Quantcast

Abitex Reports Indicated Resources of 3,900,000 Pounds eU3O8 and Inferred Resources of 9,260,000 Pounds eU3O8 on the Lavoie Property

March 2, 2010

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

SOURCE Abitex Resources Inc


Source: newswire



comments powered by Disqus