Announcement • Jul 14
Abasca Resources Inc. Increases Loki Flake Graphite Resource and Confirms Second Mineralized Trend at Thor Zone
Abasca Resources Inc. announced the updated Mineral Resource Estimate (the "MRE") at its 100%-owned Loki Flake Graphite Deposit (the "Loki Deposit"), increasing the Inferred Resource from its previously announced maiden mineral resource estimate and upgrading a portion of the Inferred Resources to Indicated Resources. Indicated Resources: 6.99 Mt at 8.27% Cg. Inferred Resources: 15.83 Mt at 6.93% Cg. Conversion of 67% of prior Inferred Resource to Indicated Resource based on contained graphite. The Loki Deposit is situated in one of the world's premier mining jurisdictions, 15 km south of existing Key Lake mill infrastructure and directly adjacent to provincial highway 914. The updated MRE includes results from the 2025 and 2026 exploration programs and will be incorporated into the in-progress Preliminary Economic Assessment ("PEA"). Assays from 4 drillholes at the mineralized graphitic Thor Zone, parallel to the Loki Deposit, each intersected multiple zones of mineralization up-dip of KLS-25-072 which included a main zone of 40 m at 8.57% Cg. Composited intervals include: KLS-26-112: 74.75 m at 5.13% Cg, including 18.75 m at 7.78% Cg and 14.0 m at 7.8% Cg. KLS-26-113: 89.0 m at 4.28% Cg, including 13.0 m at 6.18% Cg and 17.0 at 6.48% Cg. KLS-26-114: 101.80 m at 4.31% Cg, including 20.3 m at 5.56% Cg and 17.0 m at 6.46% Cg. KLS-26-115: 114.0 m at 3.91% Cg, including 14.0 m at 7.42% Cg. The pit-constrained MRE conforms to the Reasonable Prospects of Eventual Economic Extraction (RPEEE) requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and includes an Indicated estimate of 6.99 Mt at 8.27% Cg in addition to an Inferred estimate of 15.83 Mt at 6.93% Cg. The updated MRE will be incorporated into the PEA and underpins the study which will provide the technical and economic framework that the Company believes will be required to advance the Loki Deposit into the Feasibility stage and used to identify additional exploration work. Work on the PEA is on-going and will include work on the key pillars of the Project, including: Open Pit Mine Engineering, Mineral Processing, Infrastructure Design, Environmental, Permitting, and Social/Community Impacts, and Economic Analysis. Table 1: Loki Flake Graphite Mineral Resources Category Cg Grade Cut-off (%) Tonnage (Mt) Cg Grade (%) Contained Cg (Mt) Indicated 2.30 6.99 8.27 0.58 Inferred 2.30 15.83 6.93 1.10. The reporting standard for the Mineral Resource Estimate uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101. Reported Mineral Resources are constrained to a conceptual pit-shell above a cut-off grade of 2.30% Cg. Numbers may not add up due to rounding. The effective date of this Mineral Resource estimate is April 23, 2026. The qualified person knows of no environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that may materially affect the Mineral Resource Estimate in this release. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The Company is also pleased to release assays from the 4 drillholes completed during the 2026 winter exploration program at the Thor Zone, a parallel mineralized graphite zone north of the Loki Deposit, and the remaining hole at the Loki Deposit (KLS-26-117). Each of the 4 drillholes at the Thor Zone intersected multiple zones of graphite mineralization. Similar to the KLS-25-072 (previously released on August 25, 2025), higher grade graphite was intersected above and below a lower-grade graphitic interval. Consistent with the Loki Deposit, KLS-26-117 intersected 33.5 m at 6.58% Cg. Drillhole locations and their composited assay results are shown in Table 2 and Table 3. Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan, an independent laboratory accredited under ISO/IEC 17025:2017 for preparation and ICP-MS multi-element analysis, boron by fusion as well as graphite content (% Cg) and total sulphur by LECO. Samples were collected in accordance with industry-standard quality assurance /quality control practices and included the insertion of blanks, standard reference materials, and repeats into the sample stream at regular intervals. Samples were also collected for in-field and lab density measurements at regular intervals and through the mineralized zones. An independent technical report in respect of the updated mineral resource estimate will be prepared and filed on SEDAR+ and on the Company's website within 45 days of this news release. As announced in this news release, the Loki Deposit hosts and updated pit-constrained Mineral Resource Estimate that includes an Indicated estimate of 6.99 Mt at 8.27% Cg in addition to an Inferred estimate of 15.83 Mt at 6.93% Cg. This resource expansion and classification upgrade will underpin the in-progress PEA initiated in May 2026 that marks a major milestone in de-risking the Loki Deposit, advancing it from exploration toward a development-ready asset on the Company's Fast-Track Roadmap to Production.
