Aben Resources CEO Jim Pettit provides a historical overview of the Golden Triangle and its infrastructure and how the BC government is making sure exploration companies can be successful in the area.
Aben Resources (TSXV:ABN,OTCQB:ABNAF,FWB:E2L2) CEO Jim Pettit discusses how Aben acquired the Forrest Kerr project in BC’s Golden Triangle and the exploration the company has completed on the property to date.
In the interview below, Pettit also addresses the results from last year’s exploration initiatives and how they point towards a promising and challenging mineralized zone at the the North Boundary zone.
Below is a transcript of our interview with Aben Resources CEO James Pettit. It has been edited for clarity and brevity.
Investing News Network: Please give our investors an overview of Aben Resources and its flagship Forrest Kerr project in BC’s Golden Triangle.
Aben Resources CEO Jim Pettit: Aben Resources is a junior gold exploration company with three projects, including our flagship project is the Forrest Kerr project in the Golden Triangle in northwestern British Columbia.
About three years ago, we started accumulating a strategic land package on a major structural feature. We went after three separately owned claim groups and entered into option agreements with the three owners to combine them into the Forrest Kerr property.
The 30,000-hectare property is almost 50 kilometers long and the Forrest Kerr fault runs right up the middle of it. In order to gain a 100 percent interest, we had to redo some of the NSRs. We offered stock and $3 million to be spent on the ground across the whole property. We also completed a compilation study with the data from each property to give us a regional look at the entire project so we could prioritize our exploration.
INN: The Golden Triangle is experiencing an exploration resurgence. What developments have taken place in the region that have made it so attractive to mining companies?
JP: The Golden Triangle first emerged over 30 years ago when some significant discoveries were made at the Snip mine and Eskay Creek. Working in the Golden Triangle was tough due to the lack of infrastructure and access. Then in the early 1990s, more work was being done, especially on the properties that we purchased.
Today, you have a highway that serves the region and is paved up to Dease Lake. The region also has access to power. The BC government has invested hundreds of millions of dollars to have Altagas put a power project in place. There’s enough power to supply the next 10 to 20 mines in the region. Right now, the project is powering the Red Chris and Brucejack mines. It is also powering towns like Dease Lake and Telegraph Creek for the first time and there’s enough excess power that could reach the Yukon.
It is also important to note that the receding glaciers have opened up a lot of ground in the last 30 years.
INN: Please tell us about the exploration work being conducted on the property. What do the recent positive results mean for the project?
JP: We started by looking at the results of a large historic geochemical survey conducted on the property. It displayed a high-grade section that was about four kilometers long and a couple of kilometers wide. When we put boots on the ground, we were able to verify some of the old data from the survey. We were also able to find some outcrop that hadn’t been tested before in an area north of the North Boundary zone. The zone returned rock and chip samples that contained 50 g/t gold.
Last year, we decided to start drilling in this area. Three out of nine holes graded up to 22 g/t gold over six to nine meters from this zone. All of the holes had different grades, intersections and widths, but they were all part of a very broad envelope that had a continuous grade. The first hole totaled 387-meters of continuous mineralization and contained an average 0.25 g/t gold, but had a high-grade core, as did two other holes.
This year we decided to continue drilling at the same zone because we’d left it open in all directions. We drilled under the mineralization and received some promising results. We were able to recover one meter containing over 300 g/t gold, six meters of over 60 g/t gold and 10 meters of 38 g/t gold. Following this we used our pad location permit to saturate the North Boundary zone.
We’ve completed 30 holes that are now in the lab with assays pending. By the time we sent in our samples for assay work, the local assay labs were backed up. A lot of our samples have been sent to Kamloops and we expect to report on results in the next couple of months.
INN: What is next for Aben Resources and how does that fit into the company’s long-term plans?
JP: We’ve had four holes that have come from a promising zone with a complex mineralization. It’s been tough to get a handle on the controls, structure and orientation due to the volcanism, folding and bending. We’re also looking at four different age groups of rock and possibly three to four mineralizing events. As we get a handle on the structure and orientation and as we drill more holes, we can 3D model and follow the structure, which will help our results improve naturally.
INN: Savvy investors know strong management is key to a company’s success. Are there any executives you would like to highlight on your board and management team?
JP: We have a very cohesive management team. A lot of us that have a background in M&A. Our chairman, Ron Netolitzky was involved in the founding of the Snip mine and Eskay Creek. He’s bought, developed and sold many assets like the Snip mine. Tim Termuende was involved in Copper Canyon, which was sold to NovaGold, to become part of the Galore Creek project. I focus on corporate governance and finance. Previously, I ran a company called Bayfield Resources, which was sold to New Gold in 2014. So, I’m no stranger to development and selling. I think we’ve got a great team and a great advisory board. Henry Awmack, a member of our advisory board, has been in the area for as long as Ron has.
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