Abbastar Commences Drilling on Talbot Lake Gold Project, Ontario
26 February 2010 - 1:15AM
Marketwired
Abbastar Resources Corp. ("Abbastar or the "Company") (TSX VENTURE:
ABA) is pleased to announce the start of a first phase 5000 metre
drill program on the Talbot Lake gold project located in northern
Ontario. Abbastar has the right to earn a 100% interest from
Denison Mines Corp, subject to a 2% NSR, upon expenditures of
$7,000,000 over 8 years.
Over the last few weeks Abbastar has been engaged in positive
communications and relationship building with the Eabametoong First
Nation. From these meetings the Company and Chief and Council have
committed to a mutually beneficial, co-operative and collaborative
working relationship with respect to the first phase drill program
at Talbot Lake. The Company is focused and committed to
Northwestern Ontario and has always accepted responsibility for
strong community relations.
"The Company is extremely excited to get started and are looking
forward to working cooperatively with the Eabametoong First Nation
on our first phase drill program," commented John B. Good,
President and CEO. "We are delighted to have the support of the
First Nation community and look forward to building a strong
relationship to realize the benefits and opportunities from the
Talbot Lake Gold Project."
"Eabametoong First Nation wish to foster and build a long-term
relationship with Abbastar based on principles of honesty, trust
and mutual respect for the rights of each other," stated Chief
Louis Nate. "We agree to support the first phase drill program and
wish them all the best in their exploration at Talbot Lake."
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. One channel over
a width of 1.8m yielded a spectacular value of 120.0 g/t Au. 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). Exploration on the Talbot Lake gold project is
carried out under the supervision of David Hunt, P.Geo., qualified
person under NI 43-101. The historical assays have not been
verified and as such should not be relied upon.
Abbastar has 19,789,412 common shares outstanding. To learn more
about Abbastar Resources Corp. (TSX VENTURE: ABA), please visit
www.abbastarresources.com.
On behalf of the Board,
John B. Good, 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 could 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. Mr. John B. Good President
& CEO (604) 537-0004 Abbastar Resources Corp. Mr. Morgan Good
Investor Relations (604) 715-4751 www.abbastarresources.com
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