VAL-D'OR, QC, April 17, 2013 /CNW Telbec/ - ABE Resources Inc. (TSXV: ABE) (the "Company" or "ABE"), formerly Abitex Resources Inc. ("Abitex"), is pleased to announce that IMX Resources ("IMX") of Perth, Australia has exercised its right to acquire a 50% interest in the St. Stephen nickel-copper project (the 'St. Stephen Project'). In consideration for acquiring its interest in the St. Stephen Project, IMX paid ABE a final installment of Cdn$30,000 and issued 148,000 IMX shares to ABE.
As part of IMX Resources' acquisition of Continental Nickel Limited ('CNI') in September 2012, IMX acquired CNI's interest in the St. Stephen Project. The St. Stephen Project consists of two claim blocks totalling 42.9km2 covering 70% of the St. Stephen Intrusion which hosts sixteen historic magmatic Ni-Cu-Co sulphide prospects including a number of individual deposits.
CNI optioned the St. Stephen Property from ABE (formerly Abitex) in 2008 and spent $1 million in exploration between 2008 and 2012, including a 325 line kilometre helicopter borne, time domain electro-magnetic ('EM') survey, 12km of ground electro-magnetic survey, diamond drilling (3,025m in 22 holes) and downhole EM surveys. This work resulted in the discovery of five new nickel sulphide occurrences associated with the mafic-ultramafic St. Stephen Intrusion.
The best nickel-copper grades to date are concentrated near the north-western edge of the intrusion near the contact with metasedimentary country rocks in a one kilometre long corridor. Further drilling is required to fully test the extents of these zones and to further test the area of the metasedimentary-intrusive contact. In addition, a number of untested EM anomalies exist throughout the St. Stephen Intrusion.
The St. Stephen Project is located in south-western New Brunswick. It is situated close to important infrastructure, only 30km from the port of Bayside where there is an established commercial port facility and 119km from the city of St John, where there is a commercial airport and extensive industrial infrastructure.
President & CEO Yves J. Rougerie commented, "We are pleased to have IMX as an equal JV partner on the St. Stephen project. We will review the project results to date together in the coming months and consider the next steps to develop the potential of this project."
The information in this release has been reviewed and approved by Yves Rougerie, Geo, President and CEO of ABE Resources. Mr. Rougerie is a qualified person as defined by National Instrument 43-101.
The Company's public documents may be accessed at www.sedar.com
For further information on the Company, please visit our website at www.aberesources.ca or contact us at [email protected]
Neither 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.
SOURCE: ABE Resources Inc.
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200 ext. 222
[email protected]
Share this article