Abasca raising $3.0 million for Saskatchewan graphite project
Abasca Resources Inc. [ABA-TSXV] has announced details of a non-brokered private placement financing that is expected to raise $3.0 million, with proceeds earmarked for the company’s Loki Flake Graphite deposit in Saskatchewan.
The private placement will consist of the sale of 12 million common shares priced at 25 cents per share (the FT shares). Each FT share will be issued as a flow-through share as defined in the Income Tax Act (Canada).
The company also said it has engaged High Grade Mining Consulting Ltd., led by veteran mining engineer Gary Haywood, to provide strategic technical advise for the advancement of the 100%-owned Loki project. High Grade Mining will assist with the preparation of the upcoming preliminary economic assessment for the Loki Deposit.
The company said Haywood brings decades of extensive experience in mine operations and project development, with a specific focus on Northern Saskatchewan. His previous roles include Vice-President of Project Development at Fission Uranium Corp., where he played a key role in the development of the Patterson Lake South (PLS) uranium project. Fission Uranium was acquired in 2024 by Paladin Energy Ltd. [PDN-TSX, ASX, PALAF-OTCQX]. He was also Vice-President of Operations and COO at Golden Band Resources. Additionally, Haywood held senior engineering and operational roles with Cameco Corp. [CCO-TSX, CCJ-NYSE] at the Eagle Point and McArthur River Mines.
On Friday, Abasca shares were unchanged at $0.09 and trade in a 52-week range of 15.5 cents and $0.04.
The Loki deposit is located on Abasca’s Key Lake South project, a 23,977-hectare exploration project located in the Athabasca Basin region of Saskatchewan. The Athabasca Basin is a region that ranks among the world’s leading uranium districts for exploration and mining.
Key Lake South lies approximately 15 kilometres south of the former Key Lake mine and current Key Lake mill which processes ore from Cameco’s McArthur River uranium mine. The project possesses geological similarities and is located along strike from the Key Lake Mine with prospective corridors of over 50 kilometres for potential uranium mineralization.
The Loki Flake Graphite Deposit was discovered in 2016 while Abasca was exploring for uranium. The 2016 drilling intersected a zone over a 2.0-kilometre trend with intersections of up to 40 metres in length. In the fall of 2023, samples were re-analysed for graphite and assays returned values up to 22.2% Cg. An additional 22 holes, covering 5,925 metres was completed in 2024. These holes were drilled into a 600-metre section of the deposit at 100 metre drill spacings and contributed to the maiden resource estimate announced in April, 2025. The total estimated inferred resource stands at 11.31 million tonnes of graphite at an average grade of 7.65% Cg.