Aben Makes Cash and Share Option Payments to Eagle Plains, Plans Winter Drill Program at Chico Gold Project in Saskatchewan
VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (FRANKFURT:E2L2) (the “Company”) announces the Company has made a cash payment of $25,000 and issued 250,000 common shares to Eagle Plains Resources (TSX-V:EPL) confirming Aben’s intention to continue with the existing option agreement on the 4,657 ha Chico Gold Project located 125km east of La Ronge, Saskatchewan and 40km south of SSR Mining’s (formerly Silver Standard Resources) Seabee Gold Operation. Details of the option agreement are outlined below. Aben intends to carry out diamond drilling on the Chico property in late-February. Permitting and detailed planning for the program is currently underway. Chico drilling activity is expected to be conducted concurrently with a 10,000m winter drill program to be carried out by SSR Mining Inc. on Eagle Plain’s Fisher Property, located 6km north of Chico.
Chico Gold Project, Saskatchewan location map:
http://abenresources.com/site/assets/files/4730/abn_chico_location_and_highlights.jpg
Chico Property Highlights and Exploration Activity
Chico property highlights include the presence of a 1.5 km-long mineralized structural corridor which is confirmed by geophysical surveys, geological mapping and soil geochemical surveys. Sporadic historical drilling has been completed in the area and has returned high-grade gold intercepts.
Eagle Plains in 2016 contracted TerraLogic Exploration of Cranbrook, B.C. to complete systematic fieldwork on the property including a 661 line-km airborne magnetometer geophysical survey, mapping, trenching and soil geochemical surveys. Rock samples collected along this along this structural corridor ranged from trace quantities to 20.2 g/t Au. Soil sample results include numerous highly-anomalous samples ranging to 4.5 g/t gold. During 2017, Aben and Eagle Plains conducted a detailed Induced Polarization (“I.P.”) geophysical survey designed to define high-grade gold targets. This work resulted in numerous high-priority drill targets being identified, many of which will be tested during the planned winter program.
Chico Gold Project Soil Results map, Saskatchewan:
https://www.abenresources.com/site/assets/files/4301/abn-chico-soil-results-2016.jpg
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. The Seabee Gold Operation has been in continuous production since 1991 and has produced 1.2M ounces of gold from the Seabee and the Santoy deposits. Ore geology at the Seabee Gold Operation consists of high-grade vein mineralization associated with shear zones that transect mafic meta-volcanic and intrusive rocks, as well as granitic rocks emplaced during the regional deformation events impacting the Pine Lake greenstone belt during the Proterozoic. The Seabee Gold Operation and the Chico Project occur within the Pine Lake greenstone belt. Mineralization at the Seabee Gold Operation occurs at the Seabee and Santoy mines, which are located approximately 14km apart. The former is affiliated with the more westerly-oriented Laonil Lake shear zone, while the latter is hosted on a regional north-trending shear zone associated with the Tabbernor Fault, which has been traced over much of the property. Field and underground observations at the Seabee Gold Operation suggest that shear structures nucleated at contacts between granodiorite and meta-volcanic lithologies, with high-grade zones forming at minor flexures.
The Tabbernor Fault is a 1500 km-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 40M oz 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 both Eagle Plains’ and 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 and Eagle Plains recently acquired 6 additional mineral dispositions for a total area of 1,799 ha located adjacent to the original holdings through a combination of staking and the completion of a purchase agreement with an unrelated third-party (see news release December11th, 2017).
Chico Option Agreement
Aben is earning an initial 60% interest in the Chico property from Eagle Plains by incurring $1,500,000 in exploration expenditures, issuing 1,500,000 common shares and making cash payments totalling $100,000 over 4 years. Upon earning this 60% interest, Aben may elect to exercise a second option to earn a further 20% interest by incurring an additional $2,000,000 in exploration expenditures, issuing 1,000,000 common shares, and making $50,000 cash payments within two years of the date of election.
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 Canadian gold exploration company developing projects in British Columbia’s Golden Triangle, Saskatchewan and the Yukon.
For further information on Aben Resources Ltd. (TSX-V:ABN), visit our Company’s web site at www.abenresources.com.
Aben Resources has approx. 62.7 million shares issued and outstanding.
ABEN RESOURCES LTD.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Investor Relations
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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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.