ABE Resources Completes Acquisition of Sirmac Lithium Property from Nemaska Lithium
ABE Resources Completes Acquisition of Sirmac Lithium
Property from Nemaska Lithium
VAL-D'OR, QC
,
Feb. 2, 2018
/CNW/ - ABE Resources Inc. (TSXV: ABE) (OTC: ABEPF) (the "
Company
" or "
ABE
") is pleased to
announce the closing of its acquisition (the "
Transaction
") of a 100% undivided interest in the Sirmac lithium property (the "
Sirmac Lithium
Property
") from Nemaska Lithium Inc. ("
Nemaska Lithium
") (TSX: NMX) (OTC: NMKEF) (FRANKFURT: N0T) pursuant to the terms and
conditions of the asset purchase agreement between the parties, previously announced on
December 14, 2017
and
January 5, 2018
. The Sirmac
Lithium Property consists of 24 map designated mining claims having a total area of approximately 1,100 hectares, located approximately 180
kilometres North-West of
Chibougamau
, in the province of Québec.
In connection with the Transaction, an updated independent technical report on the Sirmac Lithium Property, dated
January 19, 2018
(the
"
Technical Report
"), was prepared for ABE in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects
("
NI 43-101
") by
John Langton
, M.Sc., P.Geo of MRB & Associates, a qualified person under NI 43-101. The Technical Report has been filed
and is available under ABE's profile on SEDAR at
www.sedar.com
.
Highlights from the Technical Report
Nemaska Lithium completed 73 NQ-sized drill holes on the Sirmac Lithium Property in 2012 totalling
3,379.2 m
and conducted extensive
mechanical stripping and channel sampling of the #5 dyke. Results of this work were used by SGS Canada Inc. (SGS) of
Blainville
, Québec to
calculate a NI 43-101, within-pit, Mineral Resource Estimate (MRE) in 2014, which is included as a historical estimate in the Technical Report
(see Table 1 below).
Table 1: Historical Estimate for the Sirmac Lithium Property with 0.50% Li
2
O Cut-Off Grade
Cut-Off Grade
Li
2
O%
(1)
Category
(1)(2)
Tonnage (t)
(1)(3)
Average Grade
Li
2
O%
(1)
Average Grade
Ta
2
O
5
(ppm)
(1)(4)
0.50
Measured
185,000
1.40
70
0.50
Indicated
79,000
1.40
80
0.50
Inferred
40,000
1.10
60
Notes
:
(1)
Effective date of December 19, 2013.
(2)
The historical estimate was calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards for mineral resources in accordance
with NI 43-101. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are exclusive of the
measured and indicated resources.
(3)
Bulk density of 2.70 t/m
3
is used. Rounded to the nearest thousand.
(4)
Ta
2
O
5
mineralization has yet to demonstrate recoverability and potential for economic extraction.
While the Company considers the historical estimate to be relevant to investors, as it may indicate the presence of mineralization, a qualified person
has not done sufficient work for ABE to classify the historical estimate as current "mineral resources" or "mineral reserves" (as defined in NI 43-
101) and the Company is not treating this historical estimate as current "mineral resources" or "mineral reserves".
Phase I of the recommended work program set out in the Technical Report involves a resampling of historic drill-core intervals for QA/QC
purposes and twinning of a number of historic holes as part of a program to validate and potentially increase the historical estimate. All available
data should be integrated into a 3D model of the Sirmac Lithium Property using Geoscience Analyst or similar software in order to better
understand and advance the geological/structural model of the intrusion(s) comprising the #5 dyke complex. A detailed geological mapping,
prospecting and sampling program should be initiated to investigate the areas of the Sirmac Lithium Property that have recently been clear-cut by
wood-harvesting operations. A high-resolution magnetic survey is also recommended for the Sirmac Lithium Property. Being extremely low in iron,
LCT pegmatites do not have a strong magnetic geophysical signature; however, the host metasedimentary and basaltic rocks are magnetic and
strike at a high-angle to the pegmatite dykes, which should allow for resolution using magnetic survey methods.
Conditional on the success of the Phase I program, the author of the Technical Report recommends a Phase II exploration program consisting of a
comprehensive diamond-drilling program targeting the most prospective areas interpreted from the results of the Phase I program.
"We are very excited to start working and to begin to realize the vast potential of this property," commented
Yves Rougerie
, President and CEO
of ABE. "Our next step is to conduct a Mag survey which will help us identify the numerous other pegmatites on the property. Certainly, Dyke no.
5 is a large pegmatite and a very obvious target to begin work on. Since Nemaska Lithium first went on the property, there has been a lot of
logging activity which has provided us with better access to the property and enabled us to see other pegmatites which were previously not visible
and should be explored. Better sight lines combined with a Mag survey should generate numerous additional targets for exploration. Our goal is to
build a large world class deposit on this property."
The scientific and technical information in this release has been reviewed and approved by
Yves Rougerie
, Geologist, President and CEO of the
Company. Mr. Rougerie is a "qualified person" as defined in NI 43-101.
About ABE Resources Inc.
ABE Resources Inc. is a Québec mineral exploration company focused on the discovery and development of mineral deposits of economic
potential primarily in the province of Québec. With the addition of the Sirmac Lithium Property to ABE's other material exploration project, the
Dôme
Lemieux
copper property, ABE will be actively exploring two highly prospective battery material properties.
For further information on the Company, please visit our website at
www.aberesources.ca
or contact us at
.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES
OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-
looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with
respect to: the historical estimate, the estimates of cut-off grade and other factors underlying the historical estimate, the potential to extend the
historical estimate to other portions of the Sirmac Lithium Property, the Company's plans for further drilling and exploration, and the business and
operations of the Company following completion of the proposed Transaction. Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks
and other factors include, but are not limited to: the historical estimate of mineral resources may never become mineral reserves and does not have
demonstrated economic viability; the assumptions made to calculate the historical estimate may turn out to be inaccurate; additional drilling and
exploration may lead to a determination that there is no potentially viable mine plan for the Sirmac Lithium Property; general business, economic,
competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives. There can be no
assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE
ABE Resources Inc.
View original content: http://www.newswire.ca/en/releases/archive/February2018/02/c8788.html
%SEDAR: 00003760E
For further information:
For additional information on the Transaction, please contact: ABE Resources Inc., Yves Rougerie, President and Chief
Executive Officer, Tel: 819-874-6200, Email: [email protected]
CO: ABE Resources Inc.
CNW 03:00e 02-FEB-18