Aben Resources Provides Project Updates Ahead of 2022 Exploration Programs
Vancouver, BC – Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) is pleased to provide an update on it’s Justin Gold Project, Slocan Graphite Project and Pringle North Gold Project.
Justin Gold Project Update:
On February 8th, 2022 Aben announced it had filed an NI 43-101 compliant Technical Report pertaining to the 100% owned 7,400 hectare Justin Gold Project in the Yukon. Since that date the Company has been in discussion with multiple potential partners regarding option deals to secure future exploration on the property. The permit application for the rights to explore the property is currently in the review stage with the Yukon Environmental and Socio-Economic Assessement Board (“YESAB”).
“We’ve just finished an NI 43-101 technical report that’s been filed on Sedar. The report is a beneficial asset and provides context to our historical work on the Justin Gold Project.,” commented Jim Pettit,Chairman and CEO of Aben, “This will enable potential interested parties to review previous work done on the property and provide data for future programs.”
The Justin Property is host to rocks that have undergone multi-phase hydrothermal alteration that has produced two distinct mineralizing systems. Drilling has shown that precious metal mineralization on the Property is part of an Intrusion Related Gold System (IRGS) featuring multiple mineralization styles including sheeted vein arrays, vein breccias, stockwork veining, fault-controlled mineralization, and skarn-hosted gold horizons. Drilling at the POW Zone has returned intercepts ranging from trace values to highs of 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. The POW Zone, along with the Confluence, Main, Kangas and POW West Zones, are potential hosts to bulk-tonnage gold mineralization and higher-grade skarn mineralization. The Lost Ace Zone, located 2 kilometers from the POW Zone, is host to high-grade near-surface mesothermal gold-arsenopyrite bearing quartz veins interpreted to be part of an Orogenic Gold System. Trenching in 2018 returned values ranging from trace to 20.8 g/t gold over 4.4 meters including 88.2 g/t gold (Au) over 1.0 m at the Lost Ace Zone.
Justin Property NI 43-101 Technical Report
The Orogenic-style mineralization discovered at Lost Ace is interpreted to share many characteristics with the orogenic veins discovered at Seabridge Gold’s adjacent 3 Aces project. Exploration at 3 Aces has shown the regionally extensive stratigraphic contact in the middle Yusezyu Formation contains consistently highly anomalous gold values. The discovery of gold mineralization in the upper Yusezyu Formation at Lost Ace suggests newly discovered orogenic gold mineralization could occur over a significant stratigraphic extent between the upper and middle Yusezyu Formation on the Justin Property. In addition, the previously discovered intrusion related gold mineralization at the POW Zone would have intruded through the prospective stratigraphy which hosts the older orogenic mineralization in the district, potentially enhancing grades in the intrusion related gold system.
Pringle North Gold Project Update:
The Red Lake, Ontario area has been subject to a particularly harsh winter delaying early exploration activities on the Pringle North property. Once the weather allows, Aben’s technical team will begin grass-roots exploration activities that will inform later expansive programs.
The Pringle North Property consists of 5 contiguous mining claims covering approximately 1,881 hectares and is located 55 kilometers north of the prolific Red Lake Gold Camp. The Property straddles the interpreted northern extension of the deep-seated geologic structures that host several gold deposits within the Red Lake Gold Camp.
Pringle North Property Map
The deep-seated extensional feature was 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. Aben Resources has been compiling and interpreting regional and property-scale geologic and geophysical data in advance of a comprehensive field exploration program in 2022. The Property has seen very little ground exploration and is structurally complex with strong evidence of wide-spread shearing, folding and faulting. These structural controls provided fluid pathways that can trap gold mineralizing fluids in potentially economic concentrations.
Pringle North Geophysical Maps
In addition to the full spectrum of structural controls present on the Property, Pringle North is host to several surface samples that tested at or above the 95th percentile from an overburden sampling program by Agnico Eagle in 2009. A substantial belt of mafic to ultramafic rocks that parallel the Nungesser Deformation Zone (NDZ) have been mapped on the property. Age determination by Sanborn et al, 2004, dates this volcanic-sedimentary belt at 2.94 billion years old and assigns it to the Balmer Assemblage, which is host to the gold mines in the Red Lake Camp.
Pringle North Gold Values in Till
Slocan Graphite Project Update:
The mineral exploration permit for the Slocan Graphite project is currently under review. As the Company waits for that to be granted it will begin ground exploration on the property once the weather and terrain allow access.
Aben now 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 2,387 hectare Slocan Graphite Property hosts several large flake graphite-bearing outcrops (high values of 3.36 and 4.43 % organic 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. The Slocan Graphite Project benefits from excellent infrastructure including a high-voltage transmission line within 1.2 km of the property boundaries, an extensive network of forestry roads on and around the property, and an existing graphite processing facility located 1.5 km west of the property (owned by Eagle Graphite Corporation).
Forrest Kerr Property Update:
Aben Resources will forego ground exploration activities at the Forrest Kerr Gold Property in Northwest B.C in 2022. The Forrest Kerr Property remains an important asset to Aben Resources and all geologic data collected through recent drill programs will continue to be analyzed and re-interpreted with the aim to conduct focused exploration programs in the future. The Forrest Kerr Property is fully permitted and in good standing through March 2024.
Aben’s Chairman and CEO Jim Pettit remarked, “We are re-evaluating all of the old and new data from ground, geophysics, and drill programs conducted between 2016 and 2020. We intend to utilize the data to generate future drill targets within and beyond the North
Boundary Zone and South Boundary Zones.”
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 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.
JAMES G. PETTIT
President & CEO
For further information contact:
Charlie Millar, Corporate Communications
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 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.