Aben Issues Shares in Connection with VF Property Acquisition at its Flagship Justin Gold Project, Yukon
Vancouver, BC – Aben Resources Ltd. (TSX-V: ABN) (OTCPink: ABNAF) (the “Company”) announces that further to its news release dated March 5, 2012, it has paid the sum of $30,000 and issued 100,000 common shares to Bearing Resources Ltd. (TSX-V: BRZ) in connection with the Property Option Agreement dated March 1, 2012. The VF claims are adjacent to the west of Aben’s Justin Gold Project claims and allows the Company to increase its Justin property holdings to approximately 18,300 acres total. The property is approximately 35 kilometres southeast of the Cantung Mine and has an all season road running through the claims.
Justin Gold Project Location Map:
Under the terms of the agreement, Aben has the option to earn a 100% interest in the approximately 7,200 acre VF property by making a total of $150,000 in cash payments and issuing a total of 1,000,000 common shares to Bearing Resources over 4 years, and incur $100,000 of exploration expenditures on the property during the first year. The property is subject to a two percent (2%) net smelter return royalty (“NSR”) in favour of Bearing Resources. Aben Resources has been granted a right to purchase 1% of the NSR for the consideration of $1,500,000.
Justin Project Claims Map:
The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 13, 2012.
Justin Gold Project, Yukon:
A Phase One 2020 metre diamond drill program consisting of ten drill holes was completed on the Justin Project in 2011 to target four different mineralized zones. The previously reported drill hole results from the 2011 program indicated that a significant new greenfields gold discovery had been made on the property. The Company intercepted 60.0 metres of 1.19 g/t gold including 21.0 metres of 2.47 g/t gold in hole JN11009 in the never before drilled POW Zone.
Cross Section of POW Zone Drill Holes JN11009 and JN11010:
The intercept observed in JN11009 starts at a vertical depth of 113 metres and is dominated by massive skarn-style replacement mineralization, which has been overprinted by quartz-calcite stock work veining. Both the skarn-style and vein-style mineralization carried gold values illustrating that the new discovery zone hosts multi-phase gold mineralization. The geochemical signature of the mineralized zone is characterized by elevated Au, Bi, Cu, Mo and W supporting an Intrusion Related Gold System.
A second hole, JN11010, was drilled into the POW Zone which intercepted 11.3 metres of 2.70 g/t gold and 29.00 g/t silver starting at a vertical depth of 125 metres. Both exploratory holes drilled into the POW Zone in 2011 intercepted significant gold mineralization and this mineralization is open in all directions.
Plan View of Diamond Drill Holes in POW Zone:
Positive surface sampling results from 2010 and 2011 are located 400 metres to the east of the new gold discovery in holes JN11009 and JN11010. Furthermore, large untested geophysical anomalies proximal to the POW Zone are high priority drill targets for the upcoming 2012 exploration season.
Justin Project 3D Geophysical Mag Survey:
Aben also drill tested the Kangas Zone in 2011, located 1.3 kilometres south of the POW Zone. Difficult ground conditions hampered drilling efforts, and target depths were reached on only one of the three holes. A new high grade silver-copper zone was intercepted in previously reported hole JN11003 which was the only hole to intersect significant mineralization despite being abandoned within the contact of a fault zone. A 1.07 metre interval returned values of 7320 g/t Ag (234 oz/ton Ag) and 3.52% Cu at a down-hole depth of 42.23 metres. Sample recovery over the interval was only 15%, and therefore results may not reflect the true thickness or tenor of the mineralization. The hole was terminated within the mineralized interval due to extremely poor ground conditions. This newly discovered silver-copper zone is open along strike and follow-up drilling will be conducted this season to further delineate this high grade zone.
As a result of the new greenfields gold, silver and copper discoveries on the Justin Project, Aben has been aggressive in acquiring claims around the original property. The Company has now acquired approximately 14,200 additional acres of mineral tenure in the immediate vicinity of the project to facilitate an even more aggressive work program this upcoming season.
Aben Resources is in its final phases of planning its 2012 exploration and expanded drill program for the Justin Project and will make an announcement when it is finalized. With a more aggressive program slated for this upcoming season the bulk of the drilling will focus on expanding the newly discovered POW and Kangas Zones. Upon analyzing the results and data from last year’s field work, Aben’s management and geological team have a much better understanding of the discovery zones which will lead to a more structured and focused drill plan in 2012.
Tim J. Termuende, P.Geo., is the Qualified Person for Aben Resources as defined by National Instrument 43-101 and has reviewed and approved the technical information in this release.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company developing properties in the Yukon and Northwest Territories.
Aben’s Yukon and NWT Properties Claims Map:
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Aben Resources Ltd.
Toll Free: 800-567-8181
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 news release may contain certain “Forward-Looking Statements” that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company’s filings with Canadian Securities regulators available on www.sedar.com.