VAL-D'OR, QC, Jan. 25, 2012 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Company"; "Abitex") is pleased to announce assay results from the 2011 drilling program on the St. Stephen Nickel-Copper project in New Brunswick which have confirmed the discovery of new nickel-copper sulphide mineralization. Highlights include: 2.35% nickel and 1.06% copper over 5.45 metres from drill hole SSD11-013 at the new Hanson Brook target, and 0.68% nickel and 0.41% copper over 58.2 metres, including 0.85% nickel and 0.48% copper over 20.8 metres from drill hole SSD11-011 at the "G" zone. Continental Nickel Limited ("Continental" or "CNI") (TSXV: CNI) can acquire an initial 50% and up to a 75% interest in the St. Stephen project under the terms of an option agreement with Abitex. CNI is the operator during the option period.
Continental commenced a diamond drilling program in early December to test new electromagnetic ("EM") targets identified in the 2011 airborne EM survey and to further test nickel-copper mineralization intersected in 2010 in the St. Stephen intrusion (see CNI Press Release dated December 2, 2011). Five drill holes totaling 772 metres were completed in December and borehole electromagnetic surveys ("BHEM") were also carried out in each of the holes. The drilling program was suspended on December 15th due to wet ground conditions and resumed on January 17th. Assay results are reported herein for the five completed holes (see Table I below).
Yves J. Rougerie, President & CEO of Abitex Resources, commented "We congratulate Continental on their continued success on the St. Stephen project. Their nickel expertise is producing encouraging results in an old camp, as evidenced by the new nickel-copper sulphide discovery at Hanson Brook and the expansion of mineralization at G zone, both located along the western side of the St. Stephen intrusion. EM geophysical surveys and drilling are proving very effective at identifying new mineralization and we look forward to further evaluation of the new discoveries and to testing of additional new targets by CNI."
In 2010, drill hole SSD10-003 intersected disseminated to massive sulphide mineralization within gabbro at G zone located near the north western edge of the St. Stephen intrusion. This mineralization graded 1.0% nickel and 0.29% copper over 9.3 metres from 47.0 to 56.3 metres including a semi-massive to massive sulphide interval grading 2.0% nickel and 0.56% copper over 3.3 metres (see CNI Press Release dated August 18, 2011).
Two holes (SSD11-011 and 012) were completed in late 2011 to follow-up the G zone discovery. Hole SSD11-011 was drilled 140m along strike to the northwest of hole SSD10-003 to test for the northern extension of G zone and was targeted based on both airborne and borehole geophysical data. The hole intersected a wide zone of mineralization in gabbro between 113.80 and 172.0 metres, consisting of heavily disseminated sulphides transitioning down hole into net-textured and semi-massive sulphides. The entire interval graded 0.68% nickel and 0.41% copper over 58.2 metres and included 0.85% nickel and 0.48% copper over 20.8 metres from 151.20 to 172.0 metres.
Hole SSD11-012 was drilled to test 50m down-dip of hole SSD11-003 and intersected intermixed metasedimentary rocks and gabbro. The gabbro contained minor disseminated sulphides which returned a best value of 0.45% nickel and 0.19% copper over 0.95m from 29.50 to 30.45 metres.
Results of the BHEM surveys in holes SSD11-011 and SSD11-012 have been received by Continental and will be used to target additional drilling to further define the extents of G zone.
Hanson Brook Target
One hole, SSD11-013, was drilled to test a new airborne EM anomaly located 350 metres northwest of SSD10-003 (G Zone). SSD11-013 intersected a zone of massive sulphides grading 2.35% nickel and 1.06% copper over 5.45 metres from 45.5 to 50.95 metres. The sulphides are hosted in metasedimentary rocks and are interpreted to be remobilized from the mafic rocks of the St. Stephen intrusion. BHEM data indicates that the conductor was intersected near its southern edge and additional drilling is planned to further test the Hanson Brook Target.
Todd Mountain Target
Two holes, SSD11-014 and SSD11-015, were drilled to test a new, >1 kilometre long airborne EM anomaly located in the south-western portion of the St. Stephen intrusion where no previous drilling has been carried out. SSD11-014 was drilled near the southern extent of the airborne EM anomaly and hole SSD11-015 was drilled near the northern extent. Both holes intersected intrusive gabbroic rocks but failed to intersect an EM conductor and did not return any significant assays. Borehole EM surveys were conducted and strong off-hole anomalies were detected in the immediate vicinity of both holes. The BHEM results indicate the presence of multiple conductors and complex geometry when compared to the airborne EM data. Additional drilling is planned to more fully test the Todd Mountain target.
The quality control, technical information and all aspects of the St. Stephen exploration program are supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. Ms. Tirschmann is a qualified person as defined by National Instrument 43-101.
The information in this release has been reviewed and approved by Yves Rougerie, Geo, President and CEO of Abitex Resources. Mr. Rougerie is a qualified person as defined by National Instrument 43-101.
Abitex Resources is an exploration and development company based in Val d'Or, Quebec, which is focused on advancing two uranium properties in the Otish Mountains region of north-central Quebec. The Company announced the results of a positive Preliminary Economic Evaluation ("PEA") for the Lavoie uranium-gold project on January 20, 2012, projecting Gross Income of $636M over a 6-year mine-life, Net Cash Flow of $166M, an NPV of $88M and IRR of 42% based on conservative parameters. The PEA report will be filed on SEDAR within 45 days of the release.
The Company's public documents may be accessed at www.sedar.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.
This press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information.
Table I: Summary of Recent Assay Results, St. Stephen Project, New Brunswick.
For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200