VAL-D'OR, QC, Aug. 18 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce initial assay results from a diamond drill program on its 100% owned St. Stephen nickel-copper-cobalt property in New Brunswick. Under an option agreement signed in 2008, Continental Nickel Limited (TSX-V: CNI) ("Continental Nickel") of Toronto, Ontario can acquire an initial 50% interest and up to a 75% interest in the project. CNI is the operator during the earn-in period.
As previously announced (see Press Release dated June 9, 2010), Continental Nickel commenced a diamond drill program to test various targets identified on the St. Stephen Project, including high conductance, electromagnetic ("EM") anomalies at Triple J, G and Billy's Brook. Ten drill holes totaling 1,356.3 metres were completed during the drill program which is now finished. Assay results are reported herein for three drill holes totaling 400.0 metres. Further assay results will be reported as they are received, compiled and validated.
The drill holes have confirmed that the EM anomalies are caused by nickel-copper sulphide mineralization. The highlights of the drilling include: 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; and 0.68% nickel and 0.24% copper over 8.9 metres and 0.87% nickel and 0.67% copper over 3.65 metres, from diamond drill hole SSD10-001.
Triple J Anomaly
A total of five diamond drill holes totaling 722.0 metres were completed to drill test a 100 metre strike length of the Triple J anomaly to a vertical depth of 125 metres. The anomaly was modeled as a high conductance EM anomaly with a strike length greater than 400 metres. Four of the five holes intersected varying amounts of disseminated to net textured to locally massive sulphide mineralization hosted within gabbroic intrusive rocks of the St Stephen Igneous Complex.
Drill Hole SSD10-001 intersected two main zones of sulphide mineralization; an upper zone grading 0.87% nickel and 0.67% copper over 3.65 metres within a wider interval of 8.80 metres grading 0.44% nickel and 0.62% copper starting at 48.35 metres down hole; and a lower zone grading 0.68% nickel and 0.24% copper over 8.90 metres, including 0.84% nickel and 0.28% copper over 4.9 metres starting at 130.0 metres down hole.
Drill hole SSD10-002 was drilled 40 metres along strike to the southwest of drill hole SSD10-001 and intersected mineralization, believed to correlate with the lower zone, grading 0.57% nickel and 0.22% copper over 7.4 metres.
Based on the results of the surface Time Domain Electromagnetic ("TDEM") survey, the Triple J zone remains open to the south for 300 metres and is open at depth below the current level of drilling.
One drill hole (SSD10-003) was drilled to test Anomaly G which was only partially defined by the ground TDEM survey. This high conductance EM anomaly is similar to, and located approximately 200 metres northeast along strike from, the north end of the Triple J anomaly. Drill holes nearby, completed by previous explorers, were not positioned to intersect the anomaly.
Drill hole SSD10-003 intersected disseminated to massive sulphide mineralization at 47.0 metres down hole grading 1.0% nickel and 0.29% copper over 9.3 metres, including a semi-massive to massive sulphide interval grading 2.0% nickel and 0.56% copper over 3.3 metres hosted within similar intrusive rocks as intersected at the Triple J target.
Based on data from a property-wide airborne survey and the surface TDEM survey, as well as recently collected bore hole electromagnetic (BHEM) data , this zone extends to the north off of the current surface survey grid. Additional ground survey work will be required to fully define the extent of the associated EM anomaly in advance of further exploration drilling on this zone.
Yves Rougerie, President & CEO of Abitex Resources Inc., reports "We are encouraged with these initial drill results by Continental which have discovered several new nickel-copper sulphide zones associated with previously unknown, untested or poorly tested EM anomalies. Further exploration drilling will be required to fully evaluate and delineate these new zones."
Yves Rougerie, P.Geo., President and CEO for Abitex Resources Inc. is the Qualified Person for Abitex as defined by National Instrument 43-101. He has reviewed the information and approved this release. The technical information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and CEO for Continental Nickel Limited. Mr. MacDougall is a qualified person as per NI 43-101.
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. A recently released initial resource estimate for the Lavoie uranium-gold project in the Otish Mountains by InnovExplo Inc. 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 Epsilon property, Abitex has made two significant outcropping U-Au discoveries in the last year which have reported high grade uranium and gold values.
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 or email us at email@example.com.
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 ABE Resources Inc.
For further information: For further information: Yves J. Rougerie, President and CEO, Tel: (819) 874-6200