Abitex Resources Inc. (Abitex Resources) has discovered a new Uranium occurrence on its 100% owned Epsilon property in Otish Mountains region of Quebec. The new discovery named Epsilon-B is located 750 meters southwest of the Epsilon-A occurrence discovered in 2008 where two samples assayed 2.15% U3O8 as well as 1.04% U3O8. The high uranium oxide grades of 3.54% and 3.36% are amongst the highest ever found in outcrop in the Otish Mountains.
The new discovery named Epsilon-B is located 750 meters southwest of the Epsilon-A occurrence discovered in 2008 where two samples and 27.7 g/t Au as well as 8.7 g/t Au.
The technical success of making two high grade discoveries in less than a year is a reflection of the highly qualified exploration team we have mandated to explore the Epsilon property as well as our ability to recognize and acquire areas which exhibit signs for these types of discoveries. With two high grade discoveries in less than a year in the same area, the company believes it has identified a new area of high potential uranium-gold mineralization in the Otish Basin. Abitex Resources has a large ground position surrounding the discoveries and is the clear leader in the central Otish area with the Epsilon and Lavoie projects as well as the only all-weather camp within 50+ km.
The Epsilon-B occurrence was discovered through follow-up ground prospecting of radiometric anomalies defined during a detailed airborne survey in 2009. On the ground, an area of highly elevated radioactivity was identified extending for more than 100 meters in shallow overburden. By late August, a strongly radioactive outcrop area of around 70 square meters (700 sq ft) was exposed from which four grab samples were extracted using a rock saw.
The Company is very encouraged by these results which present very high Uranium and Gold grades but also show the widespread nature of the poylmetallic suite of mineralization at the outcrop level. The high uranium oxide grades of 3.54% and 3.36% are amongst the highest ever found in outcrop in the Otish, and the high gold assay of 46.85 g/t is possibly the highest gold grade ever encountered in the Otish. A mechanical shovel has now been mobilized to the site in order to expose the bedrock under deeper overburden where the highly anomalous radioactivity persists for over 100 meters and possibly further. Exposed outcrops will be sampled later this month with results likely due in early November. The Company will advance exploration of this new occurrence this fall in order to propose priority drill targets as soon as feasible. Exploration of the 750 meter long, overburden covered area between the Epsilon-A and Epsilon-B occurrences is also planned as their many similarities suggest the two occurrences may represent lateral equivalents of the same mineralizing system.
The Epsilon property lies about 15 km West of the company’s Lavoie property under option from AREVA Resources Canada (ARC) and SOQUEM Inc. where Abitex Resources is engaged in a definition drilling program on the L deposit which hosts an historic resource of 5.9M lbs U3O8. The L deposit has a strike length of over one kilometer.
The new Epsilon-B occurrence has many similarities with both the Epsilon-A occurrence and the L deposit. The mineralization is sandstone-hosted, disseminated and fracture controlled, poylmetallic, occurs at the interpreted same stratigraphic level and within short distance of gabbro intrusive rock. The poylmetallic uranium and gold rich mineralization is also typical of the L deposit-type. As with Epsilon-A last year, Abitex Resources believes the new Epsilon-B discovery could potentially lead to a major discovery similar to the “L” deposit where the high U-Au grades encountered greatly enhance the potential to feasibly develop uranium deposits in this area.
During the past summer, the Epsilon-A occurrence was stripped, mapped and channel sampled and assay results are expected in late October 2009. On the Lavoie property, the ongoing definition drilling program is nearing completion and results should be available in late October 2009.
Abitex Resources is an exploration and development company based in Val-d’Or, Quebec, which is currently focused on acquiring and advancing uranium properties in Quebec.