Wed Jul 20, 2005 Airborne Radiometric, Electromagnetic, And Magnetometre Geophysical Surveys To Be Conducted On Labrador Uranium Properties
Consolidated Abaddon Resources Inc. (Abaddon) has now initiated its summer 2005 work program on its west central Labrador uranium properties that the Company has staked. Abaddon has acquired three licenses (16,240 acres) named the Gabbro Lake claims and three licenses (7040 acres) named the Sims Lake claims.
These licenses cover parts of the known Sims Formation where uranium was discovered near the Sims Knob Lake Group Unconformity in the early 1980's. Exploration work in the 1980's consisted of prospecting, soil sampling, and an airborne radiometric survey. Numerous uranium bearing graphitic pelitic boulders were located on the Company's Gabbro Lake property with grades up to .24% U3O8. The work programs at that time identified anomalous uranium on Abaddon's Sims Lake property in the Sims Formation sandstones. Uranium in soil anomalies of over 1 kilometre long appears to relate to the unconformity between the Sims Formation and the Knob Lake Group. These features indicate a very prospective "unconformity uranium" setting at the base of the Sims Formation associated with graphitic units in underlying rocks. Depths to the unconformity are less than 200 metres. No further follow-up work was undertaken on these anomalies due to collapsing U3O8 prices. The Trans Labrador Highway transects the area.
Abaddon announces that it has contracted Aeroquest Limited to carry out an airborne geophysical survey consisting of helicopter time-domain electromagnetic, radiometric, and magnetometre surveys. The survey will be conducted on a 200 metre line spacing grid. The airborne geophysical program is to begin immediately with helicopter and equipment being mobilized to the project at this time. Ground follow-up exploration and surveys will be scheduled on completion of the airborne surveys.
The essential element of Abaddon's land position in Labrador is a late proterozoic sandstone sequence (Sims Basin Formation) that is analogous in both age, lithologies, and structure to the flat lying Athabasca Basin sandstone in northern Saskatchewan that is host some of the highest-grade uranium deposits in the world.
In Athabasca, Abaddon continues to develop and expand on its Mann Lake property conductive zones that have been identified from the on-the-ground geophysical program carried out in the spring of 2005. The four main anomalous targets (ground TEM anomalies) in the Marean Lake area of the Mann lake property continues to stand up to scrutiny from the latest gravity survey conducted by Abaddon. The conductive anomalies are considered to be derived from basement sources, likely graphitic horizons. The Athabasca sandstone underlying the Mann Lake property is estimated to have a thickness of 500+ metres in the north end of the property to 770 metres in the south end, based on information obtained from prior work on adjacent properties. The interpretation to date of the latest geophysical surveys suggests that the four anomalies at the Marean Lake location could represent favorable targets for exploration for unconformity uranium deposits. Further target definition geophysical surveys are necessary before drill testing. Abaddon is now preparing a detailed geophysical program on the Marean Lake site to be conducted in late fall 2005. It is anticipated that the detailed surveys will yield sufficient drill targets to warrant a 1st. Phase Drill Program.
David J. Busch, B.A., B.Sc. (hons.), PGeo. is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
Consolidated Abaddon Resources Inc. is a Canadian uranium and gold exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan and the SIMS BASIN of northwestern Labrador. The Company is also developing a gold property in the RED LAKE MINING DISTRICT of northwestern Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
For further information contact myself or:
Consolidated Abaddon Resources Inc.
VP Corporate Communications
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
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