VAL-D'OR, QC, Feb. 2, 2018 /CNW/ - ABE Resources Inc. (TSXV:
ABE) (OTC: ABEPF) (the "Company" or "ABE") is
pleased to announce the closing of its acquisition
(the "Transaction") of a 100% undivided interest in the
Sirmac lithium property (the "Sirmac Lithium Property") from
Nemaska Lithium Inc. ("Nemaska Lithium") (TSX: NMX)
(OTC: NMKEF) (FRANKFURT: N0T) pursuant to the terms and
conditions of the asset purchase agreement between the parties,
previously announced on December 14,
2017 and January 5, 2018. The
Sirmac Lithium Property consists of 24 map designated mining claims
having a total area of approximately 1,100 hectares, located
approximately 180 kilometres North-West of Chibougamau, in the province of Québec.
In connection with the Transaction, an updated independent
technical report on the Sirmac Lithium Property, dated January 19, 2018 (the "Technical Report"),
was prepared for ABE in accordance with National Instrument 43-101
– Standards of Disclosure for Mineral Projects ("NI
43-101") by John Langton, M.Sc.,
P.Geo of MRB & Associates, a qualified person under NI 43-101.
The Technical Report has been filed and is available under ABE's
profile on SEDAR at www.sedar.com.
Highlights from the Technical Report
Nemaska Lithium completed 73 NQ-sized drill holes on the Sirmac
Lithium Property in 2012 totalling 3,379.2
m and conducted extensive mechanical stripping and channel
sampling of the #5 dyke. Results of this work were used by SGS
Canada Inc. (SGS) of Blainville,
Québec to calculate a NI 43-101, within-pit, Mineral Resource
Estimate (MRE) in 2014, which is included as a historical estimate
in the Technical Report (see Table 1 below).
Table 1: Historical Estimate for the Sirmac Lithium Property
with 0.50% Li2O Cut-Off Grade
Cut-Off
Grade
Li2O%(1)
|
Category(1)(2)
|
Tonnage
(t)(1)(3)
|
Average Grade
Li2O%(1)
|
Average Grade
Ta2O5 (ppm)(1)(4)
|
0.50
|
Measured
|
185,000
|
1.40
|
70
|
0.50
|
Indicated
|
79,000
|
1.40
|
80
|
0.50
|
Inferred
|
40,000
|
1.10
|
60
|
|
|
Notes:
|
|
(1)
|
Effective date of
December 19, 2013.
|
(2)
|
The historical
estimate was calculated using the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definitions Standards for mineral
resources in accordance with NI 43-101. Mineral resources which are
not mineral reserves do not have demonstrated economic viability.
Inferred mineral resources are exclusive of the measured and
indicated resources.
|
(3)
|
Bulk density of 2.70
t/m3 is used. Rounded to the nearest
thousand.
|
(4)
|
Ta2O5 mineralization has yet to
demonstrate recoverability and potential for economic
extraction.
|
While the Company considers the historical estimate to be
relevant to investors, as it may indicate the presence of
mineralization, a qualified person has not done sufficient work for
ABE to classify the historical estimate as current "mineral
resources" or "mineral reserves" (as defined in NI 43-101) and the
Company is not treating this historical estimate as current
"mineral resources" or "mineral reserves".
Phase I of the recommended work program set out in the Technical
Report involves a resampling of historic drill-core intervals for
QA/QC purposes and twinning of a number of historic holes as part
of a program to validate and potentially increase the historical
estimate. All available data should be integrated into a 3D model
of the Sirmac Lithium Property using Geoscience Analyst or similar
software in order to better understand and advance the
geological/structural model of the intrusion(s) comprising the #5
dyke complex. A detailed geological mapping, prospecting and
sampling program should be initiated to investigate the areas of
the Sirmac Lithium Property that have recently been clear-cut by
wood-harvesting operations. A high-resolution magnetic survey is
also recommended for the Sirmac Lithium Property. Being extremely
low in iron, LCT pegmatites do not have a strong magnetic
geophysical signature; however, the host metasedimentary and
basaltic rocks are magnetic and strike at a high-angle to the
pegmatite dykes, which should allow for resolution using magnetic
survey methods.
Conditional on the success of the Phase I program, the author of
the Technical Report recommends a Phase II exploration program
consisting of a comprehensive diamond-drilling program targeting
the most prospective areas interpreted from the results of the
Phase I program.
"We are very excited to start working and to begin to realize
the vast potential of this property," commented Yves Rougerie, President and CEO of ABE. "Our
next step is to conduct a Mag survey which will help us identify
the numerous other pegmatites on the property. Certainly, Dyke no.
5 is a large pegmatite and a very obvious target to begin work on.
Since Nemaska Lithium first went on the property, there has been a
lot of logging activity which has provided us with better access to
the property and enabled us to see other pegmatites which were
previously not visible and should be explored. Better sight lines
combined with a Mag survey should generate numerous additional
targets for exploration. Our goal is to build a large world class
deposit on this property."
The scientific and technical information in this release has
been reviewed and approved by Yves
Rougerie, Geologist, President and CEO of the Company. Mr.
Rougerie is a "qualified person" as defined in NI 43-101.
About ABE Resources Inc.
ABE Resources Inc. is a Québec mineral exploration company
focused on the discovery and development of mineral deposits of
economic potential primarily in the province of Québec. With the
addition of the Sirmac Lithium Property to ABE's other material
exploration project, the Dôme Lemieux copper property, ABE will be actively
exploring two highly prospective battery material properties.
For further information on the Company, please visit our website
at www.aberesources.ca or contact us at info@aberesources.ca.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release includes certain "forward-looking statements" under
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to: the historical estimate, the estimates of cut-off grade and
other factors underlying the historical estimate, the potential to
extend the historical estimate to other portions of the Sirmac
Lithium Property, the Company's plans for further drilling and
exploration, and the business and operations of the Company
following completion of the proposed Transaction. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
risks and other factors include, but are not limited to: the
historical estimate of mineral resources may never become mineral
reserves and does not have demonstrated economic viability; the
assumptions made to calculate the historical estimate may turn out
to be inaccurate; additional drilling and exploration may lead to a
determination that there is no potentially viable mine plan for the
Sirmac Lithium Property; general business, economic, competitive,
political and social uncertainties; and the ability of the Company
to execute and achieve its business objectives. There can be no
assurance that the forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE ABE Resources Inc.