Arizona Tribune - Abasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite Deposit and Closing of the Final Tranche of Its Private Placement

SASKATOON, SK / ACCESS Newswire / June 9, 2025 / Abasca Resources Inc. ("Abasca" or the "Company") (TSXV:ABA) is pleased to release assay results of the two exploration drillholes northeast of its Loki Flake Graphite Deposit (Loki Deposit) at its 100%-owned Key Lake South (KLS) Project (Figure 1, Figure 2). The drillholes were designed to test graphite mineralization along parallel conductors within 700 m to the northeast of the Loki Flake Graphite Deposit during the 2024 summer drill program. Assays confirm graphite mineralization along the parallel trend ("Thor Graphite Zone" or "Thor Zone"), which remains open along in all directions. Locations and orientations of drillholes included in this release are listed in Table 1 and their assay results are shown in Table 2.

Assay Highlights

• KLS-24-046: 27.0 m at 8.91 % Cg, including 8.0 m at 13.38 % Cg

• KLS-24-042: 10.0 m at 6.42 % Cg

Brian McEwan, Vice-President of Exploration commented "These results are consistent with our observations in the field, and we're excited to have confirmed the grades along this parallel trend. We are looking forward to continuing to explore the Thor Zone in upcoming drill programs as we continue to delineate the Loki Flake Graphite Deposit."

The Company also announces that it has closed the final tranche (the "Final Tranche") of its non-brokered private placement (the "Offering") previously announced on April 22, 2025. Pursuant to the Final Tranche, the Company has issued 6,250,000 flow-through units (the "FT Units") at a price of $0.16 per Unit to raise gross proceeds of $1,000,000. Each FT Unit was comprised of one common share of the Company (a "FT Share" and each common share of the Company, a "Common Share") issued as a "flow-through share" (as defined in the Income Tax Act (Canada) (the "Tax Act")) and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder to purchase an additional Common Share (a "Warrant Share") for a period of two years at a price of $0.20 per Warrant Share. Each of the FT Unit Shares and Warrant Shares are subject to a four month hold period expiring on October 7, 2025.

101159623 Saskatchewan Ltd. ("SaskCo"), a corporation solely owned by Dawn Zhou, subscribed for 1,587,500 FT Units. CSIT Consulting Inc. ("CSIT"), a corporation solely owned by Dawn Zhou, subscribed for 1,562,500 FT Units. 9169601 Canada Inc. ("9169601"), a corporation 100% of the common shares (including joint ownership) and 100% of the preferred shares are held by Dawn Zhou, President, CEO and a director of the Company, subscribed for 3,000,000 FT Units. Ms. Zhou is a "related party" to the Company within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators ("MI 61-101") and the participation of SaskCo, CSIT and 9169601 in the Offering each constituted a "related party transaction" under MI 61-101. The Company is exempt from the formal valuation requirement pursuant to subsection 5.5(b) of MI 61- 101 on the basis that the securities of the Company are listed or quoted on the TSX Venture Exchange ("TSX-V"). The Company is also exempt from the minority approval requirement pursuant to subsection 5.7(1)(b) of MI 61-101 on the basis that: (i) the Common Shares are listed on the TSX-V; (ii) at the time the transaction was agreed to, neither the fair market value of the FT Units distributed under the Offering nor the consideration to be received for those FT Units, insofar as the transaction involves the related parties, exceeds $2,500,000; (iii) the Company has more than one independent director; and (iv) at least two-thirds of the independent directors of the Company approved the Offering.

The gross proceeds received from the FT Units will be used for exploration activities on the Company's Key Lake South Project, including the environmental baseline and hydrological studies.

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 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.

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.

Figure 1: Map of the Key Lake South Project area showing the location of the Loki Flake Graphite Deposit and other exploration target areas.

Figure 2: Map of the area around the Loki Flake Graphite Deposit area showing the 2016, 2024, and 2025 drilling. Drillholes KLS-24-042 and KLS-24-046, included in this release, as well as KLS-25-072 intersected the Thor Zone northeast of the Loki Flake Graphite Deposit.

Table 1: Locations and orientations of drillholes included in this release.

Table 2: Drillholes and their composited graphite intersections. All lengths are as measured downhole and do not represent true thickness. Composite intervals are calculated using a 3.0 % Cg cut-off and may include a maximum of 2.0 m internal dilution.

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.

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 uranium mineralization. KLS is also host to the Loki Flake Graphite Deposit comprising a total inferred resource of 11.31 Mt at 7.65 % Cg. Please refer to the Company's website or news release dated May 30, 2025 for further information about the resource estimate.

On behalf of Abasca Resources Inc.

Dawn Zhou, M.Sc, CPA, CGA
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

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 does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

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 statements 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 mineral resource estimate for the Loki Deposit, and the Thor Zone. 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, uncertainties 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 rates; 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.

SOURCE: Abasca Resources Inc.

View the original press release on ACCESS Newswire

F.Ramirez--AT