Aben Resources Ltd.(TSX-V: ABN)(OTCQB: ABNAF) (Frankfurt: E2L2) ("Aben" or "the Company") is pleased to announce it has closed a non-brokered private placement financing for total gross proceeds of CAD $211,500 (the "Placement").
The Company has allotted and issued 6,042,857 units (the "Units") at a price of CAD $0.035 per Unit. Each Unit is comprised of one common share and one transferable warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.05 per share.
The Company intends to use the proceeds from the Placement towards general working capital purposes. All securities issued under the Placement will be subject to a four-month and one-day hold period expiring December 5, 2022. The Placement remains subject to the final approval of the TSX Venture Exchange.
About Aben Resources:
Aben Resources is a well-funded 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 web site at www.abenresources.com.
ABEN RESOURCES LTD.
"Jim Pettit"
______________________
JAMES G. PETTIT
President & CEO
For further information contact:
Riley Trimble, Corporate Communications
Aben Resources Ltd.
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 Resources
Overview:
From British Columbia to Newfoundland and all the provinces in between, there’s no denying Canada is a world-class mining destination. Not only have many mining operations struck gold, both literally and figuratively, but the nation has also recently made itself more mining-friendly with initiatives like the Canadian Minerals and Metals Plan. With mining-friendly laws and lucrative mining opportunities developing all over the country, it is no surprise that Canada ranks among the top five for 17 minerals and metals, ranking 5th in gold production worldwide.
The Golden Triangle represents an incredibly lucrative mining region within the country. This region is located in northwestern British Columbia and is known to be a hotbed for mineral exploration and acquisition. In 2020, $422M in mineral exploration expenditures in BC was reported and approximately 44 percent was for the Golden Triangle.
Numerous companies have been operating out of the region. Notable groups and their projects include Skeena Resources (TSX:SKE) and Hochschild Mining’s (LON: HOC) joint-venture Snip Gold Mine, and Newmont (NYSE:NEM) and Teck Resources’ (TSX: TECK.B) joint-venture Galore Creek, as well as the Bruck Mine and the Red Chris Mine. The expansion of these projects have led to a surge in development in infrastructure in the Golden Triangle, including highway upgrades, ocean port facilities, and completion of a $700 million high-voltage transmission line. Combined with rising gold prices and the success of existing mines, it is no wonder why visionary mining companies have renewed interest in the fabled Golden Triangle.
Aben Resources (TSXV:ABN) aims to turn exploration into discovery, not only in the Golden Triangle but also in the Red Lake Gold Camp in Ontario, the Yukon, and Southeast BC. The company offers the right combination of an experienced management team and diverse operations across resource-rich Canada, and is committed to generating value for investors.
Aben Resources’ Forest Kerr Gold project located in the very heart of British Columbia’s Golden Triangle. This project is near the famous Eskay Creek and Galore Creek operations. Aben Resources also has ongoing interests in the Slocan Graphite project, which presents the company with the ability to capitalize off a looming graphite shortage and projected price hike. By having a diverse group of projects located in premier gold camps within Canada, Aben Resources remains anchored by gold exploration with some exposure to the energy metals space.
From a management perspective, Aben Resources is led by an experienced management team with decades of expertise in resource exploration and development. James Pettit, CEO, brings 25 years of industry experience specializing in corporate governance, finance and executive management. Donald Huston, Director and CFO, has 30 years of experience in the mineral exploration industry, having worked with numerous mineral exploration projects throughout North America. Meanwhile, Cornell McDowell, VP of Exploration, has his degree in geology and has been managing mineral exploration projects since graduation. Other staff members bring unique experience and qualifications that build confidence in Aben Resources.
Aben Resources’ focus for 2022 will be initiating exploration programs in Red Lake at the Pringle North Project in Ontario and in BC at the Slocan Graphite Project. The Company will continue to evaluate the Forrest Kerr Project in BC’s Golden Triangle and the Justin Project in the Yukon.
Company Highlights
- Aben Resources’ 100 percent owned Forest Kerr Gold project is located in the middle of the Golden Triangle, an area known for having produced millions of ounces of gold and silver and is proximal to known deposits.
- Aben Resources also has the option to acquire a 100 percent interest in the Slocan Gold project in southeast British Columbia, which presents the company with the much-needed graphite.
- Aben Resources’ Pringle North gold project is located in Red Lake, Ontario; the corporation has the option to acquire a 100 percent right, title and interest in the property
- Aben Resources’ Justin Gold project is located in the eastern Yukon, Canada. The company has received and filed a NI 43-101 compliant Technical Report for the project in February 2022.
- Aben Resources is led by a strong management team with decades of experience in mineral exploration, corporate financing and executive management
Key Projects
Forrest Kerr Gold Project
Aben Resources’ Forrest Kerr Gold project is located in the very heart of British Columbia’s Golden Triangle. Aben Resources has a 100 percent interest in the project, which consists of 23,397 hectares and is near Skeena Resources Eskay Creek, the historic Snip Mine, and Newmont’s and Teck Resources’ Galore Creek.
Project Highlights:
- Newly Constructed Infrastructure: Due to recent investment in the Golden Triangle, there is now direct access to the Forest Kerr Gold project, including a new high voltage transmission line, a paved highway, and a new seaport.
- Multiple Promising Regions: The Forest Kerr Gold project has two key divisions: The North Boundary and the South Boundary, which have high prospects for precious metal mineralization. The North Boundary is located at the intersection of the Blind Fault and the Nelson Creek Fault Zone, with numerous positive drill assay results including 3.9 g/t Au over 13.0m, 22.0 g/t Au over 4.0m, 38.7 g/t Au over 10.0m.
- Positive Historic Drilling Data: The region may have had poor infrastructure, but previous owners explored 30,000 meters with 175 drill holes, 19,358 soil samples, 2,175 rock samples, and 500 slit samples. All of this exploration generated promising results to encourage further exploration and potential development.
Pringle North Gold Project
The project consists of 1,881 hectares, with Aben Resources having signed an agreement to gain 100 percent right, title and interest in the property. The Pringle North Project is located 55 kilometers north of the prolific Red Lake Gold Camp in Ontario and straddles the interpreted northern extension of the deep-seated geologic structures that host many of the gold deposits within the Red Lake Gold Camp. The newly termed ‘Red Lake Extension’ is a crustal-scale extensional feature identified by seismic reflection surveys and has been described by the Ministry of Energy, Northern Development and Mines as similar in nature and significance to the structures that host the Red Lake Gold Belt.
The Red Lake Mining Complex is located within the Red Lake greenstone belt of the Superior Tectonic Province. This belt is host to one of Canada’s largest and richest Archean gold deposits producing more than 26 million ounces of gold since the 1930s. The Red Lake Greenstone Belt is subdivided into several rock assemblages recording magmatic and sedimentary activities that occurred from 3.0 to 2.7 billion years ago.
Project Highlights:
- Promising Historic Exploration Results: While there has not been much recent work, till samples revealed some >95 percentile and >99 percentile anomalous gold.
- Discovery Potential: There has been little systematic exploration throughout the project’s area, creating the potential for exciting gold deposit discovery. The Uchi Subprovince is known for gold deposits, and yet, Pringle North has been underexplored.
- Proximity to Successful Projects: The project is located in an excellent area known for gold mining, including proximity to Red Lake Gold Camp Mine Complex.
Slocan Graphite Project
The Slocan Graphite project is located in the Valhalla Range of the Selkirk Mountains, in southeast British Columbia. Slocan Graphite consists of 2,387 hectares and is currently 100 percent owned by Eagle Plains Resources (TSXV: EPL). Given that natural flake graphite has increased in price by 25 percent between May and December of 2021 and is expected to increase to a price of $700/t in 2022 amid increased graphite demand, there is a need for a better graphite supply.Project Highlights:
- Excellent Infrastructure: There have been significant developments in the area, including proximity to transmission lines, forestry roads and Eagle Graphite’s processing facilities.
- Successful Nearby Projects: The Black Crystal Graphite Quarry is near the project, building confidence for meaningful discoveries.
- Exclusive Rights: As of January 25, 2022, Aben Resources holds the exclusive right to obtain a 100 percent interest in Slocan Graphite.
Justin Gold Project
The Justin Gold project is located in the southeast Yukon on the Tintina Gold Belt. The project covers 7,400 hectares, with Aben Resources having a 100 percent interest. Historic drilling has generated increased interest in this project, as drill holes have already intersected with gold mineralizations.
Project Highlights:
- Potential for High-Grade Gold Deposits: Drilling has yielded positive results, including the 2017 channel sampling, which discovered 1.44 g/t Au over 5 meters and the 2018 trench sampling, which discovered 20.8 g/t gold over 4.4 meters including 88.2 g/t gold (Au) over 1.0 m.
- Promising Drill Results: Drill intercept results from February 8, 2022 : 1.19 g/t Au over 60.0 m, including 2.47 g/t Au over 21.0 m) and 1.49 g/t Au over 46.4 m.
- NI 43-191 technical report filed.
Management Team
James G. Pettit - Director, Chairman and CEO
Jim Pettit has been President and Chief Executive Officer and a Director of Aben Resources Ltd. since November 2002. Pettit is currently serving on the board of directors of five publicly traded companies and offers over 25 years of experience within the industry specializing in finance, corporate governance, executive management and compliance. He was previously Chairman and C.E.O. of Bayfield Ventures Corp. which was bought by New Gold Inc. in January 2015.
Donald C. Huston - Director and CFO
Don Huston serves as a Director and acting Chief Financial Officer of Aben Resources Ltd. and has been associated with the mineral exploration industry for over 30 years. Huston has extensive experience as a financier and in-field manager of numerous mineral exploration projects in North America. He was born and raised in Red Lake, Ontario and spent 15 years as a geophysical contractor with C.D. Huston & Sons Ltd. as mineral exploration consultants in northern Ontario, Manitoba and Saskatchewan. He serves as a director of four Canadian public mineral resource companies.
Timothy Termuende P.Geo - Director
Tim Termuende serves as a Director of Aben Resources Ltd. and is a professional geologist with over 30 years experience in the mineral exploration industry and is a Qualified Person as defined by National Instrument 43-101. Mr. Termuende is currently the President and Chief Executive Officer of Eagle Plains Resources Ltd. in addition to serving as a director of a number of other public companies.
Since earning his degree in Geological Sciences at the University of British Columbia in 1987, Mr. Termuende has worked on exploration projects throughout North, Central, and South America and has been personally involved in exploration within the Forrest Kerr, BC area in the early 1990’s. He has been continuously active in mineral exploration throughout western Canada since 1976, and currently oversees a broad range of ongoing exploration projects located throughout British Columbia, Saskatchewan, the Yukon and the Northwest Territories.
Cornell McDowell - Vice President of Exploration
Cornell McDowell is a professional geologist registered in both Alberta and British Columbia and serves as Vice President of Exploration for Aben Resources Ltd. and is the Qualified Person. McDowell has been self-employed as a geological consultant since graduating with a Bachelor of Science (Specialization in Geology) from the University of Alberta in 2005. He has worked with both privately held and publicly listed mineral exploration corporations, most recently with Gold Reach Resources on the Ootsa Project, where in excess of 100,000 meters of drilling has advanced the project from initial stage through resource development to the delivery of a positive PEA. He also serves on the Board of Directors and Audit Committee for Manson Creek Resources Ltd.
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.