Consolidated Abaddon Begins Exploration on Raleigh Lake Lithium Project
Wed Sep 30, 9:00 AM
Email StoryIM StoryPrintable View.VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2009) - Consolidated Abaddon Resources Inc. (TSX VENTURE: ABN.V) (FRANKFURT:E2L) (the "Company") announces that a fall work program has commenced on its newly acquired 560 acres Raleigh Lake Lithium claims located Kenora Mining Division in Northwestern Ontario.
Raleigh Lake lithium property map: consolidatedabaddon.com
A crew has been mobilized to the Raleigh Lake Lithium project. The initial exploration program will consist of compilation of previous data from a modest drill program that was completed in 1999, locating of drill collars in the field and the re-logging of existing core. A detailed mapping program of abundant lithium bearing pegmatite outcrops located on the Raleigh Lake property and a tightly spaced detailed magnetometer program to better define the known geological structures will also be completed.
Raleigh Lake lithium bearing pegmatites have been known in the area since the 1960's. Ontario Provincial Government mapping in the 1990's identified a 'Pegmatite Field' trending through the area. A modest drilling program by Avalon Ventures Ltd. in 1999 and 2000 defined several stacked shallow dipping (20-30 degrees) tantalum-lithium bearing dikes in several drill holes. Thicknesses ranged from 1 to 8 metres and were shown to continue 450 metres down dip. Drill holes were relatively shallow and broadly spaced. The pegmatites appear very uniform at the spacing used and occur in volcanic rock flanking granitic intrusions. Only 4 shallow holes were drilled on the Raleigh Lake property. Historic data available in the Ontario Government geological files reflect certain intersections below.
Hole # RL 99-01 0.56 % Li (lithium) over 3.2 metres
Hole # RL 99-04 1.00 % Li over 4.1 metres
Hole # RL 99-05 1.50 % Li over 6.9 metres
Consolidated Abaddon is conducting this autumn exploration program with the intent to utilize all data gathered (new and historic) to direct the Company towards a winter 2009 - 2010 comprehensive drill program.
The Company has approximately $2 million in its treasury and no debt.
David J. Busch, B.A., B.Sc., PGeo., is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
In other news, Consolidated Abaddon announces that, further to its news release dated September 14, 2009, it has received TSX Venture Exchange acceptance of its Option Agreement to acquire a 100% interest in the Raleigh Lake Lithium property and the Selwyn Lake Rare Earth property.
Pursuant to the terms of the Option Agreement, the Company made the first issuance of 50,000 common shares and made the first payment of $5,000 to Mr. Robert Fairservice (the "Optionor").
The Optionor's shares are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring January 29, 2010.
In order to earn a 100% interest in the Raleigh Lake Lithium property and the Selwyn Lake Rare Earth property, the Company must make further cash payments of $25,000, issue an additional 100,000 common shares and incur $250,000 in exploration expenditures over the four year term of the Agreement.
About Consolidated Abaddon Resources Inc.:
Consolidated Abaddon Resources Inc. is a Canadian exploration company actively involved with the development of lithium and uranium properties in northwestern Ontario and in the Athabasca Basin of northern Saskatchewan.
For further information on Consolidated Abaddon Resources Inc. (TSX VENTURE: ABN.V), visit our Company's web site at www.consolidatedabaddon.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT, President |
