Mann Lake Drilling Completed and Prospective Structural Corridor Confirmed, Athabasca, Saskatchewan
Consolidated Abaddon Resources Inc. and Triex Minerals Corporation are pleased to announce that alteration and geochemical anomalies are confirmed by the recently completed, first pass drill program on the Mann Lake uranium property, eastern Athabasca Basin, Saskatchewan. The hunt is now on, and follow-up drilling is planned for 2007.
Eastern Athabasca Basin Claims Map: http://www.consolidatedabaddon.com/i/maps/ABN_Athabasca_Map_11X17.jpg
Previous work on the Mann Lake property is summarized in the September 20th, 2006 Press Release.
The recent five hole Phase 1 drill program tested an easterly to southeasterly trending structural corridor about one kilometre wide, which runs across the central part of the property, and truncates the regional northeasterly grain of conductors, linears, and magnetic features. A ground-based gravity survey completed last winter delineates individual faults in the corridor (a detailed geophysical map is located at: http://www.consolidatedabaddon.com/s/Image.asp?i=maps/ABN-MannGeopMap.gif). Diamond drill hole MN06-002 located on the southern side of the structural corridor encountered pervasively bleached and locally intensely fractured and friable sandstone over approximately 90 metres within the Mfa Formation of the Athabasca Group, immediately above the unconformity, which was intersected at 606 metres (see http://www.consolidatedabaddon.com/s/Image.asp?i=maps/ABN-MannCores.gif). On-site PIMA analyses show illite clay alteration throughout this 90 metres interval of altered sandstone. Further, there is increased radioactivity at the unconformity.
Hole MN06-005 is located on the northern side of the structural corridor, and approximately one kilometre to the north of Hole MN06-002. It intersected the unconformity at 631 metres. A four metre wide zone of anomalous Boron (up to 1758 ppm Bo) was encountered in sandstone immediately above the unconformity. An altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals about 7.6 metres below the unconformity contains anomalous uranium (up to 73.6 ppm uranium) over a 1.5 metres interval, compared to a background of between 1 and 5 ppm. Quartz veinlets are noted. This zone is coincident with an adjacent interval with up to 631 ppm Bo over 7.2 metres (Please see the chart showing the Boron data as: http://www.consolidatedabaddon.com/s/Image.asp?i=maps/ABN-MannBoron.gif). Boron is enriched at the McArthur River uranium mine, and together with illite and chlorite alteration, define an integrated regional hydrothermal corridor between the McArthur River and Key Lake uranium mines (eg. Earle and Sopuck, 1989).
The three holes away from the easterly trending structural corridor did not contain altered or radioactive rock, or geochemical anomalies.
This program confirmed that the discordant structural corridor defined by gravity faults in the central part of the Mann Lake property is prospective for hydrothermal fluids and uranium mineralization, and follow-up drilling is planned in the second half of 2007. This will be done in conjunction with testing one of the two other target areas on the Mann Lake property that remain untested, one related to untested conductors identified northeast of Marean Lake during a 1999 ground TEM survey, and one related to historic surface geochemical anomalies near Mann Lake.
The Mann Lake property is located in the eastern Athabasca Basin, Saskatchewan and is approximately 25 km southwest of the McArthur River uranium mine, the largest high-grade uranium deposit in the world. The Mann Lake property is approximately 15 km to the northeast of Cameco Corporation’s recently discovered Millennium deposit, immediately east of the northern extent of the B1 Conductor that is spatially associated with the Millennium deposit. The areas immediately east and west of the property are being actively explored, and several new basement-hosted uranium occurrences have been discovered and announced in the past six months.
This first-pass drill program was completed on October 30th, 2006. A total of 3,510 metres were completed in five holes by Hy-Tech Drilling Ltd. of Smithers, B.C. All holes were inclined 80 degree and all were successfully probed with a Mount Sopris 2PGA-1000 poly-gamma probe. A total of 470 geochemical samples were processed at the Saskatchewan Research Council, Saskatoon. Uranium was analyzed by fluorimetry. Numbers reported are for partial digestion of uranium; data for total digestion of uranium are also in hand. Systematic PIMA data were collected on site to evaluate clay alteration signatures.
Triex has the option to earn up to a 70% interest from Consolidated Abaddon in the 3473 ha Mann Lake property (see September 26, 2005 News Release). Triex has informed Consolidated Abaddon that as per the option agreement, it has earned a 51% interest.
Triex has also given Consolidated Abaddon notification of Triex’s intent to exercise a second option to earn an additional 9% interest in the Mann Lake property by making a payment of $50,000 and incurring an additional $1,500,000 in property expenditures on or before March 20, 2008.
Ross McElroy, P.Geo, Exploration Manager at Triex, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex in the Athabasca Basin.
David J. Busch, B.A., B.Sc., P.Geo., Vice President of Exploration for Consolidated Abaddon, is the Company’s qualified person under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
Consolidated Abaddon Resources Inc. is a Canadian uranium exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan and the SIMS BASIN of western Labrador.
Property partners include Denison Mines Corp. and Triex Minerals Corp.
For further information on Consolidated Abaddon Resources Inc. (TSX.V: ABN), visit the Company’s web site at www.consolidatedabaddon.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or: Don Myers Consolidated Abaddon Resources Inc. Director Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119
THE TSX VENTURE EXCHANGE AND FRANKFURT STOCK EXCHANGE HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
Trading Symbol (TSX.V: ABN), (Frankfurt: E2L) Telephone: (604) 687-3376 Facsimile: (604) 687-3119
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