Post by swampdog on May 3, 2007 14:59:51 GMT -6
This it an update on Entourage and Abbastar Uranium Project.
Swamp
"Pursuant to an agreement with Entourage, the Company has an option to earn
up to 70% interest in the Doran Property from Entourage (the
"Transaction"). In order to earn its interest, Abbastar must expend
$5,000,000 (five million dollars) on the Doran Property over four years."
Source MARKET NEWS
Date 05/03/2007
Time 09:01:26 AM
Company Abbastar Holdings Ltd.
Title Files NI
43 101 Report on the Doran Uranium Prop
CDNX Symbol: ABA.H
Press Release
ABBASTAR HOLDINGS LTD. ("ABA.H-V")
- Files NI 43-101 Report on the Doran Uranium Property, Quebec
Abbastar Holdings Ltd. (the "Company") is pleased to announce that it
has filed on SEDAR (www.SEDAR.com) a Technical Report (the "Report"),
titled "Technical Report and Recommendations The Doran Uranium Property,
Aguanish, Lower North Shore, Quebec, Canada". The Report has been prepared
in accordance with the requirements of National Instrument 43-101,
Standards of Disclosure for Mineral Projects and Form 43-101F1, Contents of
the Technical Report, by Michel Proulx, M.Sc., P. Geo., and Michel Boily,
Ph.D, P. Geo., independent consultants and Qualified Persons, as that term
is defined in National Instrument 43-101.
The Report details the results of the 2006 exploration program that
follows up on the work and recommendations of the 2005 summer fieldwork as
commissioned by Entourage Mining Ltd. (OTCBB:ETGMF), a Vancouver based
exploration stage company ("Entourage"). The 2006 program consisted of
drilling on the Doran Showing, the construction of three grids (North-East,
North, and Extension), reconnaissance geology, prospecting, ground-based
radiometric surveys and outcrop channel sampling on these grids, as well as
similar work on off-grid anomalies elsewhere on the property.
The Doran Property is located along Provincial Highway 138 in the
Grenville geologic province of Quebec along the northern shore of the Gulf
of St. Lawrence in the Costebelle Township. It lies in the central part of
the North Shore district within NTS sheet 12L/08, 109 km east of Havre
St-Pierre, and 18 km west of the town of Aguanish. The Precambrian rocks of
the Doran Property belong to the Aguanish Metamorphic Complex composed of
paragneiss, quartzites, granitic gneisses, augen granites, metagabbros and
granitic pegmatites. The Doran Property was acquired with the aim of
finding a Rssing-type, low-grade, large tonnage uranium deposit amenable
to open pit mining, which could be developed at relatively low cost. The
mineralization, probably uraninite and uranophane, is disseminated in
centimeter to decameter thick granitic pegmatites some of which are
hydrothermally altered.
The drilling program confirmed the existence at depth of uranium
mineralization on the Doran Showing (Main Zone, North End Zone, Dyke Zone
and Hot Spot Zone). Sixteen holes were drilled for a total of 1,196 meters.
Six drill holes at sites #1 and #2 on the Doran Showing (Main Zone)
returned significant uranium grades from four distinct pegmatitic bodies,
but the values were not as high as those obtained from channel samples
collected in 2005. Drill holes at Site #3 demonstrated that the Dyke Zone
is an uraniferous structure in which mineralization is non-uniformly
distributed. Drill holes at Site #4 confirmed the uranium potential of the
Hot Spot Zone and demonstrated the presence of a significant hydrothermal
alteration zone spatially associated with uranium mineralization and that
may have played a role in its remobilization.
Moreover, numerous faults observed in the drill core may have served
as conduits for these hydrothermal fluids. The drill holes on the Hot Spot
Zone defined a large zone of hydro-thermally altered rocks.
Airborne radiometric and magnetic surveys conducted in 2005 allowed
the recognition of several anomalies, which constituted potential targets
for uranium (i.e. anomalies A, E, F, H, I, K, L, M, N, O, P, Q, R, S, X, Y,
Z, AA1, AA2, BB, CC, Main Zone, South, West).
Thirteen channel samples from granitic pegmatites and granites
returned U3O8 from 1.02 lb/ton to 15.10 lb/ton and fifteen others provided
values between 0.5 and 1 lb/ton U3O8. The N anomaly is by far the most
significant, grading 15.1 lb/ton U3O8 over 1.50 m. The combined pegmatite
and granite units yielded an average of 5.56 lb/ton U3O8 over 9 m. Six
channel samples in granitic pegmatites from anomalies X and Y yielded 0.63
lb/ton to 2.27 lb/ton of U3O8. The average for the two anomalies over 20.50
m is almost 1 lb/ton U3O8. A granite from the E anomaly returned values
from .18 lbs/ton to 1.02 lbs/ton U3O8 at an average of 0.45 lb/ton U3O8 for
five channel samples. The L anomaly, which also includes the M anomaly,
returned five values of more than 1lb/ton U3O8, and seven values of more
than 0.5lb/ton U3O8. The A anomaly yielded an average grade of 0.58lb/ton
U3O8. The Report provides complete details on sampling results.
Based on the results of channel sampling and drilling at the Doran
Property, the Report recommends an additional 4000 m of drilling with a
focus on definition drilling of at least fifty vertical meters. The Report
also advocates extension of the North and Northeast grids with follow-up
geological mapping and ground-based radiometric.
As disclosed in the news releases dated February 14, 2007 and March
21, 2007, the Company is in a process of a change of business (the "Change
of Business") pursuant to the policies of the TSX Venture Exchange.
Pursuant to an agreement with Entourage, the Company has an option to earn
up to 70% interest in the Doran Property from Entourage (the
"Transaction"). In order to earn its interest, Abbastar must expend
$5,000,000 (five million dollars) on the Doran Property over four years.
The technical portion of this news release has been read and approved
by the authors of the Report, Michel Proulx, M.Sc., P. Geo., and Michel
Boily, Ph.D, P. Geo, qualified persons under NI 43-101.
On behalf of the Board
Gary P Schroeder
President
Completion of the Transaction is subject to a number of conditions,
including the TSX Venture Exchange approval. The Transaction cannot close
until the approval is obtained. There can be no assurance that the
Transaction will be completed as proposed or at all.
Investors are cautioned that except as disclosed in the Filing
Statement to be prepared in connection with the Change of Business, any
information released or received with respect to the Change of Business may
not be accurate or complete and should not be relied upon. Trading in the
securities of the Company should be considered highly speculative.
The TSX Venture Exchange has expressed no opinion on the merits of the
proposed Change of Business and has neither approved nor disapproved the
contents of this news release.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
TEL: (604) 658-2040 ABBASTAR HOLDINGS LTD.
FAX: (604) 658-2045
______________________________________
___________________________________________________________________
(c) Market News Publishing Inc. Tel:(604) 689-1101
All rights reserved. Fax:(604) 689-1106
Swamp
"Pursuant to an agreement with Entourage, the Company has an option to earn
up to 70% interest in the Doran Property from Entourage (the
"Transaction"). In order to earn its interest, Abbastar must expend
$5,000,000 (five million dollars) on the Doran Property over four years."
Source MARKET NEWS
Date 05/03/2007
Time 09:01:26 AM
Company Abbastar Holdings Ltd.
Title Files NI
43 101 Report on the Doran Uranium Prop
CDNX Symbol: ABA.H
Press Release
ABBASTAR HOLDINGS LTD. ("ABA.H-V")
- Files NI 43-101 Report on the Doran Uranium Property, Quebec
Abbastar Holdings Ltd. (the "Company") is pleased to announce that it
has filed on SEDAR (www.SEDAR.com) a Technical Report (the "Report"),
titled "Technical Report and Recommendations The Doran Uranium Property,
Aguanish, Lower North Shore, Quebec, Canada". The Report has been prepared
in accordance with the requirements of National Instrument 43-101,
Standards of Disclosure for Mineral Projects and Form 43-101F1, Contents of
the Technical Report, by Michel Proulx, M.Sc., P. Geo., and Michel Boily,
Ph.D, P. Geo., independent consultants and Qualified Persons, as that term
is defined in National Instrument 43-101.
The Report details the results of the 2006 exploration program that
follows up on the work and recommendations of the 2005 summer fieldwork as
commissioned by Entourage Mining Ltd. (OTCBB:ETGMF), a Vancouver based
exploration stage company ("Entourage"). The 2006 program consisted of
drilling on the Doran Showing, the construction of three grids (North-East,
North, and Extension), reconnaissance geology, prospecting, ground-based
radiometric surveys and outcrop channel sampling on these grids, as well as
similar work on off-grid anomalies elsewhere on the property.
The Doran Property is located along Provincial Highway 138 in the
Grenville geologic province of Quebec along the northern shore of the Gulf
of St. Lawrence in the Costebelle Township. It lies in the central part of
the North Shore district within NTS sheet 12L/08, 109 km east of Havre
St-Pierre, and 18 km west of the town of Aguanish. The Precambrian rocks of
the Doran Property belong to the Aguanish Metamorphic Complex composed of
paragneiss, quartzites, granitic gneisses, augen granites, metagabbros and
granitic pegmatites. The Doran Property was acquired with the aim of
finding a Rssing-type, low-grade, large tonnage uranium deposit amenable
to open pit mining, which could be developed at relatively low cost. The
mineralization, probably uraninite and uranophane, is disseminated in
centimeter to decameter thick granitic pegmatites some of which are
hydrothermally altered.
The drilling program confirmed the existence at depth of uranium
mineralization on the Doran Showing (Main Zone, North End Zone, Dyke Zone
and Hot Spot Zone). Sixteen holes were drilled for a total of 1,196 meters.
Six drill holes at sites #1 and #2 on the Doran Showing (Main Zone)
returned significant uranium grades from four distinct pegmatitic bodies,
but the values were not as high as those obtained from channel samples
collected in 2005. Drill holes at Site #3 demonstrated that the Dyke Zone
is an uraniferous structure in which mineralization is non-uniformly
distributed. Drill holes at Site #4 confirmed the uranium potential of the
Hot Spot Zone and demonstrated the presence of a significant hydrothermal
alteration zone spatially associated with uranium mineralization and that
may have played a role in its remobilization.
Moreover, numerous faults observed in the drill core may have served
as conduits for these hydrothermal fluids. The drill holes on the Hot Spot
Zone defined a large zone of hydro-thermally altered rocks.
Airborne radiometric and magnetic surveys conducted in 2005 allowed
the recognition of several anomalies, which constituted potential targets
for uranium (i.e. anomalies A, E, F, H, I, K, L, M, N, O, P, Q, R, S, X, Y,
Z, AA1, AA2, BB, CC, Main Zone, South, West).
Thirteen channel samples from granitic pegmatites and granites
returned U3O8 from 1.02 lb/ton to 15.10 lb/ton and fifteen others provided
values between 0.5 and 1 lb/ton U3O8. The N anomaly is by far the most
significant, grading 15.1 lb/ton U3O8 over 1.50 m. The combined pegmatite
and granite units yielded an average of 5.56 lb/ton U3O8 over 9 m. Six
channel samples in granitic pegmatites from anomalies X and Y yielded 0.63
lb/ton to 2.27 lb/ton of U3O8. The average for the two anomalies over 20.50
m is almost 1 lb/ton U3O8. A granite from the E anomaly returned values
from .18 lbs/ton to 1.02 lbs/ton U3O8 at an average of 0.45 lb/ton U3O8 for
five channel samples. The L anomaly, which also includes the M anomaly,
returned five values of more than 1lb/ton U3O8, and seven values of more
than 0.5lb/ton U3O8. The A anomaly yielded an average grade of 0.58lb/ton
U3O8. The Report provides complete details on sampling results.
Based on the results of channel sampling and drilling at the Doran
Property, the Report recommends an additional 4000 m of drilling with a
focus on definition drilling of at least fifty vertical meters. The Report
also advocates extension of the North and Northeast grids with follow-up
geological mapping and ground-based radiometric.
As disclosed in the news releases dated February 14, 2007 and March
21, 2007, the Company is in a process of a change of business (the "Change
of Business") pursuant to the policies of the TSX Venture Exchange.
Pursuant to an agreement with Entourage, the Company has an option to earn
up to 70% interest in the Doran Property from Entourage (the
"Transaction"). In order to earn its interest, Abbastar must expend
$5,000,000 (five million dollars) on the Doran Property over four years.
The technical portion of this news release has been read and approved
by the authors of the Report, Michel Proulx, M.Sc., P. Geo., and Michel
Boily, Ph.D, P. Geo, qualified persons under NI 43-101.
On behalf of the Board
Gary P Schroeder
President
Completion of the Transaction is subject to a number of conditions,
including the TSX Venture Exchange approval. The Transaction cannot close
until the approval is obtained. There can be no assurance that the
Transaction will be completed as proposed or at all.
Investors are cautioned that except as disclosed in the Filing
Statement to be prepared in connection with the Change of Business, any
information released or received with respect to the Change of Business may
not be accurate or complete and should not be relied upon. Trading in the
securities of the Company should be considered highly speculative.
The TSX Venture Exchange has expressed no opinion on the merits of the
proposed Change of Business and has neither approved nor disapproved the
contents of this news release.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
TEL: (604) 658-2040 ABBASTAR HOLDINGS LTD.
FAX: (604) 658-2045
______________________________________
___________________________________________________________________
(c) Market News Publishing Inc. Tel:(604) 689-1101
All rights reserved. Fax:(604) 689-1106