay results are expected in late October. On the Lavoie property, the ongoing definition drilling program is nearing completion and results should be available in late October.

Abitex has mandated Groupe Om?galpha Inc. of Joliette, Qu?bec to manage the Epsilon property exploration program. Abitex is very pleased with the results to date and the involvement of the Groupe Om?galpha which is led by Serge Genest, PhD. Mr. Genest managed AREVA's Quebec exploration activities from 1999 to 2008 and previously completed his PhD on the stratigraphy and sedimentology of the Otish Basin.

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 Lavoie and Epsilon properties in the Otish Mountains as well as three regional scale uranium exploration properties in northern Quebec. Abitex also has several gold and base metal exploration assets, including the Jolin project near Val-d'Or, Quebec which hosts a significant historical gold resource.

 

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 "L" deposit historic resource estimate was completed in 1983 by S?RU Nucl?aire Canada Lt?e ("SNCL") and is taken from a report titled "Projets Monts Otish: ?valuation des r?serves de la partie orientale de la zone 'L' " submitted to the Quebec Ministry of Natural Resources for work assessment purposes (GM 57680). At that time, SNCL completed a resource estimate which suggested the "L" deposit could contain 385,000 tons grading 0.7% U3O8 for 5.9M lbs U3O8. A qualified person has not done sufficient work to classify the historical resource as current mineral resources and Abitex is not treating the historical estimate as current mineral resources. The historical estimate should not be relied upon.

 

CONTACT INFORMATION:

Yves J. Rougerie, President & CEO

Tel: (819) 874-6200 - Fax : (819) 874-6202

info@abitex.ca

 

The Company's public documents may be accessed at www.sedar.com. 

___________________________________________________________________________________________

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.

 

 
 
Ressources Abitex Inc./Abitex Resources Inc.
 
1019 boulevard des Pins
Val-d'Or Qu?bec
J9P 4T2
 
Tel: 819-874-6200
t?l?c: 819-874-6202

 

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ABE Resources Inc.

DEVELOPMENT STAGE
CODE : ABE.V
ISIN : CA00288T1093
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ABE Resources is a uranium and gold exploration company based in Canada.

ABE Resources holds various exploration projects in Canada.

Its main asset in development is CENTRAL MINTO in Canada and its main exploration properties are COURVILLE, ST. STEPHEN, L URANIUM PROPERTY, LAVOIE, SENNETERRE- QUEVILLON (LAC CLEMENT), ST CYR - ABITEX and EPSILON in Canada.

ABE Resources is listed in Canada. Its market capitalisation is CA$ 2.9 millions as of today (US$ 2.2 millions, € 1.8 millions).

Its stock quote reached its highest recent level on January 23, 2009 at CA$ 2.70, and its lowest recent point on October 28, 2016 at CA$ 0.02.

ABE Resources has 5 760 000 shares outstanding.

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Financings of ABE Resources Inc.
4/1/2014Completes Private Placement And Issues Options
10/26/2009Completes second tranche of private placement raising $257,2...
10/19/2009Completes first tranche of private placement raising $662,95...
7/13/2009announce that it has completed the second tranche of a priva...
6/12/2009has completed the first tranche of a private placement
8/1/2008ANNOUNCES FIRST CLOSINGS OF PRIVATE PLACEMENT RAISING $6,346...
7/9/2008ANNOUNCES PRIVATE PLACEMENT OF UP TO $12,000,000
Project news of ABE Resources Inc.
7/31/2014ABE Resources receives $835,439 in Quebec exploration credit...
9/10/2009(Epsilon)discovery of a new high grade Uranium
1/22/2009(Central Minto)discover uranium mineralization at Central Minto
Corporate news of ABE Resources Inc.
5/27/2016ABE Resources Reports on Annual Meeting
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3/26/2015Reports on Annual Meeting and Awards Options
3/26/2015ABE Resources Reports on Annual Meeting and Awards Options
7/31/2014receives $835,439 in Quebec exploration credits, pays off lo...
4/1/2014ABE Resources Completes Private Placement And Issues Options
3/3/2014reports on Annual Meeting and announces property acquisition...
2/6/2014ABE Resources Adopts Advance Notice By-Law
4/16/2013ABE Resources Completes Name Change and Share Consolidation
3/29/2013ources Share Consolidation and Name Change
7/20/2011names new CFO
5/26/2011(St. Stephen)JV Partner Continental Nickel Commences Airborne Geophysical...
4/27/2011News Release
4/26/2011(Courville)and Pershimco set up strategic alliance to develop the Courv...
2/24/2009encouraging uranium results on the Kangiq property, Nunavik,...
1/28/2009Press Release
1/23/2009ANNOUNCES AMENDMENTS TO PROPERTY OPTION AGREEMENTS
9/16/2008ANNOUNCES ACQUISITION OF CENTRAL URANIUM CORPORATION
9/15/2008Announces board changes
9/15/2008Announces proposed acquisition of central uranium corp
9/10/2008ACQUIRES EPSILON URANIUM PROPERTY
9/9/2008of Abitex Resources Inc.
5/26/2008of Resources Abitex Inc.
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