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Athabasca Minerals Inc. Updates Firebag and Richardson Technical Reports

by ahnationtalk on December 12, 201956 Views

December 11, 2019 – EDMONTON, ALBERTA. Athabasca Minerals Inc. (“Athabasca” or the “Corporation”) (TSX Venture: AMI) is pleased to announce that it has received the updated Firebag Frac Sand Project Technical Report (the “Firebag Technical Report”) and Richardson Quarry Project Technical Report (the “Richardson Technical Report”). The Firebag Technical Report and Richardson Technical Report are posted on SEDAR and on the Corporation’s website. Athabasca continues to see significant value in these strategic assets.

The Richardson Quarry Project (Technical Report update)

The Richardson Technical Report has been updated by APEX Geoscience Ltd. with respect to three contiguous Metallic and Industrial Mineral Leases of 3,904 hectares granted to Athabasca by the Province of Alberta in Q1 2019 (for more information, see the Corporation’s press release dated March 26, 2019). The Richardson Technical Report includes estimates of approximately 683 million tonnes of inferred crush rock aggregate (dolomite and granite) resource situated in the “Winnipegosis Formation” with a thickness ranging from 8.3m to 47.9m averaging 39.5m. The resource lies beneath an estimated 497 million tonnes of unconsolidated glaciofluvial sand and boulders (“overburden”) with an average thickness of 35.7m. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.

In addition, the Richardson Technical Report assessed the basement granite as a potential target for future exploration and describes a potential granite deposit of between 157 and 236 million tonnes in the resource area. This estimate is conceptual in nature; there has been insufficient exploration to define the extended mineral deposit and it is uncertain if further exploration will result in the target being delineated as a mineral deposit and/or resource. This estimate is conservative as the volume range used in the calculation assumed a granite depth of only 10m to correlate end-of-hole drill results.

Robert Beekhuizen, Chief Executive Officer, states: “Athabasca’s Richardson Quarry Project is expected to augment the Corporation’s Coffey Lake Public Pit production and, when developed, may alleviate the risk of a future gravel shortage in the region. It has the potential to supply the Fort McMurray area and regional oil sands industry with high-quality aggregates for several decades. The Fort McMurray Aggregate Users Group, in February 2019, stated that the Fort McMurray faces a gravel crisis. The importance of Richardson as a strategic resource was recognized by the Province of Alberta earlier this year when establishing the Kinaskino Nuwenëné Wildlife Park in March, 2019. Industry enquiries into the Richardson Quarry Project have been more frequent since the closure of the Corporation’s Susan Lake Public Pit. Athabasca is taking early steps planning its development and is evaluating partnership opportunities”.

Roy Eccles, MSc. P.Geol. of APEX Geoscience Ltd., in accordance with National Instrument 43-101, is the Qualified Person responsible for the technical content of this release as it relates to the Richardson Quarry Project and has reviewed and approved it accordingly. Mr. Eccles is an independent consultant contracted by the Corporation.

Firebag Frac Sand Project (Technical Report Update)

The resource estimate for the Firebag Frac Sand Project has been revised, and an updated Technical Report has been issued, as prepared by Stantec Consulting Ltd. Athabasca’s Firebag Project contains an indicated resource of 38.2 million tonnes, with 4.5 million tonnes in the 20/40 fraction, 19.3 million tonnes in the 40/70 fraction, 13.4 million tonnes in the 70/140 fraction and 1.0 million tonnes in the 140/170 fraction. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.

William A. Turner, MSc., P.Geol. and A.C. (Chris) Hunter, P.Geol., with Stantec Consulting Ltd., are the Qualified Persons (as defined under National Instrument 43-101) responsible for the technical information relating to the Firebag Frac Sand Project which is included in this Press Release. Mr. Turner and Mr. Hunter are independent consultants contracted by the Corporation.

About Athabasca Minerals Inc. (AMI)

Athabasca Minerals Inc. (www.athabascaminerals.com) is an integrated group of companies focused on the aggregates and industrial minerals sectors, including resource development, aggregates marketing and midstream supply-logistics solutions. Business activities include aggregate production, sales and royalties from corporate-owned pits, management services of third-party pits, acquisitions of sand and gravel operations, and new venture development. Athabasca Minerals Inc. is the parent company of Aggregates Marketing Inc. (www.aggregatesmarketing.com) – a midstream technology-based business using its proprietary RockchainTM digital platform, associated algorithm and QA/QC services to provide cost-effective integrated supply /delivery solutions of industrial minerals to industry, and the construction sector. It is also the parent company of AMI Silica Inc. (www.amisilica.com) – a subsidiary positioning to become a leading supplier of premium domestic in-basin sand with regional deposits in Alberta and NE British Columbia. It is the joint venture owner of the Montney In-Basin and Duvernay Basin Frac Sand Projects. Additionally, the Corporation has industrial mineral leases, such as those supporting AMI’s Richardson Quarry Project, that are strategically positioned for future development in industrial regions with historically and consistently high demand for aggregates.

For further information on AMI, please contact:

Jan Cerny, VP Corporate Development & Capital Markets

Tel: 403-818-8680 / Email: jan.cerny@athabascaminerals.com

NT4

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