Abasca Starts 5,000 Metre Drill Program ON Key Lake South Uranium Project, Grants Stock Options
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ABASCA RESOURCES INC.
#208 - 311 4th Ave N.,
Saskatoon, SK S7K 2L8
NR#2023-1
FOR IMMEDIATE RELEASE
ABASCA STARTS 5,000 METRE DRILL PROGRAM ON KEY LAKE SOUTH
URANIUM PROJECT, GRANTS STOCK OPTIONS
February 6, 2023 – Saskatoon, SK: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX-V: ABA) is pleased
to announce the start of a 5,000 metre drilling program comprising 14 drillholes on its 100%-owned, 23,977-hectare
Key Lake South Uranium Project. The Government of Saskatchewan had granted Abasca exploration permits for
this program in December 2022, and the Company has si nce completed construction of a temporary work camp
during January 2023.
Dawn Zhou, President and CEO, stated: “Abasca is very excited to carry out winter drilling at two of the more than
ten target areas of the Key Lake South Uranium Projec t, namely Mustang and Seager North, which were further
defined in 2022 based on previous exploration data. We are hopeful that the planned drillholes will be a milestone
in the Company’s mineral discovery journey.”
For more information and an overview of the Key Lake South Uranium Project, please visit the Company’s website
at https://abasca.ca/projects.
The Company also announces that it has granted inc entive stock options to purchase up to 3,500,000 common
shares of the Company to directors, officers and co nsultants of the Company under the Company’s new 10%
“rolling” stock option plan (the “New Plan”). The options are exercisable for a period of five years at an exercise
price of $0.50 per common share.
The New Plan replaces the Company’s previous stock option plan which was a “fixed” plan that reserved for
issuance a maximum of 2,400,000 common shares. Under the New Plan, up to a maximum of 10% of the issued
and outstanding common shares of the Co mpany as at the date of grant may be reserved for issuance as stock
options. The New Plan has been accepted for filing by the TSX Venture Exchange and is subject to shareholder
approval to be sought at the next annual general meeting of the shareholders of the Company to be held later this
year.
The Company also announces that Brett Kagetsu, a current director, has also been appointed Corporate Secretary
of the Company.
Qualified Person
The technical information in this news release ha s been reviewed and approved by Dave Billard, P.Geo, a
Qualified Person as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Billard
is a director of Abasca.
About Abasca
Abasca is a mineral exploration com pany that is primarily engaged in the acquisition and evaluation of mineral
exploration properties. The Company owns the Key Lake South Uranium Project, a 23,977-hectare uranium
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.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA, CGA
President, CEO and director
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For more information contact:
Dawn Zhou
Tel: +1 (306) 933 4261
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 shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any
jurisdiction. Any securities referred to herein have not been, nor will they be, register ed under the United States
Securities Act of 1933, as amended, and may not be offer ed or sold in the United States or to a U.S. Person
absent registration or an applicable exemption from the registration requirements of the United States Securities
Act of 1933, as amended, and applicable state securities laws.
Forward-Looking Statements
This press release may contain certain fo rward-looking information and statements (“ forward-looking
information”) within the meaning of applicable Canadian securiti es legislation, that ar e not based on historical
fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will",
"should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to
not place undue reliance on forward-looking information. Actual results and developments may differ materially
from those contemplated by thes e statements. Abasca undertakes no obligation to comment on analyses,
expectations or statements made by third-parties in resp ect 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 and
uncertainties, certain of which are beyond Abasca’s contro l, including the risk factors discussed in the Filing
Statement which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The
forward-looking information contained in this press releas e 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-looki ng information, whether as a result of new information,
future events or otherwise.