Vancouver, BC – Aben Resources Ltd. (TSX-V: ABN) (Frankfurt: E2L) (OTC Pink: ABNAF) (the “Company”) is providing an update on its Yukon and Northwest Territories properties including its 100% owned, 18,314-acre Justin Gold Project. The Justin property is located in the southeast Yukon within the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung Mine and is accessed by an all-season road.
Justin Gold Project Location Map:
In 2011, a first-pass drill program consisting of 2,020 metres in ten drill holes targeting four separate mineralized zones was completed on the Justin Project. During this program a significant new greenfield gold discovery was made at one of the zones, known as the POW Zone, with drill highlights including 60.0 metres of 1.19 g/t Au including 21.0 metres of 2.47 g/t Au in hole JN11009. A total of 1,994 metres were drilled in nine holes during the 2012 field season at the Justin property with highlights including 46.4 metres of 1.49 g/t Au in hole JN12011. Including the two discovery holes drilled during the 2011 field season, all holes completed to target depths at the POW Zone have intersected gold mineralization and the zone remains open in all directions.
Justin Project Claims Map:
- Gold mineralizing events on the Justin property directly comprise an intrusion- related gold system (“IRGS”).
- All holes drilled to completion in the POW Zone thus far have successfully intersected gold mineralization.
- Drill highlights include 60.0 metres of 1.19 g/t Au in hole JN11009, 46.4 metres of 1.49 g/t Au in hole JN12011 and 88.5 metres of 0.73 g/t Au in hole JN12018.
- The POW Zone continues to exhibit strong continuity of mineralization and remains open in all directions.
- The majority of the intrusive stock and its surrounding contact aureole at the Justin Project have yet to be tested and remain high priority targets for future exploration and drilling.
Summary of 2012 Exploration at the Justin Project:
The 2012 exploration program was successful in intersecting gold mineralization both in structurally-controlled sheeted veins and skarn style replacement settings. The results indicate that an emerging discovery has been made on the Justin property in an area described by geologists as an underexplored, emerging gold district within the Yukon Territory. Mineralization has been traced along surface for approximately 450 metres west-east by 200 metres north-south and to 205 metres depth.
Results from the 2012 diamond drill program are summarized in the table below:
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)|
* g/t = grams per metric tonne
* Au intercepts were calculated using a 0.1 g/t Au cut-off grade
* The reported results above are down-hole interval lengths; true widths for the mineralized intercepts are not yet known
Jim Pettit, President of Aben Resources, stated: “The Company is very pleased with the drilling to date and how quickly an understanding has been gained with respect to mineralizing controls at the Justin Property. The POW gold zone is rapidly expanding and with everything learned this season we believe we have just scratched the surface of this exciting new greenfield discovery.”
Follow up prospecting and surface sampling from the POW Zone continued to yield prospective gold mineralization, expanding the POW Zone to the south and west. Grab samples from sheeted veining in outcrop returned gold values ranging from anomalous up to 22.20 g/t Au. One of these samples containing the first documented sights of visible gold on the property returned 3.66 g/t Au.
Justin Project Plan View of POW Zone Drilling:
A 26 line kilometre ground based magnetics survey was completed during the 2012 field season to infill between two existing airborne magnetic surveys completed on the Justin and VF properties in 2010 and 2011. The following map displays all three geophysics grids stitched together. Key geological features have been highlighted on the map. Magnetic survey data has proven to be an effective tool for mapping structure, and the variable magnetic signature of the Justin stock, and associated contact skarns and hornfels.
Justin Project Geophysics and Areas of Interest for Drilling:
A total of 450 conventional soil samples were collected during the 2012 field season. JNL016, a 4 kilometre ridge and spur soil line returned the strongest gold in soil anomaly documented on the Justin Property to date. The soil samples are thought to be coincident with the extension of the N-S Justin fault zone extending from the POW Zone through the main zone. Another area of interest occurs approximately 2 kilometres west of the POW Zone where anomalous soil samples are coincident with a magnetic high signature, which may represent a continuation of skarn style mineralization similar to that observed within the POW Zone. These features have been highlighted on the geochemical compilation map below.
Justin Project Geochemistry Compilation Map:
Intrusion Related Gold Systems (IRGS) on the Tintina Gold Belt:
Producing IRGS deposits within the Tintina Gold Belt include Kinross’ Fort Knox operation in Alaska, with reported proven and probable reserves of 314 million tonnes grading 0.43 g/t gold, representing 4.3 million ounces of contained gold (Kinross Mineral Reserve and Resource Statement, December, 2011). Advanced IRGS projects in the Yukon include Victoria Gold’s Eagle Gold Deposit which is expected to be the Yukon’s next operating gold mine and includes Probable Reserves of 2.3 million ounces of gold from 92 million tonnes of ore with a grade of 0.78 g/t gold (outlined in a NI 43-101 definitive feasibility study). The NI 43-101 Compliant Mineral Resource has been estimated to host 222 million tonnes averaging 0.68 g/t gold, containing 4.9 million ounces of gold in the Indicated category, inclusive of Probable Reserves, and a further 78 million tonnes averaging 0.60 g/t gold, containing 1.5 million ounces of gold in the Inferred category (Victoria Gold website, November, 2012). Readers are cautioned that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Justin property.
Selwyn Recce Project and Proprietary Database:
Aben’s Selwyn Recce Project is comprised of the previously announced Northwest Territories permits totaling 426,821 acres of ground (see news release dated Feb. 14, 2011) as well as an additional 147,404 acres of land that was staked during the 2011 season in the Yukon and NWT east of ATAC Resources’ (TSX.V-ATC) Osiris gold zones. Aben’s large land position is considered prospective for the presence of Carlin-type and intrusive-related gold deposits, carbonate and sedimentary-exhalative (“sedex”) style silver-lead-zinc deposits, as well as sediment-hosted copper deposits.
Aben’s NWT Selwyn Recce Prospecting Permits:
Field crews completed a very large scale regional reconnaissance program on the Company’s Selwyn Recce Project in 2011 that included geological mapping, regional prospecting, geochemical surveys and geophysical surveys. Eighteen high priority targets had previously been identified to form the focus of the 2011 exploration efforts. The bulk of the field work was carried out on the high priority targets with many thousands of samples having been collected including 7368 soil samples, 681 rock samples, 668 silt samples, 14 heavy mineral bulk samples, and 51 petrographic analysis samples. All of the obtained data from the 8,782 samples has been imported into a database to allow for geological interpretation and analysis. Aben now possesses the largest proprietary database for the region consisting of over 21,000 samples. The Company also conducted 3,233 line kilometres of airborne magnetic and radiometric geophysical surveys to complement the sampling and prospecting program in 2011.
The field work was successful in delineating four high-priority targets warranting further exploration. Highlights and conclusions from the 2011 exploration program at these five showings include:
- Grab samples from the ENYO target returned a range of assay results from anomalous silver and base metal numbers to as high as 651 g/t Ag and 5.5% Zn.
- The Suriso showing is prospective for intrusion-related gold systems based on favourable geology and geochemical signatures.
- Grab sample assay results ranged from anomalous to as high as 0.4% Cu, 2.3% Pb and 2.8% Zn from the Bonk showing with an extensive horizon traceable for over six kilometres.
- Eight grab samples from the Energizer target returned over 10 ppm Thallium indicating the potential for Carlin-style gold mineralization in the area.
The land mass over which the various targets are located is roughly 36,000 square kilometres and less than 10% of the ground has been systemically explored to date. Aben is currently looking for a joint venture partner to help advance the project or to sell the land package and proprietary database as the Company remains focused on exploring its flagship Justin Project.
Qualified Person and Quality Assurance:
Tim J. Termuende, P.Geo., is a Director and the Qualified Person for Aben Resources’ Justin Project as defined by National Instrument 43-101, has reviewed and approved the technical information in this release. Rock and drill core analysis was conducted by ALS Minerals Canada. Samples were analyzed for multiple elements by aqua regia 35 element ICP-AES and for gold by 30 gram fire assay with AA finish. Gravimetric fire assay was done for samples returning greater than 10 g/t Au from ICP-AES analysis. When visible gold was noted in drill core or rock samples, and where fire assay results returned grades > 5.0 g/t Au, “Metallic Screen Fire Assay” analysis was utilized. Screen metallic assay results are accepted as the most representative value and are used in the geochemical database. The Company has implemented a quality assurance and quality control (QA-QC) program to ensure that the sampling and analysis of all samples is conducted in accordance with industry best practices, including insertions of blank, standard, and duplicate samples.
Aben has engaged TerraLogic Exploration Inc. to oversee all aspects of the 2011-2012 exploration and drilling programs on the Company’s Yukon projects. TerraLogic has been operating mineral exploration projects in North America since 1992 and has extensive experience in the Yukon and NWT.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company exploring and developing its portfolio of properties in the Yukon and NWT in which it has exploration rights to more than 600,000 acres of land. The Company’s road-accessible flagship property, the Justin Gold Project, boasts a new greenfield discovery made in 2011.
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.
Corporate Development and Communications
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.