Abasca Resources Inc. announce the completion of its winter drilling program on the 100%-owned, 23,977-hectare Key Lake South Uranium Project. The Company drilled a total of 11 holes comprising 4,959 metres at the Mustang target area, intersecting lengths from 0.15 metre to 4.35 metres of anomalous radioactivity in 8 holes. The drilling identified and confirmed multiple stacked graphitic fault zones at Mustang.

Overprinting fracture zones, fault gouge, and fault breccia demonstrate re-activation of several of these fault zones, which has been seen to be ideal features in other uranium deposits in the Athabasca Basin region. All drillholes intersected similar stratigraphy of biotite-garnet gneiss with intervals of granitic gneiss and local pegmatite bound between two major graphitic fault zones, and calc-silicate rocks at the contact with a lower unit of granitic gneiss. Hematite and clay alteration were observed in all drillholes within and proximal to fracture and fault zones.

Anomalous radioactivity was intersected in multiple drillholes, proximal to lithological contacts and these two graphitic fault zones, hosted in the biotite-gneiss, granitic gneiss, and pegmatite units. Additionally, the surrounding rocks at Mustang are silicified and together with the alteration and stacked re-activated fault zones, have similar characteristics to other basement-hosted uranium deposits along the margins of the Athabasca Basin. All drillholes were systematically sampled in addition to the radioactive zones and samples are being analysed at SRC Geoanalytical Laboratories in Saskatoon, SK.