Abbastar Intersects 9.8 g/t Gold Over 4.7 Metres at Talbot Lake Project, Ontario
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VANCOUVER, BRITISH COLUMBIA, Apr 22 (MARKET WIRE) --
Abbastar Resources Corp. ("Abbastar" or "the
Company") (TSX VENTURE: ABA) is pleased to announce the results from
further drilling on the Talbot Lake gold project located in northern
Ontario, approximately 50km northeast of Pickle Lake.
On March 30, 2010 the Company announced the results from the first two
holes of the current drill program and is now announcing the results of
an additional seven holes now completed.
Hole # 3, drilled into the Main gold Zone, intersected 9.8 g/t Au over
4.7m from 233.8 to 238.5m within silicified mafic volcanics with 80%
quartz veining, and locally 15 to 20% pyrrhotite, 6 to 8% pyrite and 2 to
3% chalcopyrite. Also, prior to intersecting this Main Zone in Hole # 3,
several samples contained significant gold values and would give a wider
weighted average of 2.8 g/t Au over 21.0m from 217.5 to 238.5m.
"Drill results from the Talbot Lake project continue to show
significant gold grades and correlate well with previous drilling
conducted by Placer Dome," commented Donald Gordon, President and
CEO. "As the drill program took a pause for spring break-up, we are
looking forward to resuming the program next week to drill the remaining
five or six planned holes".
Holes # 4-8 were drilled between the Main and East Zones to test for
continuity between the two gold zones and at the East Zone. Although
mineralized quartz veining was intersected, only anomalous gold values up
to 0.3 g/t were intersected.
Hole # 9 was drilled to test a favourable exploration target consisting
of an IP anomaly and a magnetic low south of the known Main and East gold
zones near the fold nose of a Banded Iron Formation (BIF). Most known BIF
hosted gold deposits, such as the nearby Musselwhite Mine owned by
Goldcorp, display folding as the dominant gold bearing structural style.
Significantly, Hole # 9, discovered a new area of gold mineralization
consisting of strongly altered volcanics with quartz stringers containing
3-6% pyrite and 1-2% pyrite over a wide area of anomalous gold values. A
total of 38 samples were analyzed from this drill hole with 25 assaying
greater than 100 ppb Au. The highest grade sample yielded 2.5 g/t Au over
1.0m. Additional drilling will be carried out in this area to determine
the full extent of the gold mineralization identified in this Hole # 9.
As announced previously, Hole # 1 intersected the Main Zone from 67.3 to
76.4m yielding 2.7 g/t Au over 9.1m, including 11.3 g/t Au over 0.5m and
Hole # 2 intersected 3.6 g/t Au over 1.5m from 173.1 to 174.6m.
The Talbot Lake gold project hosts the "Main Zone" gold deposit
which was discovered by Placer Dome in 1985 and acquired by Denison Mines
in 1998. It consists of an East-West striking and vertically dipping
quartz vein containing visible gold, pyrite, chalcopyrite and sphalerite.
Channel sampling by Denison yielded a weighted average grade of 13.8 g/t
Au over a width of 3.3m. The gold deposit extends for a depth of
approximately 200m and remains open. The following are some significant
drill hole intersections by Placer Dome from the "Main Zone";
16.4 g/t Au over 7.6m, 37.2 g/t Au over 2.5m, 26.9 g/t Au over 2.9m, 7.5
g/t Au over 7.5m. (source: Resident Geologist, Ministry of Northern
Development and Mines, Thunder Bay). The historical assays have not been
verified and as such should not be relied upon.
Exploration on the Talbot Lake gold project is carried out under the
supervision of David Hunt, P.Geo., qualified person under NI 43-101. This
news release has been reviewed and approved by David Hunt, P.Geo. and
Aubrey Eveleigh, P.Geo. both qualified persons under NI 43-101.
Abbastar has the right to earn 100% interest from Denison Mines Inc.,
subject to a 2% NSR, upon expenditures of $7,000,000 over 8 years.
Abbastar has 20,024,412 common shares outstanding. For further
information please contact Mr. Donald Gordon, President & CEO, at (604)
658-2040 or Mr. David Goldman at (416) 487-0132. To learn more about
Abbastar Resources Corp. (TSX VENTURE: ABA), please visit
www.abbastarresources.com.
On behalf of the Board,
Donald Gordon, President & CEO
The statements used in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results may differ materially from the Company's
forward-looking statements and expectations.
Neither the 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.
Contacts:
Abbastar Resources Corp.
Donald Gordon
President & CEO
604-658-2040
604-658-2045 (FAX)
Abbastar Resources Corp.
David Goldman
(416) 487-0132
www.abbastarresources.com
Copyright 2010, Market Wire, All rights reserved.
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