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Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite Deposit and Closing of the Final Tranche of Its Private Placement
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About this update from Abasca Resources Inc.
[{"type":"text","content":"Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite Deposit and Closing of the Final Tranche of Its Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES SASKATOON, SK / ACCESS Newswire / June 9, 2025 / Abasca Resources Inc. (\"Abasca\" or the \"Company\") (TSXV:ABA) is pleased to release assay results of the two exploration drillholes northeast of its Loki Flake Graphite Deposit (Loki Deposit) at its 100%-owned Key Lake South (KLS) Project (Figure 1, Figure 2). The drillholes were designed to test graphite mineralization along parallel conductors within 700 m to the northeast of the Loki Flake Graphite Deposit during the 2024 summer drill program. Assays confirm graphite mineralization along the parallel trend (\"Thor Graphite Zone\" or \"Thor Zone\"), which remains open along in all directions. Locations and orientations of drillholes included in this release are listed in Table 1 and their assay results are shown in Table 2.Assay HighlightsKLS-24-046: 27.0 m at 8.91 % Cg, including 8.0 m at 13.38 % CgKLS-24-042: 10.0 m at 6.42 % CgBrian McEwan, Vice-President of Exploration commented \"These results are consistent with our observations in the field, and we're excited to have confirmed the grades along this parallel trend. We are looking forward to continuing to explore the Thor Zone in upcoming drill programs as we continue to delineate the Loki Flake Graphite Deposit.\"The Company also announces that it has closed the final tranche (the \"Final Tranche\") of its non-brokered private placement (the \"Offering\") previously announced on April 22, 2025. Pursuant to the Final Tranche, the Company has issued 6,250,000 flow-through units (the \"FT Units\") at a price of $0.16 per Unit to raise gross proceeds of $1,000,000. Each FT Unit was comprised of one common share of the Company (a \"FT Share\" and each common share of the Company, a \"Common Share\") issued as a \"flow-through share\" (as defined in the Income Tax Act (Canada) (the \"Tax Act\")) and one-half of a Common Share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder to purchase an additional Common Share (a \"Warrant Share\") for a period of two years at a price of $0.20 per Warrant Share. Each of the FT Unit Shares a...