Abbastar Resources Corp.
TSX VENTURE : ABA

Abbastar Resources Corp.

April 22, 2010 08:50 ET

Abbastar Intersects 9.8 g/t Gold Over 4.7 Metres at Talbot Lake Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2010) - 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.

Contact Information

  • Abbastar Resources Corp.
    Donald Gordon
    President & CEO
    604-658-2040
    604-658-2045 (FAX)
    or
    Abbastar Resources Corp.
    David Goldman
    (416) 487-0132
    www.abbastarresources.com