Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (OTCBB: ABNAF) (Frankfurt: E2L2) (the "Company") is pleased to announce the Company has increased its land position at its 4,716-hectare Chico Gold Project located 125 kilometres east of La Ronge, Saskatchewan and 40 kilometres south of SSR Mining's (formerly Silver Standard Resources) Seabee gold operation. Aben Resources holds the exclusive right to earn an undivided 80-per-cent interest in the property by completing $3.5-million in exploration expenditures, issuing 2.5 million shares and making $150,000 in cash payments to Eagle Plains Resources (TSX-V: EPL) by 2020.
Chico Gold Project, Saskatchewan location map:
Eagle Plains has recently acquired six additional mineral dispositions for a total area of 1,799 hectares located adjacent to the original holdings through a combination of staking and the completion of a purchase agreement with V. Mitchell (an unrelated third-party vendor) whereby Mr. Mitchell will receive a combination of $10,000 cash and 100,000 common shares of Eagle Plains at a deemed price of 15 cents per share. These specific dispositions will be subject to a 1-per-cent net smelter return royalty which includes a buy-down provision. All additional tenures will be included in the current option agreement with Aben and subject to the terms and conditions of that agreement.
Chico Property Highlights and Exploration Activity:
The overall objective of the 2016 and 2017 programs was to identify mineralization, alteration and structural features similar to those at the nearby Seabee and Santoy deposits that were recently acquired by SSR Mining (formerly Silver Standard Resources). The Seabee Gold operation has been in continuous production since 1991, producing1.2 million ounces of gold from the Seabee and the Santoy deposits.
Chico property highlights include the presence of a 1.5 kilometre-long mineralized structural corridor (Chico Trend) which is confirmed by geophysical surveys, geological mapping and soil geochemical surveys. Historical drilling, trenching and sampling have been completed on the property and have returned high-grade gold results. Highlights include:
- High grade intercepts from historic drilling include 0.424 oz/ton gold or 14.5 grams/tonne (g/T) gold over 0.4m at Chico showing and 0.281 oz/ton gold or 9.6 g/T gold over 2.0m at Royex showing;
- Historic sampling and trenching on the Chico Trend has returned over 100 samples greater than 500 ppb gold in eight trenched areas.
TerraLogic Exploration completed systematic fieldwork for Aben in 2016 on the Chico property, including a 661 line-kilometre airborne magnetometer geophysical survey, mapping, trenching and soil geochemical surveys. Rock samples collected along this structural corridor ranged from trace quantities to 20.2 grams per tonne (g/T) gold. During 2017, Aben conducted a detailed induced polarization geophysical survey designed to define high-grade gold targets for future drilling activity. This work resulted in numerous high-priority drill targets being identified. Permits have been issued and drilling is expected this winter.
Chico Exploration History:
Trenching and drilling activities carried out by Corona Corporation and Cameco from 1988 to 1993 defined a mineralized strike length of over 1400 metres. Trenching by Corona at the Royex showing returned five chip samples greater than 1000 ppb gold with a best (chip) sample of 14.3 g/T gold over 1 metre (AR 63M06-0034). Follow-up diamond drilling by Cameco near the Royex trench returned five significant intercepts ranging from 0.51 g/T gold over 1.5 metres, to 36.3 g/T gold over 0.3 metres (AR 63M06-0041).
Mineralized shear zones and quartz veining that define the Chico Zone are hosted in diorite and granite rocks and especially along the sheared contact between these two units. The Chico and the adjacent parallel Ed and Western structural zones are related splay structures off the larger Tabbernor fault system. Despite the significant surface discoveries of gold along these structural trends, mineralization remains largely untested at depth and along strike extensions.
The Tabbernor fault is a 1,500 kilometre-long regional structure which has been traced from as far north as the Rabbit Lake uranium mine in northern Saskatchewan to as far south as the Black Hills of South Dakota, the latter of which hosts the 40-million-ounce Homestake gold deposit. The shared proximity to the Tabbernor structure and similarities in terms of age and tectonic history to the Homestake and Seabee/Santoy deposits was the main driving force behind Aben's interest in the Chico property. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties. Aben has not been able to independently verify the methodology and results from historical work programs within the property boundaries. However, management believes that the historical work programs have been conducted in a professional manner and the quality of data and information produced from them are relevant.
Cornell McDowell, P.Geo., V.P. of Exploration of 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 Canadian gold exploration company developing gold-focused projects in British Columbia, Saskatchewan and the Yukon Territory. Aben is a well-funded junior exploration company with approximately 53.2 million shares issued and outstanding. 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 myself or:
Aben Resources Ltd.
Director, Investor Relations
Toll Free: 800-567-8181
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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.