Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite Deposit
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 7
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES
Abasca Resources Announces Newly Discovered Thor
Graphite Zone Parallel to its Loki Flake Graphite Deposit and
Closing of the Final Tranche of Its Private Placement
June 9, 2025 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSXV: ABA)
is pleased to release assay results of the two exploration drillholes northeast of its Loki Flake Graphite
Deposit (Loki Deposit) at its 100%-owned Key Lake South (KLS) Project (Figure 1, Figure 2 ). The drillholes
were designed to test graphite mineralization along parallel conductors within 700 m to the northeast of the
Loki Flake Graphite Deposit during the 2024 summer drill program . Assays confirm graphite mineralization
along the parallel trend ( “Thor Graphite Zone” or “Thor Zone”), which remains open along in all directions.
Locations and orientations of drillholes included in this release are listed in Table 1 and their assay results
are shown in Table 2.
Assay Highlights
• KLS-24-046: 27.0 m at 8.91 % Cg, including 8.0 m at 13.38 % Cg
• KLS-24-042: 10.0 m at 6.42 % Cg
Brian McEwan, Vice -President of Exploration commented “ These results are consistent with our
observations in the field , and we’re excited to have confirmed the grades along this parallel trend. We are
looking forward to continuing to explore the Thor Zone in upcoming drill programs as we continue to
delineate the Loki Flake Graphite Deposit.”
The Company also announces that it has closed the final tranche (the “Final Tranche”) of its non -brokered
private placement (the “Offering”) previously announced on April 22, 2025. Pursuant to the Final Tranche,
the Company has issued 6,250,000 flow-through units (the “FT Units”) at a price of $0.16 per Unit to raise
gross proceeds of $ 1,000,000. Each FT Unit was comprised of one common share of the Company (a “ FT
Share” and each common share of the Company, a “Common Share”) issued as a “flow-through share” (as
defined in the Income Tax Act (Canada) (the “Tax Act”)) and one-half of a Common Share purchase warrant
(each whole warrant, a “ Warrant”), with each Warrant entitling the holder to purchase an additional
Common Share (a “Warrant Share”) for a period of two years at a price of $0.20 per Warrant Share. Each of
the FT Unit Shares and Warrant Shares are subject to a four month hold period expiring on October 7, 2025.
101159623 Saskatchewan Ltd. (“SaskCo”), a corporation solely owned by Dawn Zhou, subscribed for
1,587,500 FT Units. CSIT Consulting Inc. (“CSIT”), a corporation solely owned by Dawn Zhou, subscribed for
1,562,500 FT Units. 9169601 Canada Inc. (“9169601”), a corporation 100% of the common shares (including
joint ownership) and 100% of the preferred shares are held by Dawn Zhou, President, CEO and a director of
the Company, subscribed for 3,000,000 FT Units. Ms. Zhou is a “related party” to the Company within the
meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 7
of the Canadian Securities Administrators (“MI 61-101”) and the participation of SaskCo, CSIT and 9169601
in the Offering each constituted a “related party transaction” under MI 61-101. The Company is exempt from
the formal valuation requirement pursuant to subsection 5.5(b) of MI 61- 101 on the basis that the securities
of the Company are listed or qu oted on the TSX Venture Exchange (“TSX-V”). The Company is also exempt
from the minority approval requirement pursuant to subsection 5.7(1)(b) of MI 61 -101 on the basis that: (i)
the Common Shares are listed on the TSX -V; (ii) at the time the transaction was agreed to, neither the fair
market value of the FT Units distributed under the Offering nor the consideration to be received for those FT
Units, insofar as the transaction involves the rel ated parties, exceeds $2,500,000; (iii) the Company has
more than one independent director; and (iv) at least two-thirds of the independent directors of the Company
approved the Offering.
The gross proceeds received from the FT Units will be used for exploration activities on the Company’s Key
Lake South Project, including the environmental baseline and hydrological studies.
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 Deposit 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 Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 7
Figure 1: Map of the Key Lake South Project area showing the location of the Loki Flake Graphite Deposit
and other exploration target areas.
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 7
Figure 2: Map of the area around the Loki Flake Graphite Deposit area showing the 2016, 2024, and 2025
drilling. Drillholes KLS-24-042 and KLS-24-046, included in this release, as well as KLS -25-072 intersected
the Thor Zone northeast of the Loki Flake Graphite Deposit.
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 7
Table 1: Locations and orientations of drillholes included in this release.
Drillhole ID Easting Northing Elevation Azimuth Inclination Total Length
KLS-24-042 445332 6331285 568 35 -65 444
KLS-24-046 445979 6330801 544 35 -60 468
Table 2: Drillholes and their composited graphite intersections. All lengths are as measured downhole and
do not represent true thickness. Composite intervals are calculated using a 3.0 % Cg cut-off and may include
a maximum of 2.0 m internal dilution.
Drillhole ID From To Length Cg % S %
KLS-24-042 69.50 71.50 2.00 8.61 0.01
Including
70.50 71.00 0.50 10.70
78.00 88.00 10.00 6.42 0.41
Including
78.50 79.00 0.50 13.39
80.50 81.00 0.50 10.20
84.50 85.00 0.50 10.50
97.50 102.00 4.50 4.94 0.55
105.50 112.50 7.00 4.57 0.47
121.50 122.00 0.50 3.57 0.52
127.00 133.00 6.00 3.33 0.64
151.00 152.00 1.00 3.44 0.41
163.00 163.50 0.50 3.28 0.31
166.00 174.50 8.50 3.17 0.73
181.50 185.50 4.00 3.05 0.74
189.50 196.00 6.50 3.21 0.65
201.00 212.00 11.00 2.94 0.68
217.50 222.00 4.50 3.11 0.54
225.00 226.00 1.00 3.95 0.41
KLS-24-046 329.00 356.00 27.00 8.86 1.70
Including
330.50 331.00 0.50 10.10
331.50 332.00 0.50 12.80
334.00 335.00 1.00 13.20
335.50 336.00 0.50 11.90
337.50 338.50 1.00 11.10
339.00 339.50 0.50 10.90
340.00 348.00 8.00 13.38
358.50 362.00 3.50 2.86 0.48
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 7
Drillhole ID From To Length Cg % S %
364.50 381.50 17.00 3.15 0.75
384.00 390.00 6.00 3.56 0.93
395.50 396.00 0.50 3.42 0.91
401.50 402.00 0.50 3.65 0.86
422.00 423.00 1.00 4.08 1.32
Qualified Person
The technical information in this news release has been reviewed and approved by Brian McEwan, P.Geo, a
Qualified Person as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr.
McEwan is the Vice-President of Exploration at Abasca.
About Abasca Resources Inc.
Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of
mineral exploration properties. The Company owns the Key Lake South Project (KLS), a 23,977 -hectare
exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km
south of the former Key Lake mine and current Key Lake mill. The project possesses geological similarities
and along strike of past Key Lake Mine with prospective conductors of over 50 km for potential ura nium
mineralization. KLS is also host to the Loki Flake Graphite Deposit comprising a total inferred resource of
11.31 Mt at 7.65 % Cg. Please refer to the Company’s website or news release dated May 30, 2025 for further
information about the resource estimate.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA, CGA
President, CEO and Director
For more information visit the Company’s website at https://www.abasca.ca or contact:
Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261
NEWS RELEASE
Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite
Deposit
Abasca Resources Inc. – News Release 2025-06 June 9, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 7 of 7
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press
release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States of America. The securities have not been and will not be registered under the United
States Securities Act of 1933 (the “ 1933 Act”) or any state securities laws and may not be offered or sold
within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act
and applicable state securities laws, or an exemption from such registration is available.
Forward-Looking Statements
This press release may contain certain forward -looking information and statements (“forward -looking
information”) within the meaning of applicable Canadian securities legislation that are not based on
historical fact, including without limitation statement s containing the words "believes", "anticipates",
"plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar
expressions. Forward -looking information reflects management’s current beliefs with respect to future
events and is based on information currently available to management. Forward -looking information
contained in this press release includes, but is not limited to, statements relating to the mineral resource
estimate for the Loki Deposit , and the Thor Zone . Readers are cautioned to not place undue reliance on
forward-looking information. Actual results and developments may differ materially from those
contemplated by these statements. Abasca undertakes no obligation to comment on analyses,
expectations, or statements made by third -parties in respect of Abasca, its securities, or financial or
operating results (as applicable). Although Abasca believes that the expectations reflected in forward -
looking information in this press release are reasonable, such forward-looking information has been based
on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and
are subject to numerous risks, uncertainties and factors, certain of which are beyond Abasca’s control,
including the impact of general business and economic conditions; risks related the exploration activities to
be conducted on KLS, including risks related to government and environmental regulation; actual results of
exploration activities; industry conditions, incl uding uranium and graphite price fluctuations, interest and
exchange rate fluctuations; the influence of macroeconomic developments; business opportunities that
become available or are pursued; title, permit or license disputes related to KLS; litigation; fluctuations in
interest rates; and other factors. In addition, the forward -looking information is based on several
assumptions which may prove to be incorrect, including, but not limited to, assumptions about the
availability of qualified employees and co ntractors for the Company’s operations and the availability of
equipment. The forward-looking information contained in this press release are expressly qualified by this
cautionary statement and are made as of the date hereof. Abasca disclaims any intentio n and has no
obligation or responsibility, except as required by law, to update or revise any forward -looking information,
whether as a result of new information, future events or otherwise.