Abitex updates uranium-gold exploration programs in Otish Mountains

VAL-D'OR, QC, Sept. 30 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to provide an update for its Epsilon and Lavoie uranium-gold projects in the Otish Mountains region of Quebec where the summer exploration programs are now complete. The two properties are located less than 10km apart.

Yves Rougerie, President, CEO reports; "The Company is extremely pleased with the results of the 2009 programs which clearly surpassed expectations. The Company is now in a position to award the compilation of an independent NI 43-101 initial resource estimate report on the "L" deposit but also, and perhaps more importantly, has discovered, uncovered and sampled two high-grade uranium-gold occurrences on its 100% owned Epsilon property. The numerous similarities between the two new discoveries and the "L" deposit lead the Company to believe it has identified a new area of high potential uranium-gold mineralization in the Otish Basin."

The highlight of the summer was undoubtedly the discovery of the Epsilon-B surface occurrence (Press Release of September 10, 2009) where initial grab samples assayed as follows:

    
    -------------------------------------------------------------------------
    Sample no.              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
    -------------------------------------------------------------------------
    

Stripping of the Epsilon-B occurrence continued until the last week of September and has exposed an area of approximately 450 square meters (approx. 4,500 sq. ft.). Significant uranium mineralization is widespread over the entire outcrop as evidenced by the high scintillometer readings and common presence of yellow oxidized uranium minerals. Strongly altered and mineralized sandstones are overlain by a shallow dipping gabbro sill, with the strongest alteration, fracturation and mineralization located immediately below the sill. As such, the occurrence bears a striking resemblance to the nearby Lavoie property "L" U-Au deposit setting. Channel samples were taken across the outcrop and will be sent for assay shortly. Two large (40-50kg each) grab samples were also taken. Results can be expected in November. With less than a month before freeze-up, the Company is planning a follow-up program for early 2009 which will include ground geophysics and initial drilling of this very significant discovery.

The outcropping Epsilon-A occurrence was discovered on the same property in August 2008 and is located 750 meters north of Epsilon-B. Two grab samples taken in 2008 at Epsilon-A assayed 2.15% U3O8 and 27.7 g/t Au as well as 1.04% U3O8 and 8.7 g/t Au (Press Release of April 14, 2009). The occurrence was stripped, washed, mapped and channel sampled this summer. Difficult stripping conditions reduced the scope of the program but nonetheless exposed a significant outcrop area. Mineralization is fracture controlled and disseminated and intrusive gabbro outcrops within 20 meters of the occurrence, confirming the favorable "L" deposit geological setting. Results of the sampling are expected in October.

On the Lavoie property where Abitex has an option to acquire a 50% interest from AREVA Resources Canada and SOQUEM, 4,862 meters were drilled in 43 holes between June and September when the program was terminated. Abitex is very pleased with the visual results to date which suggest good lateral continuity of the mineralization. Holes drilled in 2009 were gamma-probed and results of the drilling should be available by November once the correlation factor for probe results has been established. The definition drilling program that started in 2008 now totals 11,272 meters in 85 holes and is considered adequate to undertake an initial resource estimate for the "L" deposit which has an historical resource of 385,000 tons at a grade of 0.7% U3O8 (Press Release of March 26, 2009). Data compilation and validation of the definition drilling program is underway and an independent geological consulting firm is being engaged to complete an NI 43-101 resource estimate for the project before year end.

The Epsilon property covers an area of 5,352 hectares which protects the two new Epsilon discoveries. Abitex 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 technical success of making two high grade discoveries in less than a year on the Epsilon property 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.

    
    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 an historical gold resource.

Groupe Omégalpha Inc. of Joliette, Québec was contracted by Abitex to manage the Epsilon property exploration program. Groupe Omégalpha is led by Serge Genest, Ph.D. who managed AREVA NC's Quebec exploration activities between 1999 and 2008 and previously completed his Ph.D. on the stratigraphy and sedimentology of the Otish Basin.

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
          SÉRU Nucléaire Canada Ltée ("SNCL") and is taken from a report
          titled "Projets Monts Otish: Évaluation des réserves 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.

          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.
    

%SEDAR: 00003760EF

SOURCE ABE Resources Inc.

For further information: For further information: Yves J. Rougerie, President & CEO, (819) 874-6200, Fax: (819) 874-6202, info@abitex.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890