- Canadian graphite miner Abasca Resources (TSXV:ABA) announced the maiden resource estimate at its Loki deposit on its Key Lake South project in Saskatchewan
- The deposit is estimated to house 860,000 tons of graphite inferred in high-grade ore averaging 7.65 per cent
- Abasca Resources is a mineral exploration company mining for graphite and uranium in Saskatchewan
- Abasca Resources stock has added 35 per cent year-over-year
Canadian graphite miner Abasca Resources (TSXV:ABA) announced the maiden resource estimate at its Loki deposit on its Key Lake South project in Saskatchewan.
The deposit is estimated to house 860,000 tons of graphite inferred in high-grade ore averaging 7.65 per cent, granting Abasca a seat at the table of North America’s domestic supply chain spanning refractories, batteries and lubricants, among numerous other applications.
According to Tuesday’s news release, the average graphite import price in North America was over US$1,200 per ton, putting Loki at over US$1 billion in the ground. A winter 2025 drill program is currently underway with the deposit remaining open at depth and along strike.
Key Lake South is only 15 km south of Cameco’s world-class Key Lake operation – with which it shares geological similarities – and boasts over 50 km of conductors with the potential for uranium mineralization.
Leadership insights
“The independent mineral resource estimate of the Loki deposit is very encouraging for Abasca to carry out further drilling for resource expansion and upgrading. Achieving this important milestone has greatly de-risked the Loki deposit for development and creation of shareholder value,” Dawn Zhou, Abasca Resources’ president and chief executive officer, said in a statement.
“This initial resource estimate provides Abasca a great foundation to continue advancing the Loki flake graphite deposit,” added Brian McEwan, Abasca Resources’ vice president of exploration. “The independent resource estimate model confirms our own internal estimate and highlights the strong continuity of the mineralization intersected in each hole. We are looking forward to the continued delineation of the deposit and moving the project into the next stages.”
About Abasca Resources
Abasca is a mineral exploration company mining for graphite and uranium in Saskatchewan.
Abasca Resources stock (TSXV:ABA) is unchanged trading at C$0.14. The stock has added 35 per cent year-over-year.
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(Top image: Abasca Resources)