Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 11
Abasca Resources Announces Multiple Graphite Intersections
at its Loki Flake Graphite Zone Including 52 m at 7.18 % Cg.
November 27, 2024 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX
V: ABA) is pleased to announce assay results from part of its 2024 summer exploration program (Figure 1) at
its Key Lake South (KLS) Project. The program focused on systematically drilling a 600 m section of the 2 km
Loki Flake Graphite Zone (“Loki Zone”), which remains open along strike and at depth (Figure 2). Locations
and orientations of drillholes are listed in Table 1 and their assay results are shown in Table 2.
Assay Highlights
• KLS-24-026: 42.5 m at 7.36 % Cg, including 5.5 m at 15.10 % Cg
• KLS-24-027: 33.0 m at 7.28 % Cg, including 6.5 m at 14.01 % Cg
• KLS-24-028: 30.3 m at 8.72 % Cg
• KLS-24-030: 41.0 m at 7.20 % Cg
• KLS-24-031: 52.0 m at 7.18 % Cg, including 8.5 m at 14.98 % Cg
Dawn Zhou, President and CEO remarked “Abasca is excited by the promising lab data from the 2024
summer drilling program at its Loki Zone. The significant intersection lengths and positive lab data position
the zone for mineral resource estimation. The Canadian Critical Minerals Strategy lists graphite as one of six
priority critical minerals for its potential to spur Canadian economic growth. While Abasca continues its
exploration for uranium at KLS, the Company also dedicates to advance the flake graphite proj ect for
creating shareholders’ value and contributing to enhance North America's graphite supply chain and
Saskatchewan's strategy of doubling the number of critical minerals being produced in the province.”
Loki Flake Graphite Zone
In the summer of 2024, the Company drilled 20 holes, totaling 5,499 m, at the Loki Flake Graphite Zone that
was discovered in 2016 . The delineation program was conducted at a 100 m x 100 m grid spacing , testing
the strike- and depth-extents of the Loki Zone. All drillholes successfully intersected graphite mineralization,
which was extensively sampled.
Graphite m ineralization was intersected at the overburden- basement contact and dips toward the
southwest (Figures 3 and 4). The mineralization is hosted in metapelitic rocks of the Wollaston Domain along
a northwest-trending fault zone in the north part of the property. Pegmatite and local calc-silicate rocks are
commonly observed in the hanging wall interlayered with the metapelitic gneiss and also contain local
graphite mineralization (Figures 3 and 4).
Brian McEwan, Vice -President of Exploration commented “ We are encouraged by the first set of lab data
from the Loki Flake Graphite Zone. The grades are consistent with what our team has logged in the field, and
we are looking forward to receiving the remaining lab results. Given the overall size of the trend, the shallow
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 11
depth of the zone, and the access to the project site, we are very optimistic about continuing our work. This
program is the first step in evaluating the Loki Flake Graphite Zone and we are excited that we have the
opportunity to bring something a little bit different to the table in Saskatchewan in terms of critical mineral
diversity.”
An additional two drillholes, totaling 912 m, were drilled into a parallel fault zone approximately 600 m
northeast of the Loki Zone (Figure 2). Both holes, KLS -24-042 and KLS -24-046 intersected graphite
mineralization and were comprehensively sampled (Figure 5). Results from these holes and the remaining
Loki Zone holes are pending, as well as metallurgical testing of samples from KLS-24-052.
Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, an
independent laboratory accredited under ISO/IEC 17025:2017 for preparation and ICP -MS multi-element
analysis, boron by fusion as well as graphite content (% Cg) and total sulphur by LECO . Samples were
collected in accordance with industry-standard quality assurance / quality control practices and included
the insertion of blanks, standard reference materials, and repeats into the sample stream at regular
intervals. Samples were also collected for in- field and lab density measurements at regular intervals and
through the mineralized zones.
For more information on the Loki Flake Graphite Zone and an overview of the Key Lake South Project, please
visit the Company’s website at https://www.abasca.ca.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 11
Figure 1: Map of the Key Lake South Project area showing the 2024 Exploration Areas.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 11
Figure 2: Map of the area around the Loki Flake Graphite Zone area showing the 2016 and 2024 drilling .
Drillholes KLS-24-042 and KLS-046 intersected a new prospective graphite zone northeast of the Loki Flake
Graphite Zone. Yellow outline: Cross-sections A and B, included in this release.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 11
Figure 3: Cross-Section “A” through the Loki Flake Graphite Zone showing the continuity and extent of the
graphite mineralization. Lithologies are shown along the center of the drillhole trace and graphite assay
results (Cg %) are shown overtop in the larger diameter traces. Refer to Figure 2 for location reference.
*Assays pending and not included in this release.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 11
Figure 4: Cross-Section “B” through the Loki Flake Graphite Zone showing the continuity and extent of the
graphite mineralization. Lithologies are shown along the center of the drillhole trace and graphite assay
results (Cg %) are shown overtop in the larger diameter traces. Refer to Figure 2 for location reference.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 7 of 11
Figure 5: Core photos of the Loki Flake Graphite Zone (A) and the New Prospective Graphite Zone (B) to the
northeast.
NEWS RELEASE
Abasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone at KLS
Abasca Resources Inc. – News Release 2024-05 November 27, 2024
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 8 of 11
Table 1: Locations and orientations of drillholes included in this release.
Drillhole ID Easting Northing Elevation Azimuth Inclination Total Length
KLS-24-026 445377 6330260 557 35 -60 372
KLS-24-027 445317 6330176 556 35 -60 420
KLS-24-028 445481 6330398 559 35 -60 207
KLS-24-029 445405 6330477 559 35 -60 159
KLS-24-030 445349 6330394 560 35 -60 234
KLS-24-031 445289 6330313 557 35 -60 304
Table 2: Drillholes and their composited graphite intersections through the Loki Flake Graphite Zone.
Drillhole ID From To Length Cg % S %
KLS-24-026 189.00 191.00 2.00 2.55 0.51
195.00 196.95 1.95 1.20 0.25
235.50 278.00 42.50 7.36 1.03
Including
236.00 238.50 2.50 13.64
239.00 244.50 5.50 15.10
245.00 247.50 2.50 15.42
KLS-24-027 296.50 303.50 7.00 2.96 0.53
343.00 376.00 33.00 7.28 1.12
Including
357.50 358.50 1.00 11.30
360.00 360.50 0.50 12.10
362.50 363.00 0.50 11.50
364.50 371.00 6.50 14.01
KLS-24-028 71.50 72.00 0.50 4.02 0.45
78.50 79.50 1.00 3.90 0.49
99.70 130.00 30.30 8.72 1.05
Including
100.50 101.00 0.50 14.10
101.50 105.00 3.50 14.47
108.50 110.50 2.00 15.83
123.50 124.50 1.00 11.10
125.50 128.00 2.50 15.42
KLS-24-029 63.50 95.50 32.00 6.73 0.92
Including
71.00 73.50 2.50 15.02
75.00 78.00 3.00 15.10
90.50 92.00 1.50 13.73