Abitex Reports Indicated Resources of 3,900,000 Pounds eU3O8 and Inferred Resources of 9,260,000 Pounds eU3O8 on the Lavoie Property
VAL D'OR, Quebec, March 2, 2010 /PRNewswire-FirstCall/ -- Abitex Resources Inc. (TSX-V: ABE) (the "Company"; "Abitex") announces the results of an initial resource estimate for the "L" deposit on the Lavoie property located in the Otish Mountains region of Quebec. InnovExplo Inc. ("InnovExplo"), an independent geological consulting firm of Val d'Or, Quebec, completed the resource estimate according to CIM guidelines. A supporting NI 43-101 compliant report will be filed on SEDAR within 45 days of this release.
"The Company is very pleased to announce these outstanding results", reports Yves Rougerie, President & CEO of the Company. "The new estimate of 3.9M lbs eU3O8 in the Indicated resource category and 9.26M lbs eU3O8 in the Inferred resource category far exceeds our expectations as it is more than twice the size of the previous historic resource. In order to continue moving forward and increase the pace of activity on this promising project, the Company will focus on upgrading and expanding the resources and the preparation of a scoping study during 2010. Investors are invited to view info on the project at the PDAC in Toronto where the Company will have a "Core Shack Display" Sunday and Monday, March 7 and 8".
Details of the resource estimate are presented in the following table:
MINERAL RESOURCE ESTIMATE - FEBRUARY 26, 2010
Abitex Resources Inc. - Lavoie Project
Pounds
Tonnes Grade eU3O8(x)
(x 1,000) (% eU3O8(x)) (x 1,000)
Indicated
----------------
Main 313 0.42 2,870
Contact 78 0.60 1,040
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Total Indicated 391 0.45 3,910
Inferred
----------------
Main 280 0.41 2,530
Contact 271 0.71 4,240
Gab-1 57 0.35 440
Gab-2 84 0.71 1,330
Gab-3 27 1.02 610
Gab-4 30 0.17 110
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Total Inferred 749 0.56 9,260
(x) Laboratory assayed samples and radiometric values from borehole
surveys were used (see point 6 below)
1.) The Qualified People for the Mineral Resource Estimates as defined by
National Regulation 43-101 were Pierre-Luc Richard, B.Sc., P.Geo. and
Alain Carrier, M.Sc., P.Geo. (InnovExplo Inc.), and the effective
date of the estimate is February 26, 2010. National Regulation 43-101
and CIM definitions were followed.
2.) Mineral Resources are not Mineral Reserves having demonstrated
economic viability.
3.) Results are presented undiluted and in situ, and some resource blocks
may be locked in pillars. The estimate included six (6) zones (Main,
Contact, Gab-1, Gab-2, Gab-3 and Gab-4) and covers the Lavoie
property. Totals may not sum correctly due to rounding.
4.) The Resources were compiled using a cut-off grade of 0.10% eU3O8(x).
This cut-off must be re-evaluated in light of the present market
conditions: uranium price, exchange rate and mining cost. A fixed
density of 2.72 g/cm(3) was used in the gabbros and 2.66 g/cm(3) in
the sedimentary rocks based on the average density measured in
respective mineralized lithologies. A minimum width of 1.5m was
applied, using the grade of the adjacent material when assayed or
value of zero when not assayed or borehole surveyed. Based on
statistics, no capping was fixed as the grade distribution respect a
log-normal distribution with no significant breaks. Raw assays were
composited using 0.50 m drill hole intervals.
5.) No Measured Resources were estimated. Indicated and Inferred
Resources were evaluated from drill holes results using a block model
approach (inverse distance squared interpolation) with GEMS software.
The interpolation was constrained within six (6) individual 3D solids
(Main, Contact, Gab-1, Gab-2, Gab-3 and Gab-4 zones).
6.) Composites calculation used laboratory assayed samples results from
core and radiometric values from borehole surveys. When both assayed
results and borehole results were available, assayed results were
prioritized. Out of 2,206 composites, 929 rely on laboratory assayed
samples, 956 rely on radiometric borehole surveys and 321 are from
unsampled intervals.
All of the Indicated resource (3.9M lbs) and 73% of the Inferred resource (6.77M lbs) are contained within only two of the six modeled zones, Main and Contact, which commonly form one single continuous body. InnovExplo notes that minimal additional drilling is required to upgrade a large portion of the Inferred resource to the Indicated category, and that added resource potential exists in poorly drilled areas and along strike. At this time, the bulk of Indicated resources occur in the eastern 650 meters of the Main and Contact zones where the drilling density was greatest. The following table presents the resources for all six zones combined using varying lower cut-off grades:
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All Zones (Indicated)
-------------------------------------------------------------------------
Grade eU3O8
Cut-Off Tonnes (eU3O8 %) (Pounds)
-------------------------------------------------------------------------
greater than 0.05 464,000 0.39 4,020,000
-------------------------------------------------------------------------
greater than 0.10 391,000 0.45 3,900,000
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greater than 0.30 198,000 0.71 3,110,000
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greater than 0.50 113,000 0.96 2,380,000
-------------------------------------------------------------------------
greater than 1.00 38,000 1.47 1,230,000
-------------------------------------------------------------------------
--------------------------------------------------------
All Zones (Inferred)
-------------------------------------------------------------------------
Grade eU3O8
Cut-Off Tonnes (eU3O8 %) (Pounds)
-------------------------------------------------------------------------
greater than 0.05 1,002,000 0.44 9,650,000
-------------------------------------------------------------------------
greater than 0.10 749,000 0.56 9,260,000
-------------------------------------------------------------------------
greater than 0.30 384,000 0.91 7,720,000
-------------------------------------------------------------------------
greater than 0.50 256,000 1.17 6,600,000
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greater than 1.00 91,000 2.00 4,020,000
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The resource is considered robust, as evidenced by the contained pounds using higher cut-off grades. A high grade core is present in the deposit that will positively impact future project economics and could potentially represent a starter zone.
The resource estimate is based on 171 drill holes of which Abitex drilled 86 holes for a total of 11,280 meters. The remaining holes were drilled by Areva predecessor company SERU Nucleaire in the early 1980's. InnovExplo was able to validate most of the historic information and incorporate it into the database. The entire resource base occurs between surface and a maximum vertical depth of 160 meters, over a strike length of up to 1.6 km. All four gabbro zones as well as the Contact zone were modeled over a continuous 1.53 km strike length, while the Main zone is limited to 1.05 km in the eastern part of the property.
The four mineralized gabbro zones (Gab-1 to Gab-4) are vein type occurrences contained in south dipping fault splays on the north side of the main mineralizing structure which hosts the Main and Contact zones. The Gab zones dip approximately 65 degrees south and are locally observed on surface. Most drilling of the deposit has been done from north to south, down-dip of these gabbro zones. The existing drill pattern did not target the Gab zones, resulting in fewer intersections and their classification as Inferred resources. Additional Gab zones may occur closer to surface and/or at depth below the existing drill coverage.
The "L" deposit contains significant gold credits. However, gold sampling is insufficient at this time to model and calculate a reliable resource grade. Further sampling will be done going forward.
"The definition of a significant uranium resource on the Lavoie property, added to Strateco's Matoush project 80 km west of Lavoie, confirms the potential of the Otish sedimentary basin to host multiple significant uranium deposits and, as such, greatly enhances the potential of our 100% owned Epsilon property 10 km west of the Lavoie property where Abitex has made two surface, high grade uranium-gold discoveries very similar to the "L" deposit in less than a year."
The Lavoie property is the subject of an acquisition and joint venture option agreement between Abitex and equal owners Areva Resources Canada ("Areva") and Soquem Inc. ("Soquem") whereby Abitex can earn a 50% interest by completing a pre-feasibility study by the end of 2011.
The technical information in this release has been prepared, reviewed and approved by Yves Rougerie, P.Geo., President and CEO of Abitex and Ms Yolande Bisson, P.Eng. MBA, project manager for Abitex. Mr. Rougerie and Ms Bisson are both "Qualified Persons" as defined by National Instrument 43-101.
The Company's public documents may be accessed at http://www.sedar.com
For further information on the Company, please email us at [email protected]
The Company website, under construction, will be available shortly at http://www.abitex.ca
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.
For further information: Yves J. Rougerie, President and CEO, +1-819-874-6200, [email protected]
SOURCE Abitex Resources Inc
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