Abbastar Completes First Phase Drill Program at Talbot Lake Gold Project
VANCOUVER, June 30 /CNW/ - Abbastar Resources Corp. ("Abbastar" or the "Company") (TSX-V: ABA) is pleased to announce the completion of the 17-hole First Phase drill program on the Talbot Lake gold project located in northern Ontario, approximately 50km northeast of Pickle Lake. The last eight drill holes were testing geological/geophysical targets other than the known East and Main zone gold deposits to possibly discover additional gold bearing zones on the property. Hole No. 13 intersected a new gold zone on the west side of the folded Banded Iron Formation (BIF) with an intersection of 3.2 g/t Au over 0.3m. The remaining seven holes returned no significant values. The area in and around this fold nose has proved to be very important spatially to the alteration and gold mineralization discovered to date. Future exploration efforts will focus drilling in this fold nose area as well as prospecting on the newly acquired ground to the southwest.
The best intersection from this first phase program was hole No. 3, drilled into the Main gold Zone, which yielded 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. Within this same drill hole several samples prior to intersecting this Main Zone 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.
"Our first phase drill program at Talbot Lake was successful in defining significant gold grades on the Main and East gold deposits similar to historical drilling by Placer Dome," commented Donald Gordon, President and CEO. "We are presently evaluating all the data and formulating the plan for the next phase of exploration."
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). Exploration on the Talbot Lake gold project is carried out under the supervision of David Hunt, P.Geo. (QP - NI43-101). The historical assays have not been verified and as such should not be relied upon. Abbastar has the right to earn 100% interest from Denison Mines Corp, subject to a 2% NSR, upon expenditures of seven million dollars over eight years.
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. Mr. Hunt has been engaged to complete a NI 43-101 Technical Report for the Company.
Mr. Aubrey Eveleigh has resigned as a director and officer of the Company, but is available on a short term consulting basis through Eveleigh Geological Consulting Inc., for the Talbot Lake Gold Project.
Abbastar has 20,274,412 common shares outstanding.
On behalf of the Board,
Donald Gordon
President & CEO
The statements used in this Press 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.
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For further information: please contact Mr. Donald Gordon, President & CEO, at (604) 658-2040 begin_of_the_skype_highlighting (604) 658-2040 end_of_the_skype_highlighting or Mr. David Goldman, Investor Relations at (416) 487-0132 begin_of_the_skype_highlighting (416) 487-0132 end_of_the_skype_highlighting. To learn more about Abbastar Resources Corp. (TSX-V: ABA), please visit www.abbastarresources.com
Annual General Meeting and Corporate Update
Vancouver, BC V6C 1G8
Telephone: 604-658-2040
Facsimile: 604-658-2045
ANNUAL GENERAL MEETING RESULTS
AND CORPORATE UPDATE
VANCOUVER, BC - June 24, 2010 - Abbastar Resources Corp. ("Abbastar" or the "Company") [TSX-V: ABA] is pleased to announce that shareholders approved all resolutions brought before them at the Company's Annual General Meeting ("AGM") held yesterday.
Thomas Bell, Aubrey Eveleigh, Donald Gordon, Patrick Lavin and James Turner were re-elected as directors of the Company for the ensuing year. DeVisser Gray LLP, Chartered Accountants were re-appointed as the Company's auditors and shareholders approved a new share option plan which authorizes the Company to grant options for up to four million shares.
Within the next two weeks the Company expects to receive the results from the remaining eight (8) of 17 holes drilled during the first phase drill program at Talbot Lake. The eight drill holes were testing geological/geophysical targets other than the known gold deposits to possibly discover additional gold bearing zones on the property.
About the Talbot Lake Gold Project
The Talbot Lake Project is located within the world-renowned gold producing "Uchi Subprovince" of northwestern Ontario. This prolific gold producing area is host to the Red Lake and Pickle Lake gold mining camps and has produced in excess of 40 million ounces of gold.
The Talbot Lake 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, copper sulphide and zinc sulphide. Channel sampling by Denison indicated an approximate strike length of the Main Zone to be 48m with 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). The historical assays have not been verified and as such should not be relied upon.
Abbastar has the right to earn 100% interest from Denison Mines Inc., subject to a 2% NSR, upon expenditures of seven million dollars over 8 years.
Abbastar has 20,274,412 common shares outstanding. For further information please contact Mr. Donald Gordon, President & CEO, at (604) 658-2040 or Mr. David Goldman, Investor Relations at (416) 487-0132. To learn more about Abbastar Resources Corp. [TSX-V: ABA], please visit www.abbastarresources.com
On behalf of the Board,
Donald Gordon
President & CEO
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.
Phase I Drilling Completed; Additional Land Staked at Talbot Lake
Vancouver, BC V6C 1G8
Telephone: 604-658-2040
Facsimile: 604-658-2045
PHASE I DRILL PROGRAM COMPLETE;
ADDITIONAL LAND STAKED AT TALBOT LAKE
VANCOUVER, BC - June 3, 2010 - Abbastar Resources Corp. ("Abbastar" or the "Company") [TSX-V: ABA] has completed the first phase drill program comprised of seventeen (17) holes totaling 4,577 metres. On March 30, 2010 the Company announced the results from the first two (2) holes of the drill program and on April 22, 2010 announced the results of an additional seven (7) holes completed at that time. The best intersection was from hole # 3 that yielded 9.8 g/t Au over 4.7 metres from a quartz vein containing visible gold.
As of June 1, 2010, 1,559 samples from the remaining eight (8) holes were submitted to the lab in Thunder Bay, Ontario. The last 8 drill holes were testing geological/geophysical targets other than the known gold deposits to possibly discover additional gold bearing zones on the property. Results are expected in three to five weeks. After further research Abbastar has identified favourable geology and structure along strike from the existing Main and East Zone gold deposits. Consequently, the Company has staked a total of 178 claim units (2,848 hectares) contiguous with the original Talbot Lake claim block with plans to prospect this area in the coming months.
In addition, Abbastar is pleased to announce that it has entered into an investor relations agreement with David Goldman of Toronto, Ontario. The term of the agreement is 12 months. Mr. Goldman will be paid a monthly fee of $5,000. The agreement is subject to the approval of the TSX Venture Exchange.
About the Talbot Lake Gold Project
The Talbot Lake Project is located within the world-renowned gold producing "Uchi Subprovince" of northwestern Ontario. This prolific gold producing area is host to the Red Lake and Pickle Lake gold mining camps and has produced in excess of 40 million ounces of gold.
The Talbot Lake 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, copper sulphide and zinc sulphide. Channel sampling by Denison indicated an approximate strike length of the Main Zone to be 48m with 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). The historical assays have not been verified and as such should not be relied upon.
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 20,274,412 common shares outstanding. For further information please contact Mr. Donald Gordon, President & CEO, at (604) 658-2040 or Mr. David Goldman, Investor Relations at (416) 487-0132. To learn more about Abbastar Resources Corp. [TSX-V: 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.
Share Grant Options
Vancouver, BC V6C 1G8
Telephone: 604-658-2040
Facsimile: 604-658-2045
SHARE OPTION GRANT
VANCOUVER, BC -- May 25, 2010 -- On May 20, 2010, Abbastar Resources Corp. (the "Company") [TSX-V: ABA] granted 575,000 share options to its directors, officers and employees at $0.20 per share. 25% of these options vest on the date of grant and the remaining vest quarterly at 12.5%. The options expire on May 20, 2015.
The share option grant is subject to the approval of the TSX Venture Exchange.
On behalf of the Board,
Donald Gordon
President & CEO
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.
Director Steps Down
VANCOUVER -- May 17, 2010 -- Abbastar Resources Corp. (the "Company") [TSX-V: ABA] announced the resignation of John B. Good from its board of directors.
On May 14, 2010, the Company granted 250,000 stock options to its officers and directors at $0.15 per share. These options vest on the date of grant and expire on May 14, 2011.
The stock option grant is subject to the approval of the TSX Venture Exchange.
On behalf of the Board,
Donald Gordon
President & CEO
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.