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Abasca Announces Drill Program on Key Lake South Uranium Project

Abasca Resources Inc is a company that offers mining services and has declared the start of a 5,000 m drilling program consisting of 14 drill holes on its wholly owned, 23,977-hectare Key Lake South Uranium Project.

Abasca Announces Drill Program on Key Lake South Uranium Project

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The Government of Saskatchewan granted Abasca exploration licenses for this program in December 2022, and the Company has since finished the construction of a temporary work camp in January 2023.

Abasca is very excited to carry out winter drilling at two of the more than ten target areas of the Key Lake South Uranium Project, namely Mustang and Seager North, which were further defined in 2022 based on previous exploration data. We are hopeful that the planned drillholes will be a milestone in the Company’s mineral discovery journey.

Dawn Zhou, President and CEO, Abasca Resources Inc

Also, the Company declares that it has granted incentive stock options to acquire up to 3,500,000 common shares of the Company to officers, directors, and consultants of the Company under the Company’s new 10% “rolling” stock option plan. The options are practicable for five years at an exercise price of $0.50 per common share.

The New Plan substitutes the Company’s earlier stock option plan, known to be a “fixed” plan that reserved a maximum of 2,400,000 common shares for issuance. Under the New Plan, up to 10% of the issued and outstanding common shares of the Company at the date of grant might be reserved for issuance as stock options.

The New Plan has been approved for filing by the TSX Venture Exchange. It is subject to shareholder approval to be sought at the next annual general meeting of the shareholders of the Company to be held later this year.

Also, the Company declares that Brett Kagetsu, a current director, has been assigned Corporate Secretary of the Company.

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