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![Aben Resources](https://investingnews.com/media-library/aben-resources.jpg?id=30133675&width=1200&height=802)
Aben Resources Announces Completion of First Phase of Field Exploration at the Slocan Graphite Project
Aben Resources Ltd.(TSX-V: ABN)(OTCQB: ABNAF) (Frankfurt: E2L2) ("Aben" or "the Company") is pleased to announce that the first phase of field exploration at the Slocan Graphite Project has been completed. The initial stage of exploration comprised field reconnaissance, geological mapping, rock and soil sampling, and the evaluation of prospective drill sites for a potential fall 2022 drill program.
Slocan Project Location
https://map.juniormininghub.com/?gid=3257&modal=project_summary
During phase 1 exploration, Aben geologists took 52 surface rock samples from a variety of prospective lithologies over several kilometers. Geologic sampling and mapping has been greatly aided by the comprehensive network of logging roads that traverse the Property and provide wide-spread rock exposure. 2022 marks the first comprehensive exploration program to assess the potential for the Property to host economic graphite mineralization. Based on early field observations, Aben has added ground to the Slocan Graphite tenure with the addition of a 439.4 hectare claim by staking, bringing the total hectarage to 2826.
Slocan Surface Sampling
https://abenresources.com/site/assets/files/4229/slocan_surface_sampling.jpg
Slocan Tedesco Conductor
https://abenresources.com/site/assets/files/4229/slocan_tedesco_conductor.jpg
Aben currently has a Multi-Year Area Based (MYAB) application for the Property under review by the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia. Communication between Aben, the Ministry and the First Nations is ongoing and progressive. Ground exploration free of mechanical disturbance is allowed to continue during this period of consultation.
About Slocan Graphite Project:
The Slocan Graphite Project benefits from excellent infrastructure including forestry road access to and throughout the property, a high-voltage transmission line within 1.0 km of the property boundary and an existing graphite processing facility within 1.5 km of the property. The facility is owned by Eagle Graphite Corporation, and is one of only two natural flake graphite production facilities in North America.
Slocan Infrastructure
https://abenresources.com/site/assets/files/4229/slocan_infrastructure.jpg
Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty ("NPR") in the road-accessible Slocan Graphite Project, located 34km northwest of Castlegar, British Columbia. The 2,826 hectare Slocan Graphite Property hosts several flake graphite-bearing outcrops (high values of 3.36 and 4.43 % graphitic Carbon) at the Tedesco Zone, which is coincident with a strong conductive anomaly identified in 2010 that is interpreted to extend up to 2.0km from the known surficial occurrences.
Slocan Presentation
https://abenresources.com/site/assets/files/4229/slocan_graphite_2022.pdf
About Graphite:
Natural flake graphite is the fastest-growing product type and will continue to lead with a healthy growth rate of 9.5% in terms of value between 2021 and 2025.
In value and volume, batteries to exhibit the fastest-growth of 17.9% between 2021 and 2025. An average HEV contains up to 10 kgs of graphite, where in EVs it is up to 70 kgs.
Currently, synthetic graphite is the preferred material for battery anode materials. However, in the past few years, a significant shift towards natural flake graphite has been observed due to its cost-competitiveness and performance.
Graphite is the most preferred battery anode material for rechargeable batteries and the battery segment is anticipated to create an incremental opportunity worth US$4.6 Bn between 2020 and 2025.
In 2019, Asia Pacific was the largest consumer of graphite and is expected to grow 9.1% in terms of value between 2021 and 2025.
China's graphite production is anticipated to consolidate owing to environmental issues. New companies are entering into the graphite space, especially in the processing of natural flake graphite. Graphite is considered as a material of green energy and technology.
https://abenresources.com/projects/slocan/about-graphite/
Qualified Person:
Cornell McDowell, P.Geo. and Vice President of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person (QP), as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a diversified Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company's website at www.abenresources.com.
ABEN RESOURCES LTD.
"Jim Pettit"
______________________
JAMES G. PETTIT
President & CEO
For further information contact:
Aben Resources Ltd.
Riley Trimble, Corporate Communications
Telephone: 604-416-2978
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Announces COVID-19 Response
Aben Resources Ltd. (TSXV:ABN) (OTCQB:ABNAF) (Frankfurt:E2L2) (“Aben” or “the Company”) announces that it has implemented operational procedures across the company to protect the health of its office staff, field crews, contractors, stakeholders, and local communities during the COVID-19 global pandemic. In order to mitigate the potential effects of COVID-19, office and field staff, where possible, have been working from home per government advisories and the Company expects them to remain working remotely until such advisories have been lifted. Plans for field work for 2020 will be evaluated and updated as the current COVID-19 situation evolves. Aben Resources remains well-financed with over CAD$1.2 million in the Treasury. The company is continually monitoring the COVID-19 situation and considers the health and safety of staff and all stakeholders as paramount.
The company also announces the resignation of Donald G. Myers as Director of the Company to focus on other endeavours. Aben Resources expresses its appreciation to Mr. Myers for his many years of service and his key role in the development of the company.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.2 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com
ABEN RESOURCES LTD.
“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Simon Dyakowski
Aben Resources Ltd.
Strategic Advisor
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Reports Final Drill Results from 2019 Exploration Program and Completes Earn-in for the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted analytical results from the final seven drill holes (FK19-64 to 70) of the 2019 drill exploration program conducted at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. Five of these drill holes were collared in the far south of the Boundary Valley with two holes completed at the Forrest prospect, located 14 km SSW from Boundary. The second and final phase of drilling in 2019 tested for precious and base-metal mineralization associated with structures and along geologic contacts located outboard from known mineralization toward the margins of the large hydrothermal system present on this part of the Forrest Kerr Property.
Forrest Kerr Project, Golden Triangle, B.C., location map:
2019 Forrest Kerr Program Highlights:
- 9622 meters (“m”) in 25 holes, 214 soil samples, 128 rock samples and 173 line-km’s of magnetic geophysical survey completed during 2019
- High-grade gold mineralization reported in numerous holes at North Boundary Zone within a broad mineralization & alteration halo
- 500m-long gold-mineralized corridor delineated at South Boundary Zone, open in all directions
- Drilling at South Boundary encountered sediment-hosted rift-related VMS style mineralization within rocks analogous to the Eskay Creek precious metal deposit, located 30 km to the southeast of Forrest Kerr
- 100% earn-in completed, with overall project area now encompassing over 23,000 hectares
- Numerous high-priority drill targets remain untested
2019 Phase 2 Drill Hole summary:
Holes FK19-64 & 65, drilled in a scissor pattern, further delineated a consistently gold- mineralized corridor at South Boundary that measures greater than 500 meters along strike by 150 meters across. The mineralized corridor shows consistent mineralization which has been encountered in multiple (7) drill holes. The zone remains open to the north, south and at depth. The zone disappears under considerable cover to the north but geophysical data indicates that it likely extends several hundred meters toward the high-grade gold occurrence discovered at North Boundary (1.5 km North). FK19-64 averaged 0.17 g/t Au over 100m (31.0-131.0m depth), with gold values ranging from trace to a high of 4.09 g/t Au over 1.0m. FK19-65 returned an average grade of 0.13 g/t Au over 71.0 meters (274.0-345.0m downhole depth).
A cross-sectional view of the gold mineralization present in holes 62 through 65 is linked below.
Forrest Kerr Cross Section for Holes FK19-62 to FK19-65:
Holes FK19-66 to 68 tested the outer margins of a complex structural zone that dominates the southern extent of the Boundary valley. Hole 66 intersected widespread moderate to strong alteration associated with breccias and sheared horizons. A 1m wide quartz vein at 133.0m depth returned 0.65 g/t Au, 33.60 g/t Ag, 3070 ppm Pb and 13,150 ppm Zn within a 6m envelope that averaged 8.10 g/t Ag. Hole 67 encountered anomalous 1m gold values of up to 0.12 g/t, while Hole 68 (drilled from the same pad) intersected intermittent anomalous gold values ranging from trace to 0.54 g/t Au.
Forrest Kerr South Boundary Zone Drill Hole map:
The final two drill holes of 2019 were completed at the Forrest zone, located 14km south of the Boundary Valley. Targeting a strong gold-in-soil anomaly and a distinct conductive anomaly identified in a 2013 airborne VTEM geophysical survey, Hole FK 19-69 encountered intrusive and sedimentary rocks with strong to moderate alteration throughout. The hole was stopped at a downhole depth of 392m in a strongly sheared limestone unit due to difficult drilling conditions and allowed for only a partial test of the geophysical conductor. The hole did not encounter significant mineralization. Hole FK 19-70 intersected the upper portion of the soil anomaly and returned 0.46 g/t Au and 1.13 g/t Ag over 10 meters (93-103m depth) from a quartz-veined horizon.
The completion of drilling satisfies the final expenditure requirements outlined in the 2016 Option Agreement on the Forrest claim block and thereby enables Aben to claim 100% ownership of the Forrest Kerr Property.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Reports Further Drill Results from 2019 Exploration Program at the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted additional analytical results from drill holes FK19-55 through FK19-63. These results are from the 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. This release reports on drill holes located within the Boundary Valley but distal to the main mineralized zone at North Boundary. Part of a second phase of drilling, these holes tested for precious and base metal mineralization along geologic structures and contacts located outboard from known mineralization toward the margins of the large hydrothermal system present on this part of the Forrest Kerr Property.
The 2019 drill program sought to increase the mineralized footprint in the Boundary valley, test outlying fault and shear structures for potential mineralization and to ultimately vector toward a heat and mineralizing source for the focused high-grade precious and base metal mineralization recently discovered on the Property.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Drill hole FK19-55 (250, -80), a sub-vertical hole collared in the Cracko zone, tested for polymetallic mineralization at depth near the southern limit of the North Boundary zone (450 m south of the mineralized center). 26 separate meter-long intervals returned Au values between 0.10 and 1.26 g/t Au with periodic Ag-Cu+/- Zn mineralization. Hole 55 was the deepest hole drilled on the Property thus far (525 meters vertical depth) and shows the mineralized zone at North Boundary that now measures 750 m x 250 m is still highly prospective at depth.
Forrest Kerr North Boundary Mineralized Plan View map:
https://abenresources.com/site/assets/files/4855/abn_n_boundary_min_plan_view.jpg
Drill holes FK19-56→58 were collared from the same pad to target mineralization associated with the Cracko fault. Holes 56 & 57 failed to cross this important structure and were abandoned prior to the target depth. Hole 56 encountered multiple isolated mineralized horizons that returned a range of polymetallic mineralization including Au (trace to 3.08 g/t), Ag (trace to 5.1 g/t), Cu (trace to 13,550 ppm) and Zn (trace to 20,600 ppm). Hole FK19-57 did not discover significant mineralization before being abandoned at 138 meters. Hole FK19-58, drilled more Easterly and at a steeper dip (090, -55) than the previous two holes, crossed the fault and ended within a poorly mineralized and intensely sericite altered rock package.
Drill holes FK19-59→61 were drilled in a fan pattern at South Boundary, located 2.5 km south of the main mineralized core at North Boundary. These three holes tested the flanks and breadth of multiple fault and shear structures within an area that represents a major structural culmination within the Boundary valley. Holes 59 and 60, drilled NNE at a -45 degree dip, encountered multiple disjunct horizons with modest Au grades (< 1.0 g/t). Hole FK19-61 (090, -48) was drilled across a major structural intersection outlined by an airborne magnetic survey completed in May 2019. This hole intersected multiple 1-meter intervals of modest Au (trace to 0.79 g/t) and Ag (trace to 11.4 g/t) mineralization with intermittent spikes in Pb (trace to 15,500 ppm) and Zn (trace to 58,800 ppm). Of note and potential importance in hole 61 was the discovery of a strongly pyritic bedded sedimentary sequence between two prominent NE trending lineations. This style of deposition and mineralization has characteristics of VMS-style stratiform mineralization found in rift environments, such as the Eskay Creek deposit, located 30 km to the Southeast. This style of mineralization had not been previously observed by Aben personnel on the Property and will be closely examined and followed up with field work and potential drill testing.
Drill holes FK19-62 & 63 were also drilled at South Boundary, about 500 m North of holes 59 → 61 and 300 m South of holes FK18-19, 20 & 21 (reported October 16, 2018). Both holes intersected coherent zones of modest grade gold mineralization with hole 62 (110, -45) reporting an average of 0.12 g/t Au between 78-135 meters (57 m) and hole 63 (110, -55) returning 0.10 g/t Au between 75-125 meters (50 m). Hole FK19-62 also encountered a separate zone between 291-337 meters that returned an average grade of 0.12 g/t Au over 46 m. Both holes intersected isolated horizons of strong Ag-Cu-Zn mineralization. The apparent mineralized corridor defined by gold values in holes 19, 20, 21, 62 & 63 measures in excess of 500 m in strike length over a lateral distance between 100-150 m. It is open toward the North and South and at depth.
Jim Pettit, President and CEO of Aben Resources states, “We are pleased with the progress of exploration to date as we have now defined gold mineralization at North Boundary over an area measuring roughly 750 x 250 meters that is still open at depth. We have also discovered a second 500-meter mineralized corridor at the South Boundary Zone that is open to the North and South as well as at depth. We drilled a zone at the southern margins of South Boundary that displays characteristics of VMS-style mineralization, a mineralization style not previously observed in the Boundary Valley. This newly found occurrence could prove to be significant and is indicative of the strength of the hydrothermal system present at Forrest Kerr with the presence of high-grade mesothermal veins and widespread porphyry-style alteration and mineralization. Aben has amassed a sizeable and growing database on the Forrest Kerr Property and we look forward to receiving analytical data from the remaining seven holes of the season.”
The 2019 exploration season has now concluded with over 9600 meters drilled in 25 drill holes. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. Base and precious metal mineralization has now been defined over an area measuring in excess of 750m x 250m at North Boundary and 500m x 150m at South Boundary. Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley.
Forrest Kerr North & South Boundary Zone Drill Hole map:
https://www.abenresources.com/site/assets/files/4826/abn_boundary_drill_plan_october_21.1024×0.jpg
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Continues to Expand Mineralized Footprint at the North Boundary Zone at the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted additional analytical results from the ongoing 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. The latest results continue to outline widespread polymetallic mineralization throughout the North Boundary Zone. These results are from 5 drill holes located at the margins and well outboard of the main mineralized core at North Boundary.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Highlights from hole FK19-52 include a 16 meter (m) interval (between 323-339m) that averaged 2.22 g/t Au, 2.39 g/t Ag and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. This mineralized zone was encountered roughly 100m below and 50m southward of historic high-grade gold mineralization discovered in 1991 (reported as 326.0 g/t Au over 1m by Noranda). Other discrete 1m intercepts from hole 52 include highs of 20.1 g/t Ag, 6.0% Cu, 0.76% Pb and 0.87% Zn. Hole FK19-53 intersected multiple zones of anomalous gold (>0.2 g/t) with the most coherent zone between 346-364m (18m) returning average values of 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag and 5860 ppm Cu and 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. This zone is significant as it occurs on the West side of the Nelson Creek fault, which previously lacked evidence of precious and base metal mineralization. Hole FK19-54 was drilled in the same direction at a steeper dip angle (-60) than hole 53 and also intersected several 1 to 2m intervals of modest grade polymetallic mineralization. Between 203-215m (12m) gold averaged 1.05 g/t, silver 1.71 g/t and copper 2108 ppm (with individual highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu over 1m). The mineralization encountered in holes 53 & 54 was discovered roughly 450m south of the main high-grade gold discoveries at North Boundary.
Base and precious metal mineralization has now been defined over an area measuring in excess of 600m x 250m at North Boundary (see map link below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. The 2019 drill program will focus on increasing the mineralized footprint in the Boundary valley and will seek to discover a heat and mineralizing source for the robust hydrothermal system present on this part of the property. As a result, analytical results are expected to continue to exhibit a range of values from trace to high-grade.
Forrest Kerr North Boundary Mineralized Plan View map:
https://abenresources.com/site/assets/files/1/ABN-N-Boundary-Min-Plan-View.jpg
Over 8000 meters have now been drilled in 21 holes with a projected seasonal total close to 10,000 meters by the end of September. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. A brief summary of all of the holes included in this release can be found below.
Forrest Kerr North Boundary Zone Drill Hole map:
https://abenresources.com/site/assets/files/4855/abn_2019_north_boundary_drilling_sept.jpg
FK19-47 (110/-60) – Drilled from the same pad as FK19-46 (previously reported August 20, 2019 at 0.12 g/t Au over 500.5 meters) at a steeper dip to test for continuity of mineralization below 47 and between the main mineralized zone at North Boundary and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). Hole 47 encountered multiple modest-grade gold (<1g/t Au) intercepts with intermittent Ag-Cu-Pb-Zn mineralization. Analytical results returned by both 46 & 47 have pushed the edge of known mineralization substantially Eastward.
FK19-48 (135/-45) – Drilled from a location 100 meters North of the main mineralized zone at North Boundary to test for potential Northeastward extension of mineralization. This hole failed to intersect significant precious metal mineralization.
FK19-49 (195/-57) – Drilled from the same pad as FK19-50 (previously reported August 20,2019 0.46 g/t Au over 61.7 meters starting at 188.0 m) at a shallower dip. Both holes 49 & 50 were planned to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated approximately 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. Hole 49 intersected weaker gold mineralization (0.52 g/t Au over 8m) than the steeper hole 50 but the combined result of the two holes shows a 20+m extension to the zone encountered in 17 & 18.
FK19-52 (310/-55) – Located roughly 500m from the main mineralized core at North Boundary and drilled from the same pad at a steeper dip than the previously reported hole FK19-51. Both holes were drilled oblique to the roughly North-South mineralized corridor to test for the southward extension of mineralization and depth potential under historically reported mineralization. Several discrete horizons of base and precious metal mineralization were reported from this hole. From 323-339 m (16m interval) average grades were 2.22 g/t Au, Ag 2.39 g/t and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. The entire hole returned an average of 0.11 g/t Au over 469.0 meters.
FK19-53 (250/-45) – Collared from the same pad as holes 51 & 52 but drilled WSW to test for mineralization potential within and adjacent to several sub-parallel fault and shear structures. Between 346-364m this hole returned 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu over 18 meters. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag, 5860 ppm Cuand 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. Multiple other moderate to high-grade intercepts of Au, Ag, Cu and Zn mineralization were encountered with an overall average of 0.10 g/t Au over 430.5 meters.
FK19-54 (250/-60) – This hole undercut the precious and base metal mineralization encountered in hole 53 at a steeper dip. Several samples returned elevated precious and base metal intercepts from discrete zones with the most coherent zone between 203-215m depth (averaging 1.05 g/t Au, 1.71 g/t Ag and 2108 ppm Cu over 12m), including 1m highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Justin Property, Yukon royalty renegotiation
The Company reported today that it had entered into a Settlement Agreement with Sandstorm Gold Ltd. (“Sandstorm”), pursuant to which the parties have renegotiated the terms of certain royalty agreements over the Company’s 100% owned Justin and Hit Properties in the Yukon. As a term of the Settlement Agreement, the Company will issue 750,000 shares to Sandstorm as partial consideration for the cancellation of certain advance royalty obligations and the creation of new royalty agreements with Sandstorm. Additional consideration for the Settlement Agreement is the assignment by the Company to Sandstorm of various royalty buyback rights held by the Company. As a result of the Settlement Agreement, the royalty obligation to Sandstorm on the Justin and Hit Properties has been reduced from 3% to 2% and the obligation to make advance royalty payments has been terminated. The Settlement Agreement and closing are subject to approval of the transaction by the TSX Venture Exchange.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $3 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Provides Initial Analytical Data from Drill Program at the Forrest Kerr Gold Project in BC’s Golden Triangle, Increases Size of Program, Update on Justin Project, Yukon
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received analytical results from the the first shipment of drill core from the 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
5000+m has now been completed in 10 holes, with numerous sample shipments now in the laboratory. Based on the encouraging results obtained to date, Aben had elected to expand the budget for the program and intends to continue drilling into September.
Forrest Kerr Project North Boundary Zone map – August 2019:
https://abenresources.com/site/assets/files/4855/nboundary2019drillingaug7.jpg
The goal of the 2019 drill program is to test a specific area of the North Boundary Zone as well as the area around the historic “Noranda hole” and a corresponding new zone of sericite alteration located south of the Noranda hole. These initial results are from three widely spaced holes located peripheral to the main zone of mineralization at North Boundary. Each hole encountered variable and intermittent polymetallic mineralization within the Hazelton volcanic/sub-volcanic sequence (brief hole descriptions are summarized below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. Thus far, drilling in this part of the Forrest Kerr Property has only tested a small portion of the potentially mineralized structures defined by the magnetic survey.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
FK19-46 (110/-45) — Drilled oblique to the main mineralized corridor at North Boundary to test for continuity of mineralization between recently discovered mineralization and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). This hole encountered multiple mineralized horizons with an overall average of 0.12 g/t Au over its entire length of 500.5 meters (m) (including 12.4 g/t Au between 203-204m).
FK19-50 (195/-65) – Drilled to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. The mineralized horizon is characterized by intermittent higher-grade gold intercepts within broad lower grade envelopes associated with fractures and fault structures. The zone remains open to the NW.
FK19-51 (310/-45) – Located some 500m from the main mineralized core at North Boundary, this hole was drilled oblique to the roughly North-South mineralized corridor to test for southward extension of mineralization and depth potential under historically reported mineralization. Multiple and sporadic Au-Ag-Cu-Pb-Zn intercepts were reported with strong widespread QSP alteration that appears to overprint earlier potassic alteration. Quartz-sulfide-hematite veins are also prevalent in this area, an important host to mineralization on this part of the property. Gold mineralization, although common, was generally low grade in this hole and not as strongly correlated to the repetitive sequences of copper mineralization. Hole FK19-52 was drilled from the same set-up at a steeper dip with assay results pending.
Aben’s President and CEO, Jim Pettit says: “We are off to a great start for the 2019 drill season. We have some exciting theories to test from the analysis of the last few years drill results as well as our new geophysical survey results. As we work our way south of the mineralized core of the North Boundary Zone, we are looking for potential connectivity with the historic, high-grade gold discovery made by Noranda in 1991. As noted from the description of Hole FK19-51, we have been drilling a highly altered zone of mineralization a few hundred meters south of the Noranda hole. The style of alteration and mineralization in this Zone has a strong association with elevated gold values in the region as well as a strong copper mineralization represented by chalcopyrite. The mineralization in this type of setting is definitely something we want to chase.”
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Soil Sampling Map at Forrest Zone:
https://www.abenresources.com/site/assets/files/4299/abn-forrest-kerr-soil-2017_1024x0.jpg
JUSTIN GOLD PROJECT, YUKON
2019 drilling consisted of 4 diamond drill-holes (963m) testing the POW Zone while 20 rotary air-blast (“RAB”) holes (592m) tested the Lost Ace Zone. At the POW Zone, drilling targeted a magnetic geophysical feature inferred to be associated with skarn alteration and sulphide mineralization. JN19020 and -021 are approximately 125 m step-outs from holes drilled during the 2011 and 2012 campaigns. Both holes intersected zones of massive sulphide, sulphide-mineralized skarn and mineralized quartz veins. Results include 1.5 g/t Au over 15.4 m (165.0-180.4 m) including 10.5 g/t Au over 1.2 m in JN19020 and 0.9 g/t Au over 3.3 m (250.5-253.8 m) including 3.5 g/t Au over 0.8 m in hole JN19021. JN19031 which tested the POW Zone magnetic “wedge” anomaly did not return significant results. At this stage the source of the anomaly is unclear, and the target remains open. JN19039 was drilled to test the mineralization potential of the Justin Fault and variably mineralized sheeted quartz veins within the Justin Intrusion. The mineralized intersection of the Justin Fault returned 0.2 g/t Au over 9.5 m (35.5 – 45.0m). The sheeted quartz veins of the Justin Intrusion, which are comparable to veins observed in surface trenching from 2014 (TR14-001), returned 0.4 g/t Au over 7.3 m (52.0-59.3 m) including 1.8 g/t over 0.6 m (sample JN19039-035; 58.7-59.3m).
Select diamond drill samples were sent to a referee lab for re-analysis. The decision was made after the first round of analysis returned results that were unexpected through zones of massive sulphide and sulphide mineralized skarn. The results from the re-analysis are in agreement with the initial results.
RAB drilling at the Lost Ace Zone was successful in intersecting the mineralized phyllite/quartz-pebble conglomerate contact discovered through surface geochemical surveys, prospecting and mapping during the 2017 and 2018 programs. Results will allow for an updated interpretation of the contact geometry and mineralization potential at depth. Results include 0.9 g/t Au over 1.5 m (19.8-21.3 m) in hole JN19026 and 0.5 g/t Au over 3.0 m (12.2-15.2 m) in hole JN19029. RAB drilling at the POW zone targeted near-surface pyrite-arsenopyrite ± galena veins first observed in DDH JN19021. Results include 0.2 g/t over 1.5 m (29.0-30.5 m) in hole JN19042. Sampling was hindered by extremely wet hole conditions, which may reduce the reliability of analytical results.
Justin Gold Project, Yukon location map:
https://www.abenresources.com/site/assets/files/4303/abn_justin_project_-_property_location_2017_small.jpg
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $5 million in the Company’s treasury and approximately 116.7 million shares issued and outstanding.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Source: www.globenewswire.com
Rich Checkan: Gold Still "Dirt Cheap" at All-time Highs, Buy Now if You Haven't
The gold price remains historically high, but for Rich Checkan, president and CEO of Asset Strategies International, the yellow metal is still "dirt cheap."
He urged those who haven't made allocations to gold and silver yet to consider buying now.
"We're heading into the doldrums, we're kind of consolidating here. China's off the market ... so the prices are low here — at all time-highs, the prices are low. And because western investors aren't buying coins and bars, the premiums are low," Checkan explained. "You've got the perfect storm here of low prices, low premiums — take advantage of it."
Watch the interview above for more from Checkan on gold and silver.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Dana Samuelson: Never More Bullish on Gold, Silver Can Easily Break Higher
Dana Samuelson of American Gold Exchange discussed his outlook for gold and silver prices in both the short and long term, and mentioned which physical products he recommends investors look into.
"I wouldn't be surprised to see silver make a US$5 or US$10 move from here very quickly, especially if gold can break a little above its all-time high," he explained on the sidelines of the the Rule Symposium.
He was speaking a week before gold did exactly that. Samuelson added, "If gold makes a run at a new high and gets into the US$2,500 (per ounce) range, I think silver could be US$45, US$50 (per ounce) very quickly."
Watch the interview above for more from Samuelson on gold and silver, as well as platinum and palladium
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
New drill drive to provide underground drill platforms to in-fill and extend existing deposits and identify new high-grade shoots
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has awarded the contract for the development of an underground exploration drill drive at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia, to specialist underground mining services contractor, Barminco Limited, a wholly owned subsidiary of the ASX-listed global diversified mining services company Perenti Limited (ASX: PRN).
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
Click here for the full ASX Release
This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Boundiali Preliminary Metallurgical Test Work Delivers Gold Recoveries up to 99%
Highlights
- Excellent Gold Recovery: Bottle roll tests on 50 samples from BDT1 confirm gold mineralization is free milling, with cyanide leach recoveries consistently exceeding 93% for samples grading 0.25 g/t gold or higher
- Oxidized Ore Excels: Oxide samples exhibit exceptional gold recoveries, averaging 97.5% and reaching a maximum of 99%
- Consistent with Expectations: The metallurgical response aligns with typical free-milling ores found in similar deposits
- Further Testing Planned: Additional metallurgical work will be conducted to establish and optimise processing flowsheets
- Well-Funded: Aurum received firm commitments for a $17M Share Placement in June with Shareholders to vote on Tranche 2 on 6 August 2024
Aurum’s Managing Director Dr. Caigen Wang said: “Preliminary gold recoveries meet our expectations and confirm gold at BDT1 is highly amenable to standard cyanide leaching. While further work is needed, these are very encouraging results.
We are well funded following a recent Share Placement and Share Purchase Plan and rapidly expanding our drilling program at Boundiali. We will have six Aurum-owned diamond rigs running from the end of August as we target delivery of an initial JORC resource for Boundiali by the end of 2024.”
Metallurgical Test Work Summary
Preliminary test work involved 50 coarse reject samples from various depths, lithologies, and oxidation states at BDT1. Samples were prepared and analysed by Intertek laboratories in Ghana.
These samples were selected from a representative range of gold grades (likely to be encountered in an open pit), lithologies and oxidation states. Samples were selected from diamond core holes drilled by Aurum at BDT1 this year and cover a subset of that prospect over a volume bounded by 300m (east to west) and 550m (south to north) and down to 328m below surface (average depth of 106m below surface).
Preparation and analysis of the samples was undertaken by Intertek laboratories in Ghana. Samples were pulverized to 85% passing 75-micron (85% of the particles are smaller than 75 microns) and then subjected to a bottle roll cyanide leach for 24 hours using the cyanide (CL1000/AA) technique with an analysis on the leach liquor to measure the leach gold grade. The residue was then filtered and analysed by 50g fire assay (FA50T/AA) to show the remaining gold (tail grade). The sum of the leach grade and the tail grade represents the calculated head grade of the original sample (total gold). The calculated gold recovery is estimated by dividing the leach grade by the total gold grade.
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition with a highly prospective gold asset in an emerging gold region and a cost-effective exploration strategy.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred in the fourth quarter of 2023 and the first quarter of 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.Drilling costs are estimated at US$45 per metre, as Aurum owns all of its drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Management Team
Troy Flannery – Non-Executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
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