Abbastar Resources Corp.

Abbastar Resources Corp.

March 30, 2010 11:00 ET

Abbastar Resources; First 2 Holes Intersect GOLD On Talbot Lake Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2010) - Abbastar Resources Corp. (TSX VENTURE:ABA) is pleased to announce the results from the first 2 holes of a phase 1 (5000 metre or 14 holes) drill program on the Talbot Lake gold project located in northern Ontario, approximately 50km northeast of Pickle Lake. Hole #1 intersected the Main Zone from 67.3 to 76.4 yielding 2.7 g/t Au over 9.1 metres; including 11.3 g/t Au over 0.5 metres. Hole #2 intersected 3.6 g/t Au over 1.5 metres from 173.1 to 174.6 metres.

"The Company is excited to have such a positive start with our initial 2 holes intersecting good gold grades," commented John B. Good, President and CEO. "We are looking forward to the additional drill results from the remaining holes in the coming days and weeks as we attempt to build the Talbot Lake Gold Deposit."

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. (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 $7,000,000 over 8 years.

Abbastar has 19,789,412 common shares outstanding.

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 TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Abbastar Resources Corp.
    Mr. John B. Good
    President & CEO
    (604) 537-0004
    Abbastar Resources Corp.
    Mr. Morgan Good
    Investor Relations
    (604) 715-4751