Abitex updates uranium-gold exploration programs in Otish Mountains
VAL-D'OR, QC,
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
------------------------------------------------------------------------- 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
On the Lavoie property where Abitex has an option to acquire a 50% interest from AREVA Resources
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,
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
The technical information in this release has been prepared, reviewed and approved by Yves Rougerie. P.Geo., President and CEO of Abitex.
* : 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
For further information: Yves J. Rougerie, President & CEO, (819) 874-6200, Fax: (819) 874-6202, [email protected]
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