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Abasca Resources Provides Update on Summer Exploration Program at KLS Project and Restates Prior Results
SASKATOON, SK / ACCESSWIRE / August 1, 2024 / Abasca Resources Inc. ("Abasca" or the "Company") ...
About this update from Abasca Resources Inc.
[{"type":"text","content":"Abasca Resources Provides Update on Summer Exploration Program at KLS Project and Restates Prior ResultsSASKATOON, SK / ACCESSWIRE / August 1, 2024 / Abasca Resources Inc. (\"Abasca\" or the \"Company\") (TSXV:ABA) is pleased to provide an update on its 2024 summer exploration program. The program has focused on defining the Flake Graphite potential at the Company's Loki Zone as well as drill testing prospective conductor corridors for uranium mineralization (Figure 1). The drill program is nearing completion and will be followed by the re-sampling of the 2016 drill cores that originally intersected the Loki Zone.Loki Zone - Flake GraphiteThe summer drilling at the Loki Zone included 21 drill holes for approximately 5,500 m. The drilling, which was conducted on a 100 x 100 m grid, focused on testing the vertical and lateral continuity of the known Flake Graphite zone that was discovered in 2016. All holes successfully intersected graphite mineralization (Figure 2) and samples have been submitted to SRC Geoanalytical Laboratories in Saskatoon for analyses. Samples from one hole have also been selected for metallurgical evaluation.Brian McEwan, Vice-President of Exploration commented: \"We are very pleased with the initial drilling at the Loki Zone. Visual estimates of the graphite intersections are very similar to the original drilling in 2016 and we're excited to receive the lab results. It's an attractive project and we're looking forward to supporting Saskatchewan's critical mineral sector.\"Regional ExplorationA total of 7 drill holes totalling 3,593 m were completed along the Mustang-Seager Trend and the Loki Target area north of the Loki Zone. Strong silicification along with local clay alteration and oxide staining near fault zones were observed along the trend. Although no significant radioactivity was measured, the corridor remains largely untested with many prospective targets. Figure 1: Map of the Key Lake South Uranium Project area showing the 2024 drilling locations. Figure 2: Core photo of KLS-24-037 between 83.84 m and 99.47 m showing intense graphite mineralization in the Loki Zone. KLS-24-037 was drilled approximately 100 m southwest of KS-CC16-12 which included a sample grading up to 22.2 % Cg (graphite), as reported in the Company's news release on February 20, 2024.RestatementOn December 29, 2022, Abasca and 1...