Ms. Dawn Zhou reports

ABASCA RESOURCES CONFIRMS ANOMALOUS URANIUM INTERSECTIONS IN ITS 2023 WINTER DRILL PROGRAM ON KEY LAKE SOUTH URANIUM PROJECT

Abasca Resources Inc. has released geochemical assays from drill core samples collected during its successful winter drilling program on the 100-per-cent-owned, 23,977-hectare Key Lake South uranium project (KLS). The company drilled a total of 11 holes comprising 4,959 metres at the Mustang target area, intersecting anomalous radioactivity in eight holes (previously released), and assays confirm anomalous uranium intersections.

Assay highlights:

• Nine of the 11 drill holes intersected anomalous uranium over a cumulative total core length of 13.85 m.
• KLS-23-004 intersected a total of 1.5 m of anomalous uranium, including 10 centimetres at 1,260 parts per million U.
• KLS-23-006 intersected a total of 3.4 m of anomalous uranium, including 79 cm at 897 ppm U and 43 cm at 942 ppm U.
• KLS-23-009 intersected a total of 2.4 m of anomalous uranium, including 50 cm at 1,010 ppm U.

Drilling highlights:

• Multiple stacked graphic fault zones intersected at major lithological contacts with overprinting fracture zones, fault gouge and fault breccia -- ideal features in other basement-hosted uranium deposits in the Athabasca basin region.
• Confirmed anomalous uranium intersections located proximal to graphitic fault zones that are also elevated in pathfinder elements, including up to 3,540 ppm boron, 267 ppm cerium, 350 ppm copper and 381 ppm vanadium.
• Silicification, hematite and clay alteration observed in all drill holes within and proximal to fracture and fault zones.

The identification of silicification, hematite and clay alteration within reactivated fault zone systems and coincident anomalous pathfinder element geochemistry, including boron, cerium and copper, is essential to the search for uranium deposits such as the Key Lake and Arrow uranium deposits of the Athabasca basin of Saskatchewan.

Brian McEwan, vice-president, exploration, stated: "The assay results of elevation uranium intersections and positive evidence of pathfinder elements are very encouraging and confirm the presence of anomalous uranium at Mustang. We look forward to continuing exploration at Mustang as well the remaining eight kilometres along strike toward the north."

"Abasca is pleased with the findings of the winter drill program and will continue advancing the KLS project to its full potentials for hosting uranium deposits. Plans for financing and logistics are on the way to start a summer drill program in near future," stated Dawn Zhou, president and chief executive officer.

Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., an independent laboratory accredited under ISO/IEC 17025:2017 for preparation and inductively coupled plasma mass spectrometry multielement analysis and boron by fusion. Blanks, standard reference materials and repeats were inserted into the sample stream at regular intervals in accordance with Abasca's quality assurance/quality control procedures.

Qualified person

The technical information in this news release has been reviewed and approved by Dave Billard, PGeo, a qualified person as set out in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Billard is a director of Abasca.

About Abasca Resources Inc.

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The company owns the Key Lake South uranium project, a 23,977-hectare uranium exploration project located in the Athabasca basin region in Northern Saskatchewan, approximately 15 kilometres south of the former Key Lake mine and current Key Lake mill.

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