VAL-D'OR, QC, May 26, 2011 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Company" or "Abitex") is pleased to announce the initiation of an airborne magnetic and electromagnetic (EM) survey at the St. Stephen Nickel-Copper project in New Brunswick. Continental Nickel Limited (TSXV: CNI) ("Continental" or "CNI") can acquire up to a 75% interest in the project under the terms of an option agreement with Abitex and is the operator during the earn-in period.
Continental reports that the St. Stephen Ni-Cu Project has a $350,000 approved 2011 exploration plan and budget, which will include a 300 line km airborne EM survey and the completion of 1,000 metres of Diamond drilling. The primary objectives of the program are to:
- Identify and prioritize all untested EM anomalies within the St. Stephen intrusion;
- Drill test selected new high priority EM targets and
- Carry out follow-up drilling on the sulphide zones discovered in 2010 at the Triple J and G targets.
The airborne EM survey is being carried out by Fugro Airborne Surveys Corp. utilizing their helicopter-borne HELITEM system. Magnetic and electromagnetic data will be collected over the known extents of the St. Stephen intrusion on east-west flight lines spaced 100m apart. Upon completion of the survey, data will be interpreted with the goal of selecting priority targets for Diamond drill testing. Drilling is expected to commence in the fall of 2011.
In 2010, Continental reported the discovery of three new nickel-copper sulphide zones by drill testing high priority targets (Triple J, G and Billy's Brook) which were generated by new ground EM surveys. Highlights included 2.00% nickel and 0.56% copper over 3.3 metres, within a wider interval grading 1.0% nickel and 0.29% copper over 9.30 metres from Diamond drill hole SSD10-003 drilled at Target G (CNI Press Release, August 18, 2010) and 21.4 metres grading 0.63% nickel and 0.22% copper at the newly discovered Triple J Zone (CNI Press Release, September 15, 2010). These discoveries represent the first significant drill intersections in the western portion of the St. Stephen intrusion and resulted directly from employing modern ground EM surveys in an area of limited past exploration. The 2011 airborne EM survey will provide new, high quality EM data across the entire intrusion including the under explored western and southern portions.
Yves Rougerie, President and CEO of Abitex Resources Inc., reports "Continental continues to build on the initial success Abitex had exploring the St. Stephen property. The 2010 drill program achieved considerable success with the discovery of the Triple J, G and Billy's Brook nickel-copper sulphide zones. The 2011 exploration will build on this success by further exploration of the sulphide zones at the Triple J and G zones, as well as other unexplored targets. The new HELITEM airborne survey will improve on the EM airborne survey completed by Abitex in 2004 as well as the more recent ground EM surveys. Abitex believes the St. Stephen intrusion has excellent potential to host additional nickel sulphide deposits and is confident Continental's recognized expertise will result in new discoveries."
The technical information in this release was prepared under the direction of Ms. Patricia Tirschmann, P. Geo., Vice President, Exploration for Continental Nickel Limited. Ms. Tirschmann is a qualified person as defined by National Instrument 43-101. Mr. Yves Rougerie. P.Geo., President and CEO of Abitex, has reviewed and approved the information contained in this release. Mr. Rougerie 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 focused on advancing its 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 that carry visible high grade uranium and gold-rich polymetallic mineralization which have reported high grade assay values. The Company also has two significant gold properties. The Barry Lake property is under option to Bonterra Resources as the "Eastern Extension Property", while the Jolin gold property is part of a strategic partnership with Pershimco Resources.
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.
