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Press release from CNW Group

Abitex and Continental Nickel Report New Assays Including 3.02% Nickel and 0.56% Copper over 3.65 Metres at the St. Stephen Nickel-Copper Sulphide Project, New Brunswick

Thursday, May 03, 2012

Abitex and Continental Nickel Report New Assays Including 3.02% Nickel and 0.56% Copper over 3.65 Metres at the St. Stephen Nickel-Copper Sulphide Project, New Brunswick08:05 EDT Thursday, May 03, 2012VAL-D'OR, QC, May 3, 2012 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Company" "Abitex") is pleased to report that final assay results from the 2012 drilling program on the St. Stephen Nickel-Copper project in New Brunswick Canada have been received and confirm additional nickel sulphide mineralization at the G and Hanson Brook zones as well as newly discovered nickel sulphide mineralization at the Todd Mountain target. Continental Nickel Limited (TSXV: CNI) ("Continental") of Toronto, Ontario has an option to acquire up to a 75% interest in the project under the terms of an agreement with Abitex and is the operator during the earn-in period.HighlightsG Zone:  1.17% nickel and 0.44% copper over 28.10 metres, including 2.50% nickel and 0.55% copper over 3.50 metres and 3.02% nickel and 0.56% copper over 3.65 metres.Hanson Brook: 2.19% nickel and 1.12% copper over 1.30 metres and 2.28% nickel, 0.69% copper over 1.90 metresTodd Mountain:  0.53% nickel and 0.33% copper over 2.15 metres and 0.80% nickel and 0.24% copper over 1.95 metresAll intersections reported here are core lengths and may not represent true widthsYves Rougerie, President and CEO of Abitex, commented: "We are very pleased with these most recent results as Continental continues to successfully advance the St Stephen project. We are very encouraged by the recent drilling results that have returned the highest nickel grades intersected to date on the property. Successive exploration programs confirm that EM surveys are very effective at targeting the highest conductance and most sulphidic portions of the intrusion which host the economic mineralization. The best nickel grades obtained so far are associated with mineralization occurring at or near the northern gabbro-metasediment contact in the vicinity of the Hanson Brook, G, Triple J and Roger's Farm zones and this area will be a focus of future exploration programs by Continental at St Stephen."Continental commenced a diamond drilling program in early December 2011 to test newly defined electromagnetic ("EM") targets identified in the 2011 airborne EM survey and to further test nickel-copper mineralization intersected at G zone (see Press Release dated December 2, 2011). Five drill holes totalling 772 metres and borehole electromagnetic surveys ("BHEM") were completed in December 2011 and included the discovery of a previously unknown nickel copper sulphide occurrence grading 2.35% nickel and 1.06% copper over 5.45 metres at Hanson Brook (see Press Release dated January 25, 2012).The drilling program resumed on January 17th, 2012 and seven holes totalling 893.5 metres were completed in January and February 2012 with BHEM surveys completed in each of the holes. Assay results are reported herein for the seven holes completed in 2012 (see Table I below).G ZoneTwo holes, SSD12-018 and 019, were completed to test for continuity of gabbro-hosted mineralization on an infill section between previous holes SSD10-003 (1.0% nickel and 0.29% copper over 9.3 metres, Press Release dated August 18, 2010) and SSD11-011 (0.68% nickel and 0.41% copper over 58.2 metres, Press Release dated January 25, 2012).Hole SSD12-018 was drilled 55 metres northwest of hole SSD10-003 and intersected mineralized gabbro from 4.50 to 86.60 metres before ending at 118.0 metres in metasedimentary rock. The hole collared in massive sulphides, from 4.50 to 5.00 metres and intersected a second massive sulphide zone from 5.50 to 6.70 metres. Assay results returned 1.06% nickel, 0.26% copper, 0.10% cobalt over 2.20 metres from 4.50 to 6.70 metres. A much wider interval of blebby, net-textured, semi-massive and massive sulphide mineralization was intersected over 28.10 metres from 58.50 to 86.60 metres grading 1.17% nickel, 0.44% copper, and 0.08% cobalt including 2.50% nickel, 0.55% copper, and 0.15% cobalt over 3.50 metres and 3.02% nickel, 0.56% copper, and 0.24% cobalt over 3.65 metres. Individual massive sulphide samples from this hole returned nickel grades of up to 3.43% which are the highest grades obtained to date on the St Stephen Property. In addition, one 0.60 metre long massive sulphide sample from 86.00 to 86.60 metres returned 863 ppb palladium and 270 ppb platinum which represents the first occurrence of significantly elevated platinum group metals seen on the St Stephen Property.Drill hole SSD12-019 was drilled 50 metres down-dip of hole SSD12-018 and intersected intermixed metasedimentary rocks and very weakly mineralized gabbro that did not return any significant assays.Drilling to date has tested the G Zone over a strike length of 100 metres and a plunge extent of 175 metres. This near surface, partially eroded, sulphide zone trends north-south, dips 50° to the west and plunges at 55° to the northwest. Additional ground electromagnetic surveys are planned to further define the down-plunge extent of G zone to the north.Hanson Brook TargetIn late 2011, drill hole SSD11-013 intersected a previously undiscovered zone of massive sulphide mineralization that graded 2.35% nickel and 1.06% copper over 5.45 metres (see Press Release dated January 25, 2012).One hole, SSD12-020, was completed in January to follow-up the Hanson Brook discovery. Hole SSD12-020 was positioned to test the Hanson Brook target 50 metres along strike to the north of SSD11-013, and was targeted using both airborne and borehole EM data. SSD12-020 intersected a mix of mineralized gabbro and metasedimentary rock. Massive sulphides were intersected over 1.30 metres from 46.55 to 47.85 metres grading 2.19% nickel, 1.12% copper, 0.15% cobalt at a gabbro-metasediment contact. A second interval of remobilized massive sulphides was intersected in metasediments over 1.90 metres from 61.00 and 62.90 metres grading 2.28% nickel, 0.69% copper, 0.09% cobalt.Borehole EM data indicates that main conductive target occurs at the gabbro-metasediment contact and that an off-hole anomaly is located up-dip to the east.Todd Mountain TargetIn late 2011, two holes, SSD11-014 and SSD11-015, were drilled to test a previously untested, >1 kilometre long airborne EM anomaly located in the south-western portion of the St. Stephen intrusion where no previous drilling has been carried out. Both holes intersected intrusive gabbroic rocks but failed to intersect an EM conductor and did not return any significant assays. Borehole EM surveys were conducted and strong off-hole anomalies were detected in the immediate vicinity of both holes.SSD12-016 was drilled to test the strongest BHEM conductor, and targeted an area 50 metres to the south of SSD11-015. Drill Hole SSD12-016 intersected a mix of mineralized gabbro and metasedimentary rock including narrow intervals of net-textured, semi-massive and massive sulphides. A 34.15 metre long interval from 17.35 to 51.50 metres returned elevated metal values averaging 0.21% nickel, 0.12% copper and 0.03% cobalt including 0.53% nickel, 0.33% copper and 0.07% cobalt over 2.15 metres and 0.81% nickel, 0.30% copper and 0.10% cobalt over 1.05 metres. An additional zone of mineralized gabbro containing semi-massive sulphides was intersected from 67.40 to 69.35 metres and graded 0.80% nickel and 0.24% copper over 1.95 metres. The intersections in hole SSD12-016 represent the first occurrence of nickel sulphide mineralization in the south-western portion of the St Stephen intrusion.The BHEM survey in hole SSD12-016 confirmed that the off- hole BHEM anomaly targeted from previous holes was intersected and is interpreted to have a strike length of approximately 80 metres.However, airborne EM data identified spatially related EM anomalies which are untested over an additional strike length of >1 km in the Todd Mountain area.Target HT-CDrill hole SSD12-017 was drilled to test a new airborne EM anomaly located 1.2 kilometres north of the Todd Mountain target in the south-western portion of the St. Stephen intrusion. The drill hole intersected mineralized gabbro with several narrow intervals of metasedimentary rock. Blebby sulphides occur in varying concentrations within the gabbro but did not return any significant assays. BHEM results indicate that a weak conductor was intersected, and that two, more conductive, off-hole anomalies are located to the west and southwest of the hole.Target HT-NDrill hole SSD12-021 was drilled to test a new airborne EM anomaly in the central portion of the St. Stephen intrusion. Hole SSD12-021 intersected mineralized gabbro throughout the hole, including disseminated, blebby and narrow stringers of pyrrhotite mineralization but did not return any significant assays. The BHEM survey confirmed that the original target was intersected but also identified an off-hole anomaly.Target HT-M Drill hole SSD12-022 was drilled to target the northern, untested end of a > 1 kilometre long airborne EM anomaly located in the central part of the St. Stephen intrusion in area of mapped peridotitic rocks.  The southern portion of this airborne anomaly was tested by historic drilling which intersected up to 0.43% nickel and 0.21% copper over 2.77 metres. SSD12-022 collared in peridotite containing variable amounts of disseminated to net-textures sulphides between 3.85 and 111.25 metres and ended at 167.0 metres in a mix of weakly mineralized gabbro and anorthosite. Hole SSD12-022 did not return any significant assays and the mineralized peridotite typically contained <0.2% nickel.Qualified PersonsThe information in this release has been reviewed and approved by Yves Rougerie, geo, President and CEO of Abitex Resources. Mr. Rougerie is a qualified person as defined by National Instrument 43-101.The quality control, technical information and all aspects of the St Stephen property exploration program are supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for Continental.  Ms. Tirschmann is a qualified person as defined by National Instrument 43-101.About AbitexAbitex Resources is an exploration and development company based in Val d'Or, Quebec, which is focused on advancing two uranium properties in the Otish Mountains region of north-central Quebec. The Company announced the results of a positive Preliminary Economic Evaluation ("PEA") for the Lavoie uranium-gold project on January 20, 2012, projecting Gross Income of $636M over a 6-year mine-life, Net Cash Flow of $166M, an NPV of $88M and IRR of 42% based on conservative parameters. The PEA report is available on SEDAR and the Company's website at www.abitex.caThe Company's public documents may be accessed at www.sedar.comFor further information on the Company, please visit our website at www.abitex.ca or contact us at info@abitex.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information. Table I:  Summary of Recent Assay Results, St. Stephen Project, New Brunswick. Drill hole(SSD12-)Location(UTM - WGS84)Az / DipLength(m)From(m)To(m)Interval(m)% Ni% Cu% CoG Zone018632247E,5008047N103 / -58118.04.5015.5058.50Incl.73.9082.956.7018.0586.6077.4086.602.202.5528.103.503.651.060.571.172.503.020.260.470.440.550.560.100.040.080.150.24019632196E,5008035N090 / -60155.0   NSANSANSAHanson Brook Target020631984E,5008229N055 / -50134.044.65Incl.46.5561.00Incl.61.0047.8547.8563.4062.903.201.302.401.901.022.191.942.280.591.120.880.690.070.150.070.09Todd Mountain Target016632220E,5003260N060 / -6091.017.35Incl.41.00and48.0567.4051.5043.1549.1069.3534.152.151.051.950.210. 530.810.800.120.330.300.240.030.070.100.09Target HT-C017632307E,5004455N180 / -60127.5   NSANSANSATarget HT-N021634496E,5006900N270 / -60101.0   NSANSANSATarget HT-M 022634185E5007551N90 / -60167.0   NSANSANSANote:  Intervals represent core lengths, not necessarily true widths.  Pt, Pd and Au assay results are not reported because, in general, they are less than 1.0 g/tonne a combined basis.NSA - No Significant  AssaysFor further information: Yves J. Rougerie President and CEO Tel: (819) 874-6200 yrougerie@abitex.ca