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
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.
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
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
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.
SOURCE ABITEX RESOURCES INC.
For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200