Athabasca Minerals Inc.
TSX VENTURE : ABM

Athabasca Minerals Inc.

October 11, 2007 12:49 ET

Kimberlite Indicator Minerals Found on Athabasca Properties

EDMONTON, ALBERTA--(Marketwire - Oct. 11, 2007) - Athabasca Minerals Inc. (TSX VENTURE:ABM) (the "Company") is pleased to announce results of its June 2007 Stream Sediment Sampling program held on its 100% fully controlled exploration permits in northern Alberta. As part of this secondary analysis, 24 carefully selected stream sediment samples (approximately 25 kg) were taken over a 10 day period and shipped to the Saskatchewan Research Council (SRC) in Saskatoon, SK for concentration. Electron microprobe results performed by SGS Lakefield Ltd. of Lakefield, ON are completed on 17 recovered kimberlite indicator minerals (KIM). The management of ABM is encouraged by these results which suggest that some of the KIM's analyzed may have originated from diamond bearing kimberlite. Athabasca is currently preparing for a MAG geophysical survey to be completed over the property.

Heavy mineral concentrates (HMC) generated from these 24 samples were optically reviewed by SRC for the presence of KIM's, mainly pyrope garnet, chrome diopside, picroilmenite, chromite and olivine. A total of 17 grains were identified and then sent to SGS Lakefield for electron microprobe analyses to determine the mineral chemistry and kimberlite provenance. The results from the analyses were plotted as metallic oxide ratios against established chemical domains referenced to a diamond inclusion field created from the chemistry of various KIM's from known diamondiferous kimberlite.

The chemical composition Cr2O3:CaO wt% of one pyrope grain analyzed fell within the G9 domain. The chemical composition Cr2O3:CaO wt% of two grains of chrome diopside grains analyzed contained one grain that fell within the diamond inclusion field. Five olivines were recovered and analyzed, the chemical composition NiO (wt%): Mg/Mg+Fe with one olivine exhibiting sufficient Mg-Number to fall with in the range of olivines typically found in kimberlite. Of the nine grains of chromite analyzed, the chemical composition Cr2O3:MgO wt% one fell within the diamond intergrowth field and three grains were proximal to this field. One chromite was lost during analyses.

In June 2007 the Company engaged geological consultant Ms. Sherri Hodder, M.Sc., P.Geo and a team of experienced samplers to complete stream sediment sampling on its permit lands in northern Alberta in the Greystone and Ells River tributary systems. This work was part of a reconnaissance program to provide further detail in areas where anomalous kimberlite indicator minerals had been obtained by previous workers. Most recently, Ms. Hodder was under contract during the pre-feasibility phase of a project in the Fort a la Corne area, and as Project Manager for a diamond exploration company in the Candle Lake area, both in Saskatchewan.

This news release has been reviewed by Mr. Wylie Hamilton, P.Eng., and Athabasca's Qualified Person for such purpose under NI 43-101.


About Athabasca Minerals:

Athabasca Minerals Inc. is an innovative exploration company formed to explore for mineral resources other than oil, gas and oil sands in northeast Alberta. The company's aim is to find and develop local sources of the minerals essential to the economic development of the region (i.e. minerals used in oil sand processing, construction, and in the everyday requirements of community living). The company's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for an assortment of industrial minerals including salt, silica sand, gypsum, limestone, and diamonds.

Independent from its mineral exploration activities, the company is also pursuing sand and gravel exploration and development projects throughout northern Alberta. These activities include contract works, gravel pit management, new gravel pit development and the acquisition of other sand and gravel operations.

This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Athabasca Minerals. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca Minerals does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Athabasca Minerals Inc.
    Dom Kriangkum, P. Eng.
    President and CEO
    (780) 465-5696