VAL-D'OR, QC, March 26 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce the first assay results from its definition drilling program on the Lavoie property, located 350 km north-east of Chibougamau in Quebec's Otish Mountains. The property, under option from AREVA Resources Canada and SOQUEM Inc., hosts the historic "L" uranium deposit which has an historic resource of 5.9M lbs U3O8 ((x)).
The "L" deposit lies between 50 and 150 meters depth over a recognized minimum strike length of 600 meters along the contact between flat-lying sediments and a sub-vertical gabbro intrusive. Structurally controlled disseminated and fracture-filling uranium mineralization is located mainly along the contact and within the sediments (Main zone) but also occurs in the intrusive (Gabbro). Between September and December 2008, 42 holes were drilled on the Lavoie property for a total of 6,410 meters. These holes targeted the eastern half of the "L" deposit over a 250m strike length where they have intersected significant widths and grades of uranium mineralization such as 15.3 meters grading 0.342% U3O8 in hole L-08-15 and 14.8m grading 0.369% U3O8 in hole L-08-35, as well as several high grade intervals such as 2.2 meters grading 1.783% U3O8 in hole L-08-15 and 1.8m grading 1.621% U3O8 in hole L-08-34. Significant assay results are reported below:
North Core
Hole Section UTM From To Length U3O8 Vertical Zone
No. m NAD83 m m m % Depth m
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L-08-43 541E 5,783,424 59.50 60.00 0.50 0.697 Main
61.50 68.25 6.75 0.235 -50 "
incl. 67.45 68.25 0.80 1.019 "
70.15 72.65 2.50 0.778 "
incl. 71.15 71.65 0.50 3.667 "
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L-08-42 541E 5,783,445 68.05 77.45 9.40 0.355 -55 Main
incl. 68.55 69.55 1.00 1.809 "
and 71.15 72.55 1.40 0.848 "
82.85 83.35 0.50 0.117 "
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L-08-34 541E 5,783,463 43.25 44.75 1.50 0.150 -35 Gabbro
73.70 75.50 1.80 1.621 Main
79.80 87.40 7.60 0.303 -65 "
incl. 85.50 86.40 0.90 1.227 "
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L-08-35 541E 5,783,484 98.05 98.55 0.50 0.228 Main
103.75 118.55 14.80 0.369 -85 "
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L-08-36 541E 5,783,512 120.95 121.45 0.50 0.215 -90 Main
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L-08-37 541E 5,783,532 173.80 175.30 1.50 0.029 -130 Main
Strong gamma probe results Main
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L-08-29 520E 5,783,411 71.95 73.95 2.00 0.088 -50 Main
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L-08-25 520E 5,783,501 127.20 127.70 0.50 1.028 -90 Main
129.50 130.50 1.00 0.111 "
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L-08-26 520E 5,783,530 172.30 173.30 1.00 0.194 -125 Main
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L-08-38 492E 5,783,445 53.95 54.95 1.00 0.229 -40 Gabbro
57.25 57.75 0.50 0.678 "
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L-08-39 492E 5,783,471 66.05 72.15 6.10 0.282 -50 Gabbro
incl. 67.05 68.25 1.20 0.731 "
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L-08-04 464E 5,783,505 137.25 138.75 1.50 0.278 -100 Main
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L-08-21 435E 5,783,362 NSA Strong gamma probe results -50 Main
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L-08-20 435E 5,783,375 54.25 67.35 13.10 0.107 -60 Main
incl. 64.15 67.35 3.20 0.217 "
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L-08-14 435E 5,783,437 26.75 27.25 0.50 0.198 -20 Gabbro
33.25 34.25 1.00 0.157 "
75.15 76.55 1.40 0.200
84.25 88.15 3.90 0.177 -65 Main
incl. 86.25 86.75 0.50 0.750 "
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L-08-15 435E 5,783,468 88.35 92.15 3.80 0.207 -60 Gabbro
109.45 124.75 15.30 0.342 -85 Main
incl. 109.45 111.65 2.20 1.783 "
incl. 110.65 111.15 0.50 6.285 "
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L-08-16 435E 5,783,495 125.95 128.05 2.10 0.312 -80 Gabbro
139.15 141.15 2.00 0.166 -100 Main
146.95 148.45 1.50 0.063 "
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L-08-30 406E 5,783,454 113.95 114.45 0.50 0.200 -80 Main
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L-08-31 406E 5,783,482 124.65 125.65 1.00 0.312 -90 Gabbro
143.65 144.65 1.00 0.430 -100 Main
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L-08-32 406E 5,783,506 152.25 152.75 0.50 0.046 -115 Gabbro
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L-08-10 350E 5,783,340 64.15 70.05 5.90 0.065 -75 Main
74.15 74.65 0.50 0.217 "
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L-08-09 350E 5,783,384 86.85 90.35 3.50 0.831 -75 Main
incl. 88.85 89.35 0.50 5.354 "
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L-08-08 350E 5,783,430 77.10 77.40 0.30 0.249 -45 Gabbro
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L-08-02 350E 5,783,491 151.00 152.00 1.00 0.063 -110 Gabbro
173.20 175.30 2.10 0.731 -125 Main
incl. 173.65 174.05 0.40 3.431 "
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L-08-33 287E 5,783,411 79.30 79.80 0.50 0.300 -50 Gabbro
98.15 99.15 1.00 0.867 -70 Main
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%U3O8 (equal sign) (ppm U (x) 1.1792) / 10,000.
NSA (equal sign) No Significant Assays
Lengths in meters core length. True widths are not determined at this
time.
Results to date confirm the historical drilling results and the presence of a near-surface, significant mineralized body on the Lavoie property. An additional 4,000 to 5,000 meters of drilling is required to complete the definition drilling program of the historic deposit area. The Company plans to resume drilling in May following spring thaw, and expects to complete a resource estimate compliant with NI 43-101 in Q3 of 2009. Work is also progressing towards applications for permitting of an underground advanced exploration program on the project in 2010-2011.
Historic drilling of the "L" deposit had demonstrated the presence of a significant gold component. Visible gold has been observed locally in the 2008 drill holes, and gold assays are in preparation. The significant mineralized intervals within the gabbro intrusive are also an indication of the potential to add resources on the project, as these zones were not considered in the historic AREVA resource estimates.
The 2008 drill holes were surveyed using down-hole low-grade and high-grade gamma probes provided and operated by Uranium Logging Consulting, an experienced international independent contractor. Historic AREVA holes that were gamma probed in the 1980's will be surveyed once again in 2009. This program will allow the Company to include results from over 40 historic mineralized holes in the drill hole database ahead of the 2009 resource estimate, thereby increasing its precision and validity.
Drill holes were photographed, logged and sampled on site by Abitex personnel. Core samples were split or sawed in half, leaving half the core in the boxes for future reference. Samples were bagged and sealed before transport to Val d'Or where they were delivered to ALS Chemex, a recognized Canadian certified laboratory. Samples were prepared in Val d'Or and pulps were sent to Vancouver for assay for 48 elements by ICP and again by XRF for uranium values above 10,000 ppm. Relative density measurements were also done on all the samples. Blanks and doubles were inserted by Abitex. Additional blanks as well as uranium standards (not available on open market) were included in the assay batches by the laboratory for QA/QC follow-up.
(x) : The historical resource estimate was completed in 1983 by SERU Nucleaire Canada Ltee (AREVA predecessor company) and is taken from a report titled "Projets Monts Otish: Evaluation des reserves 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, AREVA completed a resource estimate which suggested the deposit could contain 385,000 tons grading 0.7% U3O8 for 5.9M lbs U3O8. The resources may not conform to modern estimation methodologies and NI 43-101 information disclosure standards. They are therefore historical in nature and the Company is not relying upon them. Additional drilling is required to re-evaluate and confirm these resources as per modern standards.
The technical information in this release has been prepared, reviewed and approved by Yves Rougerie. P.Geo., President and CEO of Abitex and Yolande Bisson, P.Eng. MBA, Abitex project manager. Mr Rougerie and Ms Bisson are both Qualified Persons as defined by National Instrument 43-101.
ABITEX is an exploration and development company based in Val d'Or, Quebec, which is currently focused on the definition drilling of the "L" deposit in Quebec's Otish Mountains region and the ongoing acquisition of advanced exploration or near-term production uranium assets. Abitex has an option to earn a 50% interest in the Lavoie property from AREVA Canada Resources and SOQUEM Inc, following which a pro-rata joint venture would advance the project towards production. As a result of the agreement, AREVA and SOQUEM hold approximately 10% of the outstanding shares of Abitex. Abitex also has an option to acquire an undivided interest in the Epsilon property located 10 km west of the Lavoie property. The Epsilon property is host to several uranium occurrences discovered by AREVA in the early 1980's, including extensions of the "S" showing which consisted of high grade uranium-gold veins in a gabbro intrusive with a similar mineralogy and alteration as the "L". Abitex also has options to acquire majority interests in three regional scale uranium exploration properties totaling almost 2,300 km2 from Azimut Exploration. Following property-wide lake-bottom geochemical and airborne geophysical surveys in 2007 and 2008, limited ground prospecting in 2008 led to the discovery of numerous uranium occurrences on the properties which require follow-up and continued prospecting. Abitex also has gold exploration assets, including the Jolin project near Val d'Or, Quebec which hosts a significant historical gold resource.
SOQUEM is a wholly-owned subsidiary of Societe generale de financement du Quebec ("SGF"). The SGF, the Quebec industrial and financial holding company, has as its mission to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec.
AREVA Resources Canada, a subsidiary of the AREVA group, is one of the world's leading uranium exploration, mining and milling companies.
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