Abitex reports uranium-gold discovery at Quebec site

Abitex Resources (TSX: V.ABE, Stock Forum) announced a new uranium-gold discovery Tuesday on its Epsilon property in the Otish Mountains region of Quebec.

The company says two grab samples were taken from the Epsilon discovery outcrop, returning grades of 2.15% U3O8 and 17.25 g/t Au as well as 1.04% U3O8 and 8.69 g/t Au.

The new surface outcrop discovery is located 15 km west of Abitex's Lavoie property where the company is involved in a definition drilling program on the "L" deposit which hosts an historic resource of 5.9M lbs U3O8.

Abitex says it “believes the new Epsilon discovery is very significant in that it occurs in the same setting as the "L" deposit and could potentially lead to a similar important U-Au deposit discovery.”

“Observed mineralization at the new discovery is also similar to the "L", consisting of disseminated radioactive and poylmetallic minerals. Assays returned elevated values for lead (2.3%-0.9%) and silver (122 g/t-35.9 g/t), as well as anomalous bismuth and selenium, typical of "L" deposit mineralization,” says the company.

Abitex says it is planning a significant follow-up exploration program for the Epsilon discovery zone this year, including prospecting, stripping and trenching, mapping, geophysics and sampling of the discovery zone this summer followed by initial drilling if warranted in the fall.

On the company’s Bullboard, GambitX said: “Awesome awesome awesome news!!! New discovery, high U grades and high gold grades![sic]”

While doctorfill replied: “Don't get too carried away; they're only grab samples. Implications are good though[sic].”

Shares of Abitex climbed 16.7% to 21 cents Tuesday.