Mon Mar 5, 2012 Aben Options Additional Land Holdings at Justin Gold Project, Yukon
Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (Frankfurt: E2L) (the "Company") is pleased to announce it has entered into an option agreement with Bearing Resources Ltd. (TSX-V: BRZ) whereby Aben may earn in 100% interest in the VF Gold Project in the southeast Yukon. 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.
Aben recently completed a ten-hole diamond drill program on the property in which significant greenfields gold-silver discoveries were made at the POW and Kangas Zones (see November 17, 2011 and January 10, 2012 news releases). The property is approximately 35 kilometres southeast of the Cantung Mine and has an all season road running through its claims.
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 shall be 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.
Recap of 2011 Field Season and New Discoveries:
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 60.00 metres of 1.19 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.
Previously reported ground work at the POW Zone in 2011 returned surface samples up to 8.97 g/t Au and 84.10 g/t Ag. 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.
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 14,800 additional acres of mineral tenure in the immediate vicinity of the project to facilitate an even more aggressive work program this upcoming season.
The regional geology of the southeast Yukon is represented by the basement rocks of the Selwyn Basin, Late Precambrian to Early Cambrian Hyland Group sediments. Regional mineralization is generally controlled by Mid-Cretaceous Tombstone Suite quartz monzonite intrusive stocks. The Justin Property is underlain by sedimentary rocks assigned to the Yusezyu Formation. The three distinct styles of mineralization on the property are thought to be a direct reflection of a long lived, widespread mineralizing event occurring in reactive calcareous sediments. Significant hornfels alteration of sediments across the Justin Property suggest that the intrusive stock underlying the property is multi-kilometric in size.
2012 Exploration Plans and Corporate Update:
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.
The Company is also in the final stages of data compilation and interpretation from its 2011 program on its Selwyn Recce Project. Field crews completed a very large scale regional reconnaissance program on Aben's Selwyn Recce Project that included the collection of 8782 samples, geological mapping, regional prospecting, geochemical surveys and geophysical surveys. Aben is completing a technical geological report on the project with a subsequent news release to follow.
Aben has engaged TerraLogic Exploration Inc. of Cranbrook, BC to oversee all aspects of the 2012 exploration and drilling programs on the Company's Yukon and NWT projects. TerraLogic has been operating mineral exploration projects in North America since 1992 and has extensive experience up in the Yukon and NWT. Through TerraLogic, Aben will arrange for field crews, support staff, camps, supplies, helicopters and drill rigs to conduct the exploration to be carried out this year.
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.
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.
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