Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
NEWS RELEASE
Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 7
Abasca Resources Announces Maiden Graphite Resource at
its Loki Flake Graphite Deposit
April 15, 2025 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX V:
ABA) is pleased to announce the maiden mineral resource estimate (the “MRE”; Table 1 ) of its Loki Flake
Graphite Deposit (the “Loki Deposit”) at its 100%-owned Key Lake South (KLS) Project (Figure 1 and 2) (the
“Project”) in close proximity to regional infrastructure which services Cameco's Key Lake operation . The
graphite MRE denotes a major milestone for the Project and positions Abasca to play a significant role in
contributing to North America’s secure supply chain of graphite.
Mineral Resource Highlights
• Total Inferred Resource: 11.31 Mt of Graphite at an average grade of 7.65 % Cg.
• Contained Graphite: 0.86 Mt
• Cut-off Grade: 2.78 % Cg
The MRE, with an effective date of April 10, 2025, was completed by Understood Mineral Resources (UMR)
in accordance with NI -43-101 guidelines and is primarily based on the results from the 2024 summer drill
program, which included 20 holes totaling 5,499 m, as well as re-sampled holes from 2016 drill cores (Figure
3). The 2024 drill program was designed to support an inferred resource and provide a foundation to further
expand and develop the Project in subsequent campaigns, including the Company’s current 2025 winter
drill program. The Loki Deposit remains open at depth and along strike.
Graphite’s demand has been increasing in recent years from the electric vehicle and energy storage
industries in addition to the continued needs arising from graphite’s traditional industrial applications. In
2024, North Americ a’s average import price was over US$ 1,200/tonne. Graphite is one of the 31 critical
minerals designated by Canada’s federal government and it is one of the 6 minerals in the Canadian
essential supply chain.
“The independent mineral resource estimate of the Loki Deposit is very encouraging for Abasca to carry out
further drilling for resource expansion and upgrading . Achieving this important milestone has greatly de -
risked the Loki Deposit for development and creation of shareholder value" stated Dawn Zhou, President
and CEO.
The Loki Deposit is hosted in the metapelitic rocks of the Wollaston Domain along a northwest-trending fault
zone with graphite mineralization extend ing from the overburden -basement contact down-dip toward the
southwest. Calc-silicate and pegmatite rocks are intersected in the hanging wall, interlayered with the
metapelitic rocks, which are all structurally overlying granitic gneiss.
Brian McEwan, Vice-President of Exploration, stated, “This initial resource estimate provides Abasca a great
foundation to continue advancing the Loki Flake Graphite Deposit. The independent resource estimate
model confirms our own internal estimate and highlights the strong continuity of the mineralization
NEWS RELEASE
Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 7
intersected in each hole. We are looking forward to the continued delineation of the deposit and moving the
project into the next stages.”
Table 1: Pit-constrained inferred mineral resource estimate of the Loki Flake Graphite Deposit.
Category Cut-off Grade
(% Cg)
Tonnage
(Mt)
Grade
(% Cg)
Contained Graphite
(Mt)
Inferred 2.78 11.31 7.65 0.86
1. The reporting standard for the Mineral Resource Estimate uses the terminology, definitions and guidelines given in the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves
(May 2014) as required by NI 43-101.
2. Reported Mineral Resources are constrained to a pit-shell generated in Whittle software above a cut-off grade of 2.78 %
Cg.
3. The estimation of Mineral Resources was completed through a block model approach using interpreted geology
wireframes, composites from drill core assays, and grade interpolation via Ordinary Kriging.
4. Numbers may not add up due to rounding.
5. The effective date of this Mineral Resource estimate is April 10, 2025.
6. The qualified person knows of no environmental, permitting, legal, title, taxation, socio -economic, marketing, political
or other relevant factors that may materially affect the Mineral Resource Estimate in this report.
7. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
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 total 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.
An independent technical report in respect of the mineral resource estimate will be prepared and filed on
SEDAR+ (www.sedarplus.ca) and on the Company’s website ( www.abasca.ca) within 45 days of this press
release.
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 Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 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 Zone and
other exploration target areas.
NEWS RELEASE
Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 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 showing the surface projection of the
inferred resource and the 2016 and 2024 drill ing. Drillholes KLS -24-042 and KLS -046 intersected a new
prospective graphite zone northeast of the Loki Flake Graphite Deposit.
NEWS RELEASE
Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 7
Figure 3: Oblique view of the Loki Flake Graphite Deposit showing the pit-constrained inferred resource
and the drillholes used to define the resource.
NEWS RELEASE
Abasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 2025
#208 – 311 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 7
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. The mineral resource estimate presented in this
news release was completed by Matthew Batty, P.Geo, a Qualif ied Person as defined under NI 43 -101. Mr.
Batty is a Geostatistician and the owner of Understood Mineral Resources Ltd.
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.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA
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 Releases Graphite Intersection Assays at its Loki Flake Graphite Zone
Abasca Resources Inc. – News Release 2025-02 April 15, 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.
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 maiden mineral
resource estimate; the potential for resource expansion and upgrading; the positioning of Abasca to
potentially play a significant role in contributing to North America’s secure supply chain of graphite; the
derisking of the Loki Deposit for development and the creation of shareholder value; the continued
delineation of the deposit; and the movement of the Project into next stages . 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, uncert ainties 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, including 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 ra tes; 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 contractors 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 intention 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.