202616 releases
Abasca Resources Completes Summer Drill Program at Loki Flake Graphite Deposit, Collects 10 Tonnes of Core for Pilot Plant Testing, and Appoints New Chief Financial Officer
Abasca Resources has completed its summer drill program at its 100%-owned Loki Flake Graphite Deposit in Saskatchewan, drilling 1,956 metres over 16 drillholes and collecting approximately 10 tonnes of core for a pilot plant program at SGS Canada's Lakefield laboratory. The company also appointed Lawrence Cheung as Chief Financial Officer, effective October 27, 2026.
Drill resultsAbasca Resources Closes Non-Brokered Private Placement of $2.25 Million
A non-brokered private placement of 9,000,000 flow-through common shares at $0.25 each has closed for gross proceeds of $2,250,000. Proceeds are intended for resource upgrading, geometallurgical tests and data collection for environmental studies at the Loki Flake Graphite Deposit on the 100%-owned Key Lake South Project in northern Saskatchewan. Insider entities controlled by CEO Dawn Zhou subscribed for 2,250,000 shares in total; the shares are subject to a hold period expiring January 30, 2027.
FinancingAbasca Announces Filing of Technical Report Regarding Positive Preliminary Economic Assessment for the Loki Flake Graphite Deposit and Private Placement of $2.25 Million
A NI 43-101 technical report for the Loki Flake Graphite Deposit PEA at the Key Lake South Project, Saskatchewan, has been filed on SEDAR+, prepared by Tetra Tech with an effective date of August 19, 2026. The PEA outlines a 2,750 tonne-per-day open-pit operation over a 19-year mine life averaging 66,500 tonnes of 95% graphite concentrate annually, with an after-tax NPV(8%) of US$130M and 16.7% IRR at US$1,450/tonne graphite. Abasca is also raising up to $2.25 million through 9,000,000 flow-through shares at $0.25.
Study resultsAbasca’s Loki Flake Graphite Deposit Selected for Inclusion in the Canada Investment Summit Prospectus, Recognized as a Strategic Critical Minerals Opportunity
Abasca Resources' 100%-owned Loki Flake Graphite Deposit, on its Key Lake South Project in Saskatchewan, has been selected for inclusion in the Canada Investment Summit Prospectus, which has been distributed to delegates at the Summit held in Toronto on September 14 and 15, 2026. CEO Dawn Zhou was invited to the Summit Welcome Reception on September 13, 2026. Abasca was also named to the Invest in Saskatchewan Opportunity List and will participate in the Invest in Saskatchewan Forum.
CorporateAbasca Files NI 43-101 Technical Report, Commences Summer Exploration Program at Loki and Elects to File Semi-annual Interim Financial Statements and Related MD&A
An NI 43-101 technical report dated August 27, 2026, supporting the updated pit-constrained resource for the 100%-owned Loki Flake Graphite Deposit at the Key Lake South Project in northern Saskatchewan, has been filed on SEDAR+, covering Indicated Resources of 6.99 Mt at 8.27% Cg and Inferred Resources of 15.83 Mt at 6.93% Cg, and underpinning the PEA announced August 19, 2026. A summer exploration program has begun, including PQ-diameter in-fill drilling for pilot plant samples targeting concentrate of 95% Cg or greater. Abasca has also elected semi-annual interim financial reporting.
Study resultsAbasca Announces Positive Preliminary Economic Assessment for the Loki Flake Graphite Deposit: After-Tax NPV of US$130 Million and 16.7% IRR
A Preliminary Economic Assessment for the 100%-owned Loki Flake Graphite Deposit at the Key Lake South Project in Saskatchewan shows an after-tax NPV (8%) of US$130 million and 16.7% IRR at a US$1,450/tonne graphite price, with initial capex of US$216 million, total capital of US$307 million, operating costs of US$46.34/t processed and a 4.7-year after-tax payback. The 2,750 tpd open-pit operation would run 19 years, averaging 66,500 dry tonnes of 95% Cg concentrate annually. Abasca will now advance toward a feasibility study and permitting.
Study resultsAbasca Resources Closes Non-Brokered Private Placement of $3.0 Million and Applauds the Targeted Mineral Exploration Incentive of the Government of Saskatchewan
A non-brokered private placement closed for $3.0 million, comprising 10,000,000 flow-through shares at $0.25 for $2,500,000 and 2,500,000 non-flow-through shares at $0.20 for $500,000, with insiders including CEO Dawn Zhou participating; the shares are subject to a hold period expiring December 1, 2026. Flow-through proceeds are earmarked for exploration at the Loki Flake Graphite Deposit on the Key Lake South Project in northern Saskatchewan. Abasca also received an additional $150,000 in Targeted Mineral Exploration Incentive funding, bringing total TMEI support to $350,000.
FinancingAbasca Resources Announces Arrangement of Non-Brokered Private Placement of up to $3.0 Million
A non-brokered private placement of up to $3.0 million is being arranged, consisting of up to 10,000,000 flow-through shares at $0.25 each and 2,500,000 non-flow-through shares at $0.20 each, subject to TSX Venture Exchange approval and a four-month-and-one-day hold period. Proceeds will fund the 2026 exploration program at the Loki Flake Graphite Deposit and Thor Zone on the 100%-owned Key Lake South Project in northern Saskatchewan, plus general corporate purposes. Insiders may participate.
FinancingAbasca Increases Loki Flake Graphite Resource and Confirms Second Mineralized Trend at Thor Zone
An updated pit-constrained mineral resource estimate for the Loki Flake Graphite Deposit at the 100%-owned Key Lake South Project in northern Saskatchewan reports Indicated resources of 6.99 Mt at 8.27% Cg and Inferred resources of 15.83 Mt at 6.93% Cg, at a 2.30% Cg cut-off and an effective date of April 23, 2026, converting 67% of prior Inferred contained graphite to Indicated. The estimate will feed the in-progress PEA. Four winter 2026 holes at the parallel Thor Zone hit multiple mineralized intervals, including 18.75 m at 7.78% Cg in KLS-26-112, while KLS-26-117 returned 33.5 m at 6.58% Cg.
Resource updateAbasca Resources Engages Tetra Tech to Complete Preliminary Economic Assessment for the Loki Flake Graphite Deposit
Tetra Tech Canada Inc. has been engaged to complete a Preliminary Economic Assessment for the 100%-owned Loki Flake Graphite Deposit at the Key Lake South Project in northern Saskatchewan. The PEA will incorporate an updated Mineral Resource Estimate by Understood Mineral Resources Ltd. using more than 50 infill and extension drillholes from 2025 and 2026, which extended the delineated strike length from 500 metres to approximately 1,400 metres. Current inferred resources total 11.31 Mt at 7.65% Cg.
Study resultsAbasca Resources to Participate in Core Days 2026 and Closes $2.5 Million Private Placement
A $2.5 million non-brokered private placement has closed, comprising 9,000,000 flow-through shares at $0.25 for $2,250,000 and 1,250,000 non-flow-through shares at $0.20 for $250,000, with shares subject to a hold period expiring August 31, 2026. Insiders, including entities owned by CEO Dawn Zhou, subscribed for 7,610,000 flow-through shares. Flow-through proceeds will fund Canadian exploration expenses on the Key Lake South Project in northern Saskatchewan, host to the Loki Flake Graphite Deposit. Abasca will present at Core Days in La Ronge, May 11–13, 2026.
CorporateAbasca Resources Announces Completion of Winter Exploration Program and Arrangement of Non-Brokered Private Placement of up to $2.5 Million
Abasca Resources completed its Winter 2026 exploration program at the 100%-owned Loki Flake Graphite Deposit in northern Saskatchewan, drilling 4,922 m — 4,517 m in 18 diamond drillholes and 405 m in 12 sonic drillholes. Eight holes over two fences extended the deposit by 200 m of strike length, bringing delineated strike to 1.4 km versus 600 m in the 2025 resource estimate; results included 23.10 m at 4.89 % Cg in KLS-26-107. Four Thor Zone holes intersected graphitic zones, with assays pending. The company also arranged a non-brokered private placement of up to $2.5 million, comprising up to 9,000,000 flow-through shares at $0.25 and 1,250,000 non-flow-through shares at $0.20.
Drill resultsAbasca Resources Announces Appointment of John Shmyr as Vice President, Engagement and Communications and Closing of $3.0 Million Private Placement
A non-brokered flow-through private placement announced February 13, 2026 has closed, with 12,000,000 flow-through common shares issued at $0.25 each for gross proceeds of $3.0 million; insiders including CEO Dawn Zhou and related entities participated. Proceeds will fund a Preliminary Economic Assessment for the 100%-owned Loki Flake Graphite Deposit and the ongoing winter drilling at the Key Lake South Project in northern Saskatchewan. John Shmyr was appointed Vice President, Engagement and Communications.
ManagementAbasca Resources Announces Promotion of Brian McEwan to Vice President, Exploration and Development; Invitation to Visit Booth #2144 at PDAC 2026
Brian McEwan has been promoted to Vice President, Exploration and Development at Abasca Resources, effective immediately, with a focus on advancing the Loki Flake Graphite Deposit while overseeing technical direction of the Company's exploration. The Loki Deposit, part of the 23,977-hectare Key Lake South Project in northern Saskatchewan, holds an inferred resource of 11.31 Mt at 7.65% Cg. Abasca will exhibit at booth #2144 at the 2026 PDAC Convention in Toronto, March 1–4, 2026.
ManagementAbasca Resources Announces Engagement of High Grade Mining Consulting Ltd. and Non-Brokered Private Placement of up to $3.0 Million
High Grade Mining Consulting Ltd., led by mining engineer Gary Haywood, P.Eng., has been engaged to provide technical consulting for Abasca's 100%-owned Loki Flake Graphite Deposit in northern Saskatchewan, including assisting with preparation of an upcoming Preliminary Economic Assessment. The company also launched a non-brokered private placement of up to $3.0 million, comprising up to 12,000,000 flow-through common shares at $0.25 each, with proceeds for exploration at Loki. Finder's fees of up to 6.0% may be paid; closing requires Exchange approval.
FinancingAbasca Resources Announces Assay Results from the Summer 2025 Drill Program and Start of Winter Drilling at its Loki Flake Graphite Deposit
In-fill drilling assays from the summer 2025 program at the Loki Flake Graphite Deposit, part of the 100%-owned Key Lake South Project in northern Saskatchewan, totalled 6,210 m over 27 holes and returned intersections including 62.10 m at 9.43 % Cg in KLS-25-095, 56.00 m at 9.49 % Cg in KLS-25-097 and 49.70 m at 10.11 % Cg in KLS-25-101. The drilling aimed to upgrade the classification of the 11.31 Mt inferred resource at 7.65 % Cg. A 2026 winter drill program has begun, targeting southeast extension of Loki, geotechnical and hydrogeological work, and exploration at the Thor Zone.
Drill results
202511 releases
Abasca Resources Provides Exploration Update at its Loki Flake Graphite Deposit and Granting Stock Option
Two 2025 drill programs were completed at the 100%-owned Loki Flake Graphite Deposit on the Key Lake South Project in Saskatchewan, with the summer in-fill program totalling 6,691 m over 35 holes, including 1,103 m from 10 geotechnical holes; assays are pending. The winter program extended the strike length of graphite mineralization by 700 m. Abasca plans an updated resource in the first half of 2026, a PEA in mid-2026 and a PFS in late 2026. The current pit-constrained inferred resource is 11.31 Mt at 7.65% Cg. The Company also granted 3,875,000 stock options to directors and officers, exercisable at $0.07 for five years.
Drill resultsAbasca Resources Releases Assay Results from the Winter 2025 Drill Program at its Loki Flake Graphite Deposit
Assay results from the winter 2025 drill program at the Loki Flake Graphite Deposit on the Key Lake South Project in northern Saskatchewan included 30.00 m at 10.64 % Cg (including 10.0 m at 13.77 % Cg) in KLS-25-058, 34.00 m at 9.02 % Cg in KLS-25-060 and 26.00 m at 8.53 % Cg in KLS-25-066. The program totalled 5,925 m in 23 holes and extended inferred-spaced drilling 300 m northwest and 400 m southeast of the 11.31 Mt inferred resource grading 7.65 % Cg.
Drill resultsAbasca Resources Announces Closing Its Private Placement
A non-brokered private placement announced September 8, 2025 has closed, with 15,625,000 flow-through common shares issued at $0.16 each for gross proceeds of $2,500,000. Corporations owned by President, CEO and director Dawn Zhou subscribed for 13,625,000 of the flow-through shares, constituting related party transactions under MI 61-101. Proceeds will primarily fund the 2025 summer drilling program aimed at upgrading the resource estimate at the wholly owned Loki Flake Graphite Deposit on the Key Lake South Project in northern Saskatchewan.
FinancingAbasca Resources Announces Exploration Update at its Loki Flake Graphite Deposit and Non-Brokered Private Placement of up to $2.5 Million
Geohydrological and geotechnical drilling has been completed at the Loki Flake Graphite Deposit on the 100%-owned Key Lake South Project in northern Saskatchewan, comprising six sonic drillholes totaling 235 m and four diamond drillholes totaling 868 m, supporting environmental baseline work, open-pit and tailings design, an EIA, resource estimates and metallurgical testing. The remaining 2025 summer program will focus on in-fill drilling to upgrade the resource. A non-brokered private placement of up to $2.5 million was also announced, via up to 15,625,000 flow-through shares at $0.16.
Drill resultsAbasca Resources Releases Assays Confirming Multiple Intersections from its Thor Graphite Zone and Announces Resumption of In-Fill Drilling at its Loki Flake Graphite Deposit
Drillhole KLS-25-072 at the Thor Graphite Zone, part of the 100%-owned Key Lake South Project in northern Saskatchewan, intersected three zones of graphite mineralization, including a primary zone totalling 40 m averaging 8.57 % Cg from 145 m and a 32 m interval at 6.43 % Cg from 347 m. A summer in-fill drill program of approximately 5,000 m has begun at the Loki Flake Graphite Deposit, targeting spacing to support an indicated resource estimate.
Drill resultsAbasca Resources Announces Newly Discovered Thor Graphite Zone Parallel to its Loki Flake Graphite Deposit and Closing of the Final Tranche of Its Private Placement
Drilling northeast of the Loki Flake Graphite Deposit at the 100%-owned Key Lake South Project in northern Saskatchewan confirmed graphite mineralization along a parallel trend now called the Thor Graphite Zone, with KLS-24-046 returning 27.0 m at 8.91 % Cg, including 8.0 m at 13.38 % Cg, and KLS-24-042 returning 10.0 m at 6.42 % Cg. The zone remains open in all directions. The final tranche of the non-brokered private placement closed, issuing 6,250,000 flow-through units at $0.16 for $1,000,000 gross.
Drill resultsAbasca Resources Files NI 43-101 Technical Report on its Loki Flake Graphite Deposit Confirming Initial Resource Estimate
An NI 43-101 technical report dated May 29, 2025 has been filed on SEDAR+ supporting the initial mineral resource estimate for the Loki Flake Graphite Deposit at the 100%-owned Key Lake South Project in northern Saskatchewan. The pit-constrained inferred resource totals 11.31 Mt at 7.65 % Cg, containing 0.86 Mt of graphite at a 2.78 % Cg cut-off, with an effective date of April 10, 2025. The second and final tranche of the private placement announced April 22, 2025 is expected to close in the first week of June 2025.
Resource updateAbasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First Tranche of Its Private Placement
CanNorth Environmental Services has been engaged to conduct 2025 environmental baseline studies at Abasca's 100%-owned Key Lake South Project in northern Saskatchewan, collecting hydrology, water chemistry and bathymetry data to advance the Loki Flake Graphite Deposit and support an Environmental Impact Assessment. The first tranche of the non-brokered private placement announced April 22, 2025 closed with 1,785,515 non-flow-through units issued at $0.14 for gross proceeds of $250,000.10, each unit including a half warrant exercisable at $0.20 for two years.
FinancingAbasca Resources Announces Completion of 2025 Winter Program and Non-Brokered Private Placement of up to $1.25 Million
The 2025 winter drill program at the 100%-owned Key Lake South Project in northern Saskatchewan has been completed, comprising 5,925 m of drilling on the northwest and southeast extensions of the Loki Flake Graphite Deposit and to its north, with hole KLS-25-072 intersecting graphite over lengths up to 45 m on a parallel zone north of the deposit. Abasca also plans a non-brokered private placement of up to $1.25 million, via up to 6,250,000 flow-through units at $0.16 and 1,785,715 non-flow-through units at $0.14, each with a half-warrant exercisable at $0.20 for two years.
Drill resultsAbasca Resources Announces Maiden Graphite Resource at its Loki Flake Graphite Deposit
A maiden inferred mineral resource estimate for the Loki Flake Graphite Deposit at the 100%-owned Key Lake South Project in northern Saskatchewan totals 11.31 Mt at 7.65 % Cg, containing 0.86 Mt of graphite at a 2.78 % Cg cut-off, pit-constrained and effective April 10, 2025. The estimate, completed by Understood Mineral Resources under NI 43-101, is based mainly on 20 holes totaling 5,499 m drilled in summer 2024 plus re-sampled 2016 core. The deposit remains open at depth and along strike, and a technical report will be filed within 45 days.
Resource updateAbasca Resources Releases Graphite Intersection Assays at its Loki Flake Graphite Zone Including 60 m at 9.09 % Cg
Assay results from the remaining fourteen drillholes of the 2024 summer program at the Loki Flake Graphite Zone, Key Lake South Project in northern Saskatchewan, included 60.0 m at 9.09 % Cg in KLS-24-043 (including 1.0 m at 21.05 % Cg), 44.0 m at 9.34 % Cg in KLS-24-049 and 33.5 m at 10.10 % Cg in KLS-24-050. The 20-hole, 5,499 m program delineated a 600 m section on 100 m x 100 m spacing. Data has been provided to Understood Mineral Resources for an initial resource estimate; 2025 winter drilling is underway.
Drill results
20249 releases
Abasca Resources Engages Understood Mineral Resources Ltd. to Complete Flake Graphite Resource Estimate of its Loki Flake Graphite Zone and Grants Stock Options
Understood Mineral Resources Ltd. has been engaged to complete a flake graphite resource estimate for the Loki Flake Graphite Zone on Abasca's 100%-owned, 23,977-hectare Key Lake South Project in the Athabasca Basin region of northern Saskatchewan, about 15 km south of the former Key Lake mine. First lab results from the summer 2024 drill program have been received, with a winter 2025 drill program planned. The Company also granted 3,050,000 incentive stock options to directors and officers, exercisable at $0.15 per share for five years.
Resource updateAbasca Resources Closes Non-Brokered Private Placement of $3.2 Million
A $3.2 million non-brokered private placement has closed, comprising 20,000,000 flow-through units at $0.16 per FT Unit, each unit including one flow-through common share and one-half warrant exercisable at $0.20 for 24 months, expiring December 20, 2026. Red Cloud Securities received finder's fees of $72,000 in cash and 450,000 finder's warrants; securities are subject to a four-month hold expiring April 21, 2025. Proceeds will fund exploration at the Key Lake South Uranium Project in northern Saskatchewan. Directors and entities owned by CEO Dawn Zhou participated.
FinancingAbasca Resources Announces 2025 Winter Program Plan and Non-Brokered Flow-Through Private Placement of up to $3.20 Million
A 2025 Winter Program at the 100%-owned Key Lake South Project in northern Saskatchewan will include about 5,000 metres of drilling on a 100 m x 100 m grid to test the strike and depth extent of the Loki Flake Graphite Zone, plus testing of a parallel zone to the north and collection of environmental baseline and hydrological data. Abasca Resources also plans a non-brokered flow-through private placement of up to $3.20 million through 20,000,000 units at $0.16, each with a half warrant exercisable at $0.20 for two years.
Drill resultsAbasca Resources Announces Multiple Graphite Intersections at its Loki Flake Graphite Zone Including 52 m at 7.18 % Cg
Drilling at the Loki Flake Graphite Zone on the Key Lake South Project in northern Saskatchewan returned 52.0 m at 7.18 % Cg, including 8.5 m at 14.98 % Cg, in hole KLS-24-031, plus 42.5 m at 7.36 % Cg (KLS-24-026), 33.0 m at 7.28 % Cg (KLS-24-027) and 30.3 m at 8.72 % Cg (KLS-24-028). The summer program drilled 20 holes totalling 5,499 m on a 100 m x 100 m grid, with two further holes totalling 912 m northeast; remaining assays and metallurgical testing are pending.
Drill resultsAbasca Resources Provides Update on Summer Exploration Program at KLS Project and Restates Prior Results
Twenty-one drill holes totalling about 5,000 m on a 100 x 100 m grid at the Loki Zone of the Key Lake South Uranium Project in northern Saskatchewan all intersected graphite mineralization, with samples submitted to SRC Geoanalytical Laboratories and one hole selected for metallurgical evaluation. A further 7 holes totalling 3,593 m along the Mustang-Seager Trend and Loki Target area measured no significant radioactivity. Abasca also restated its April 30, 2023 comparative figures, accounting for the December 29, 2022 KLS acquisition as a reverse takeover and recording a $5,201,969 listing expense.
Drill resultsAbasca Resources Closes Non-Brokered Private Placement of $3.65 Million
A $3.65 million non-brokered private placement has closed, comprising 21,875,000 flow-through units at $0.16 and 1,071,428 non-flow-through units at $0.14, each unit including one common share and one-half warrant exercisable at $0.20 until June 27, 2026. Securities are subject to a four-month hold expiring October 28, 2024, and no finders' fees were paid. Flow-through proceeds will fund exploration at the 23,977-hectare Key Lake South Uranium Project in northern Saskatchewan; non-flow-through proceeds for general corporate purposes. Insiders subscribed for 15,481,250 FT Units.
Financing9169601 CANADA INC. (DAWN ZHOU) PARTICIPATES IN ABASCA RESOURCES INC. PRIVATE PLACEMENT
9169601 Canada Inc., wholly owned by Abasca President and CEO Dawn Zhou, acquired 15,168,750 units at $0.16 per unit for $2,427,000 in Abasca's non-brokered private placement, which closed June 27, 2024. Each unit consists of one flow-through common share and one-half warrant exercisable at $0.20 for 24 months. Zhou's direct and indirect holdings rose to 50,318,538 common shares, 12,339,375 warrants and options for 850,000 shares, about 71.14% partially diluted, from 69.38%.
FinancingAbasca Resources Commences its 2024 Summer Exploration at the KLS Project and Announces Non-Brokered Flow-Through Private Placement of up to $3.65 Million
A 2024 summer exploration program has begun at the Key Lake South Uranium Project (KLS) in northern Saskatchewan, focused on drill testing conductor corridors for uranium mineralization and defining flake graphite potential at the Loki Zone. Abasca Resources also announced a non-brokered private placement of up to $3.65 million, comprising up to 21,875,000 flow-through units at $0.16 and 1,071,428 non-flow-through units at $0.14, each with a half-warrant exercisable at $0.20 for two years.
Drill resultsAbasca Resources Continues to Focus on Uranium Exploration at its 100%-Owned KLS Project and to Evaluate Flake Graphite Potential at its Loki Zone
A 5,000 metre drill program is planned for 2024 at the 100%-owned, 23,977-hectare Key Lake South Uranium Project in northern Saskatchewan, testing the Mustang-Seager Lake conductor corridor and the Campbell and Zimmer target areas, following 10,135 m of drilling in 2023 that returned anomalous uranium up to 1,260 ppm U at Mustang. Re-analysis of 2016 drill pulps from the Loki Zone at Campbell returned multiple intersections above 10% total graphite, including 22.2% over 50 cm in hole KS-CC16-12, with QEMSCAN median flake diameter of 147 μm. Resampling is planned for summer.
News
20239 releases
Abasca Announces Change of Auditor
Manning Elliott LLP resigned as auditor of Abasca Resources, at the Company's request, effective September 18, 2023, and the Board appointed McGovern Hurley LLP as successor auditor. There were no reservations in the former auditor's reports for the two most recent financial years through the resignation date, and no reportable events under NI 51-102. Abasca owns the 23,977-hectare Key Lake South Uranium Project in the Athabasca Basin region of northern Saskatchewan.
Corporate9169601 Canada Inc. Participates In Abasca Resources Inc. Private Placement.
9169601 Canada Inc. acquired 2,860,000 units of Abasca Resources Inc. at $0.25 per unit for $715,000 under a non-brokered private placement that closed July 28, 2023. Each unit comprises one flow-through common share and one half warrant exercisable at $0.30 for 24 months. The subscriber, over which Abasca President and CEO Dawn Zhou exercises control, now holds 7,610,000 common shares and 3,805,000 warrants, about 20.05% on a partially diluted basis, up from 14.11%.
FinancingAbasca Resources Closes Non-Brokered Flow-Through Private Placement
A $1,250,000 non-brokered private placement of 5,000,000 flow-through units at $0.25 per unit closed on July 28, 2023, with each unit including one flow-through common share and one-half warrant exercisable at $0.30 for 24 months, expiring July 28, 2025. Securities carry a four-month hold expiring November 29, 2023, and no finders' fees were paid. Proceeds will fund exploration at the 23,977-hectare Key Lake South Uranium Project in northern Saskatchewan. Directors Dawn Zhou, Dave Billard and 9169601 Canada Inc. subscribed.
FinancingAbasca Resources Engages Red Cloud Securities and Closes the Non-Brokered Flow-Through Private Placement.
A $1,000,000 non-brokered private placement of 2,000,000 flow-through units at $0.50 per unit has closed, each unit comprising one flow-through common share and one-half warrant exercisable at $0.60 until June 21, 2025, with a four-month hold expiring October 22, 2023. A corporation controlled by director Dawn Zhou subscribed for the full offering; no finders' fees were paid. Proceeds will fund exploration at the Key Lake South Uranium Project in northern Saskatchewan. Red Cloud Securities was engaged for market making at $5,000 per month for an initial three months from June 15, 2023, subject to regulatory approval.
FinancingAbasca Resources Announces Non-Brokered Flow-Through Private Placement of up to $1.25 Million and Carries Out Summer Drill Program at the Key Lake South Uranium Project.
A non-brokered private placement of up to 5,000,000 flow-through units at $0.25 per unit for gross proceeds of up to $1,250,000 has been launched, with each unit comprising one flow-through common share and half a warrant exercisable at $0.30 for 24 months. Proceeds will fund exploration at the Key Lake South Uranium Project in northern Saskatchewan. A summer drill program of approximately 5,000 metres began in June 2023, following up historic drilling at the Hart, Campbell and Twin targets.
FinancingAbasca Resources Announces Non-Brokered Flow-Through Private Placement of up to C$1.0 Million
A non-brokered private placement of up to 2,000,000 flow-through units at C$0.50 per unit for gross proceeds of up to C$1,000,000 has been launched. Each unit comprises one flow-through common share and one half warrant, with each whole warrant exercisable at C$0.60 for 24 months from closing. Proceeds will fund exploration at the 23,977-hectare Key Lake South Uranium Project in the Athabasca Basin, northern Saskatchewan. Securities are subject to a four-month-and-one-day hold period.
FinancingAbasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake South Uranium Project
Assays from Abasca Resources' 2023 winter drill program at the Mustang target on the 100%-owned, 23,977-hectare Key Lake South Uranium Project in Saskatchewan confirmed anomalous uranium in 9 of 11 drillholes over a cumulative core length of 13.85 m. Results include 10 cm at 1260 ppm U in KLS-23-004, 79 cm at 897 ppm U and 43 cm at 942 ppm U in KLS-23-006, and 50 cm at 1010 ppm U in KLS-23-009. The program totalled 4,959 metres. Financing and logistics planning is underway for a summer drill program.
Drill resultsAbasca Resources Completes 2023 Winter Drill Program on Key Lake South Uranium Project, Intersecting Anomalous Radioactivity
Eleven holes totalling 4,959 metres were completed at the Mustang target area on the 100%-owned, 23,977-hectare Key Lake South Uranium Project in northern Saskatchewan, with anomalous radioactivity (≥300 cps) intersected over lengths of 0.15 to 4.35 metres in 8 holes, up to a range of <300–1700 cps. Drilling identified and confirmed multiple stacked graphitic fault zones, with hematite and clay alteration in all holes. Samples are being analysed at SRC Geoanalytical Laboratories in Saskatoon, and a summer drilling program is being planned.
Drill resultsAbasca Starts 5,000 Metre Drill Program On Key Lake South Uranium Project, Grants Stock Options
A 5,000 metre, 14-hole drill program has begun at the 100%-owned, 23,977-hectare Key Lake South Uranium Project in northern Saskatchewan, targeting the Mustang and Seager North areas; Saskatchewan granted exploration permits in December 2022 and a temporary work camp was completed in January 2023. Abasca also granted incentive stock options on up to 3,500,000 common shares at $0.50 for five years under a new 10% rolling plan, subject to shareholder approval. Director Brett Kagetsu was appointed Corporate Secretary.
Drill results
20223 releases
AMV Capital Corporation to acquire Key Lake South Uranium Project pursuant to a reverse takeover
The asset purchase transaction with 101159623 Saskatchewan Ltd. closed on December 29, 2022, constituting a reverse takeover of AMV Capital Corporation, which changed its name to Abasca Resources Inc. and acquired 100% right, title and interest in the claims comprising the 23,977-hectare Key Lake South Uranium Project in the southeastern Athabasca Basin, Saskatchewan, for 25,639,288 common shares. Concurrent financings raised $2,898,900 from 5,797,800 flow-through units at $0.50 and $846,062.10 from 1,880,138 subscription receipts at $0.45. Dawn Zhou was appointed President and CEO. Shares are expected to resume trading under ABA in early January 2023.
AcquisitionAMV Capital Corporation signs definitive agreement to acquire Key Lake South Uranium Project pursuant to a reverse takeover
AMV Capital Corporation has entered into an arm's length asset purchase agreement dated October 24, 2022 with 101159623 Saskatchewan Ltd. to acquire a 100% interest in the mineral claims comprising the Key Lake South Uranium Project in the southeastern Athabasca Basin Region, Saskatchewan, for 25,639,288 common shares, or 66.7% of AMV's post-closing, pre-financing shares. The concurrent financings were revised to a minimum of 1,111,111 subscription receipts for $499,999.95 and 5,000,000 flow-through units for $2,500,000. Closing is to occur on or before December 31, 2022, with trading remaining halted.
AcquisitionAMV Capital Corporation to acquire Key Lake South Uranium Project pursuant to a reverse takeover
A non-binding LOI dated September 13, 2022 will see AMV Capital Corporation acquire 100% of the Key Lake South Uranium Project (12 claims, 23,977 hectares) in Saskatchewan's southeastern Athabasca Basin from a private Saskatchewan company controlled by Dawn Zhou for 25,639,288 shares, or 66.7% of post-closing pre-financing shares, in a reverse takeover. Concurrent financings comprise a minimum CAD$1,000,000 at CAD$0.45 per subscription receipt and a CAD$2,000,000 flow-through placement at CAD$0.50 per unit. AMV will be renamed Abasca Resources Inc.; closing is targeted on or before December 31, 2022 and trading is halted.
Acquisition