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Abasca Starts 5,000 Metre Drill Program on Key Lake South Uranium Project, Grants Stock Options

SASKATOON, Saskatchewan, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Abasca Resources Inc. ("Abasca" or the "Company") (TSX-V: ABA) is pleased to announce the start of a 5,000 metre drilling program comprising 14 drillholes on its 100%-owned, 23,977-hectare Key Lake South Uranium Project. The Government of Saskatchewan had granted Abasca exploration permits for this program in December 2022, and the Company has since completed construction of a temporary work camp during January 2023.

Dawn Zhou, President and CEO, stated: "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."

For more information and an overview of the Key Lake South Uranium Project, please visit the Company's website at https://abasca.ca/projects.

The Company also announces that it has granted incentive stock options to purchase up to 3,500,000 common shares of the Company to directors, officers and consultants of the Company under the Company's new 10% "rolling" stock option plan (the "New Plan"). The options are exercisable for a period of five years at an exercise price of $0.50 per common share.

The New Plan replaces the Company's previous stock option plan which was a "fixed" plan that reserved for issuance a maximum of 2,400,000 common shares. Under the New Plan, up to a maximum of 10% of the issued and outstanding common shares of the Company as at the date of grant may be reserved for issuance as stock options. The New Plan has been accepted for filing by the TSX Venture Exchange and 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.

The Company also announces that Brett Kagetsu, a current director, has also been appointed Corporate Secretary of the Company.

Qualified Person

The technical information in this news release has been reviewed and approved by Dave Billard, P.Geo, a Qualified Person as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Billard is a director of Abasca.

About Abasca

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The Company owns the Key Lake South Uranium Project, a 23,977-hectare uranium exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km south of the former Key Lake mine and current Key Lake mill.

On behalf of Abasca Resources Inc.

Dawn Zhou, M.Sc, CPA, CGA
President, CEO and director

For more information contact:

Dawn Zhou
[email protected]
Tel: +1 (306) 933 4261

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

Forward-Looking Statements

This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Abasca undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Abasca, its securities, or financial or operating results (as applicable). Although Abasca believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Abasca's control, including the risk factors discussed in the Filing Statement which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Abasca disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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