Abitex Reports Indicated Resources of 3,900,000 Pounds eU3O8 and Inferred Resources of 9,260,000 Pounds eU3O8 on the Lavoie Prop
March 02 2010 - 8:00AM
PR Newswire (US)
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
-------------------------------------------------------------------------
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
-------------------------------------------------------------------------
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: --------------------------------------------------------
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
-------------------------------------------------------------------------
greater than 0.30 198,000 0.71 3,110,000
-------------------------------------------------------------------------
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
-------------------------------------------------------------------------
greater than 1.00 91,000 2.00 4,020,000
-------------------------------------------------------------------------
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
info@abitex.ca 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, info@abitex.ca DATASOURCE: Abitex Resources Inc
CONTACT: For further information: Yves J. Rougerie, President and
CEO,+1-819-874-6200, info@abitex.ca
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