Abasca Resources Inc. provided exploration updates on the 100%-owned, 23,977-hectare Key Lake South Uranium Project (KLS) in Northern Saskatchewan and to announce its exploration plans for 2024. The Company continues to focus on advancing its exploration at KLS towards a uranium discovery and is planning a 5,000 metres drill program to test prospective target areas and trends. A re-sampling program to evaluate graphite potential in what is now referred to as the "Loki Zone" is planned after recent assay and QEMSCAN analyses of samples in the Campbell target area returned significant results from the 2016 drill program.

In 2023, the Company completed two drill programs totalling 10,135 m. The programs were designed as initial follow-up to historic shallow drilling conducted in 1978 and 1979 that intersected graphitic fault zones and local clay alteration. In addition to intersecting anomalous uranium mineralization at the Mustang target area (see news release on May 24, 2023), the 2023 drilling confirmed prospective graphitic structures and local oxidation, bleaching, silicification, and clay alteration. The 2024 drill program is planned to continue the methodical testing of prospective uranium targets at KLS, including parts of the Mustang-Seager Lake conductor corridor along strike of the Key Lake uranium deposits, as well as the Campbell and Zimmer target areas.

The Mustang-Seager Lake trend is part of a regional conductive corridor that extends along-strike toward the Key Lake uranium deposits. The KLS Uranium Project includes 10 km of this corridor that comprises multiple stacked graphitic fault zones and includes anomalous uranium up to 1,260 ppm U that was intersected at the Mustang target area in 2023. The 2024 drilling will focus on testing structural breaks and bends in the central and northern segments of this largely untested corridor.

The Zimmer target area is located in the central part of the Project area and the 2024 drilling plans to follow-up on previously intersected clay alteration. The western section of the Campbell target area was previously drilled in 2016 and intersected anomalous uranium up to 2,160 ppm U in a sample from drillhole KS-CC16-13. In addition, an intensely graphitic fault zone was intersected over 40 m of core length and has a known 2 km strike-length.

The 2024 drilling at Campbell is planned to follow-up on the anomalous uranium intersection, as well as test the extents of the main fault zone to evaluate its economic potential for graphite in the Loki Zone. In addition to uranium, Natural Resources Canada also lists graphite as a critical mineral. Graphite is one of six critical minerals considered essential for priority supply chains for modern clean technologies such as batteries for Electric Vehicles (EVs).

Recent review of the drill cores from a drilling program conducted in 2016 at the Campbell target area concluded that further evaluation of its graphite potential is warranted. The 2016 drilling intersected a moderately-dipping strongly graphitic fault zone over a 2 km strike-length. Intersections of the graphitic fault were within the first 200 m of each drillhole and up to 40 m down hole.

The extents of the fault zone are currently open along-strike and down-dip. Samples from the 2016 drill program, stored at SRC Geoanalytical Laboratories in Saskatoon, were selected for graphite content as an initial test to determine further work. Several samples were also selected for flake size and morphology analysis by QEMSCAN.

The samples were originally collected to evaluate pathfinder elements as part of uranium exploration and therefore only representative samples were collected and the entire graphitic zone and its surrounding area was not sampled. Loki Flake Graphite Highlights: Strongly graphitic fault zone with intersections up to 40 m down hole and a 2 km strike-length. Shallow mineralization - intersections within first 200 m of drilling and open down-dip.

Multiple intersections with total graphite greater than 10%, including up to 22.2% in a 50 cm sample in hole KS-CC16-12. Median diameter passing percentage for 10 samples selected for QEMSCAN: 147 m, including a sample up to 214 m. Resampling of the graphite mineralization in 2016 drillcore is planned to be completed during the summer in conjunction with the 2024 drill program. Collected samples in 2016 were originally 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 and Boron by fusion.

The pulps from the samples have been stored at SRC Geoanalytical Laboratories and were analysed for graphite content and total sulphur by LECO. Samples were originally collected in 2016 as part of a uranium exploration program 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; however, no graphite reference materials were used.