VAL-D'OR, QC, Jan. 5, 2018 /CNW/ - Further to its news release
dated December 14, 2017, ABE
Resources Inc. (TSXV: ABE) (OTC: ABEPF) "Company" or
"ABE") is pleased to announce that it has obtained the
conditional acceptance of the TSX Venture Exchange (the
"TSXV") to acquire the Sirmac lithium property (the
"Sirmac Property") from Nemaska Lithium Inc. ("Nemaska
Lithium") pursuant to the asset purchase agreement entered into
between the parties on December 13,
2017 (the "Transaction").
In connection with the Transaction, ABE has received an
independent technical report on the Sirmac Property (the
"Technical Report") from Nemaska Lithium, dated January 15, 2014, prepared by qualified persons
Guy Desharnais, Ph.D., P.Geo.,
Jean-Philippe Paiement, M.Sc.,
P.Geo, and Jonathan Gagné, P.Eng. in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101"), which will be updated and filed
in advance of the closing of the Transaction.
The Transaction remains subject to the final approval of the
TSXV and to standard closing conditions, including the filing of
the updated Technical Report. A copy of the updated Technical
Report will be available under the Company's profile on SEDAR at
www.sedar.com in advance of the closing of the Transaction.
The Company is further pleased to present certain historical
estimates and additional information on the Sirmac Property based
on work performed by Nemaska Lithium in 2012. The technical
information discussed below is derived from the existing Technical
Report and previous news releases of Nemaska Lithium.
The Sirmac Property consists of 24 mining claims having a total
area of approximately 1,100 hectares located approximately 180
kilometres North-West of Chibougamau, in the province of Québec.
Channel Samples
In 2012, Nemaska Lithium conducted a successful exploration
campaign. In total, 9 sites were mechanically stripped for a
surface area of approximately 13,000 m2. There were 29 channels
completed over 739 metres for a total of 506 samples (selected
results below, for full results see the Nemaska Lithium news
release dated November 5, 2012).
Seven channels samples spaced every 25 metres were taken from
Dyke #5. Five of the seven channel results reported grades of 1.41%
Li2O or higher with the best results coming from:
- SIR-12-R02 grading 1.73% Li2O over 16.5m
- SIR-12-R05 grading 1.68% Li2O over 27 m
In addition, two channels (SIR-12-R14 & SIR-12-R15) were
completed on the newly found West extension (Laurisha extension) of
Dyke #5. Results from these channels included:
- SIR-12-R14 grading 1.87% Li2O over 4.5 m
- SIR-12-R15 grading 1.48% Li2O over 6.6 m
Also at about 200m NNE of Dyke #5
(Dyke 0+00), three channels were completed (SIR-12-R16 -
SIR-12-R18). The results were:
- SIR-12-R16 grading 1.46% Li2O over 4.05 m
- SIR-12-R17 grading 1.69% Li2O over 7.5 m
- SIR-12-R18 grading 1.79% Li2O over 3 m
Drill Program
Also as part of the same exploration program, Nemaska Lithium
completed a diamond drill campaign of 72 shallow drill holes
(3,414.5 m). A total of 1,953
samples, including quality control samples (13%), were sent to the
lab for assay (selected results below, for full results see the
Nemaska Lithium news release dated November
13, 2012).
Drill results from this program reported multiple intersections
over 2% Li2O. More specifically, Nemaska Lithium
intersected mineralization of up to 2.98% Li2O. This
grade approaches the grade found at the Greenbushes deposit, which
is the highest grade hard rock lithium deposit in the world.
Some of the best diamond drill hole results from Dyke #5
included:
- SIR-12-01 grading 1.30% Li2O over 35.05 m, including 2.30% Li2O over
12.35 m
- SIR-12-03 grading 1.19% Li2O over 32.35 m, including 2.06% Li2O over
9.0 m
- SIR-12-17 grading 1.53% Li2O over 32.2 m, including 2.56% Li2O over
6.0 m
- SIR-12-21 grading 1.43% Li2O over 32.1 m, including 2.58% Li2O over
10.5 m
- SIR-12-23 grading 1.40% Li2O over 29.4 m, including 2.01% Li2O over
10.5 m
- SIR-12-32 grading 1.67% Li2O over 5.0 m, including 2.98% Li2O over
2.7 m
The Laurisha Extension (West of Dyke #5). Three holes were
drilled:
- SIR-12-18 grading 1.27% Li2O over 5.7 m
- SIR-12-19 grading 1.50% Li2O over 4.1 m
- SIR-12-20 grading 1.69% Li2O over 5.0 m
On the North Extension of Dyke #5, a total of 12 holes were
reported. The best results were:
- SIR-12-45 grading 1.16% Li2O over 7.6 m
- SIR-12-46 grading 0.94% Li2O over 7.0 m, including 1.41% Li2O over
3.0 m
- SIR-12-49 grading 1.15% Li2O over 19.8 m
- SIR-12-50 grading 1.04% Li2O over 13.5 m, including 1.99% Li2O over
6.0 m
- SIR-12-61grading 1.15% Li2O over 7.8 m, including 2.27% Li2O over
3.3 m
On Dyke 0+00 (200 m NNE of Dyke
#5) one hole was reported at
- SIR-12-63 grading 1.43% Li2O over 10.5 m
A site visit was conducted by the co-authors of the existing
Technical Report, Messrs. Paiement and Desharnais, in December 2012. The visit enabled the authors to
view the core storing facilities and the stripped area of the
Sirmac Property deposit and to familiarize themselves with the
region. The data verification was done on 4 major points: (i)
validation of the database and relations between each table
(collars, deviations, lithologies, and assays); (ii) quality
control/quality assurance ("QA/QC") data analysis; (iii)
checks of the drill hole collars using GPS; and (iv) independent
control sampling.
Historical Estimates
The existing Technical Report includes the following historical
estimates for the Sirmac Property:
Table 1: Historical Estimates for the Sirmac Property with
0.50% Li2O Cut-Off Grade
Cut-Off
Grade
Li2O%(1)
|
Category(1)(2)
|
Tonnage
(t)(1)(3)
|
Average Grade
Li2O%(1)
|
Average Grade
Ta2O5
(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 2013.
|
(2)
|
The historical
estimates were 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/m3 is used. Rounded to the nearest
thousand.
|
(4)
|
Ta2O5 mineralization has yet to
demonstrate recoverability and potential for economic
extraction.
|
While the Company considers these historical estimates to be
relevant to investors, as they may indicate the presence of
mineralization, a qualified person has not done sufficient work for
ABE to classify the historical estimates as current "mineral
resources" or "mineral reserves" (as defined in NI 43-101) and the
Company is not treating these historical estimates as current
"mineral resources" or "mineral reserves".
All block modelling, 3D solid generation and geological
interpretation was conducted by SGS Geostat. Modelling and block
interpolation was done using Genesis © software. As of December 2013, no other deposit in the Sirmac
Property has mineral resources stated or estimated. In order to
limit the mineral resources representing "a reasonable prospect of
economic extraction", a Whittle © Pit optimization was completed
using the Lerchs-Grossman 3D algorithm. Considering the blocks
limited to the optimized pit shell and a cut-off grade of 0.50%
Li2O, the Sirmac Property comprises 185kt of measured
resources at 1.40% Li2O, 79kt of indicated resources at
1.40% Li2O, and 40kt of inferred resources at 1.10%
Li2O (see Table 1 above). These historical estimates of
mineral resources do not represent mining reserves since they have
not shown economic viability.
The existing Technical Report confirms that all sample assay
results were independently monitored through a QA/QC program
including the insertion of blind standards, blanks and the
reanalysis of duplicate samples at a second umpire laboratory. The
results of the QA/QC program and the resampling program indicate
that the sample database is of sufficient accuracy and precision to
be used for the generation of the historical estimates.
"It is these high-grade results that sparked our interest in
Sirmac and we quickly recognized it as an underexplored property,"
commented Yves Rougerie, President
and CEO of ABE Resources. "Nemaska Lithium's work clearly
demonstrates that there are multiple lithium bearing pegmatite
dykes at Sirmac. We already have historical estimates on dyke #5,
from which to base our initial exploration work. This resource is
based on very shallow drilling, and after visting the property I
believe that Dyke #5 still holds ample potential for additional
tonnage at depth and along strike. In addition, there are a number
of other mineralized dykes on the property that warrant follow-up
drilling as well as numerous dykes which have been identified and
have yet to be explored. Armed with this kind of data I am
confident that ABE can put together a targeted cost-effective
exploration program that can quickly deliver results. The macro
picture for lithium battery materials remains very strong, driven
by the adoption of lithium ion batteries in electric vehicles,
energy storage and consumer products. New sources of lithium are
required to fulfill this growing demand."
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.
Option Grant
The Company also announces that it granted 100,000 incentive
stock options to a consultant of the Company on December 27, 2017, pursuant to the Company's
incentive stock option plan. Each option is exercisable into one
common share of ABE at a price of $0.55 per share for a period of 5 years from the
date of grant. 25% of the options vest immediately, 25% will vest 6
months after the date of grant, and the remaining 50% will vest 12
months following the date of grant.
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. ABE is
actively exploring the Dôme Lemieux copper property and has recently
signed a definitive agreement with Nemaska Lithium Inc. to acquire
a 100% interest in the Sirmac lithium property, both of which are
located in the province of Québec, Canada.
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 estimates, the estimates of cut-off grade and
other factors underlying the historical estimates, the potential to
extend the historical estimates to other portions of the Sirmac
Property, the Company's plans for further drilling and exploration,
the Company's ability to obtain all required approvals to complete
the Transaction; and the business and operations of the Company
upon 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 estimates of mineral resources may never become mineral
reserves and do not have demonstrated economic viability; the
assumptions made to calculate the historical estimates may turn out
to the inaccurate; additional drilling and exploration may lead to
a determination that there is no potentially viable mine plan for
the Sirmac Property; general business, economic, competitive,
political and social uncertainties; delay or failure to receive
board, shareholder or regulatory approvals; 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.