Abbastar Intersects 9.8 g/t Gold Over 4.7 Metres at Talbot Lake Project, Ontario
22 April 2010 - 10:50PM
Marketwired
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
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