Aben Resources Receives Regulatory Approval for Deal to Acquire the Slocan Graphite Project and Provides Update on Forrest Kerr Property, British Columbia
Vancouver, BC, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) has received Regulatory Approval from the TSX Venture Exchange for the option agreement on the Slocan Graphite Property (November 9th) between Aben Resources (TSX-V:”ABN”) and Eagle Plains Resources (TSX-V:”EPL”). 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 “Agreement”).
The Slocan Graphite project consists of 2,387 ha owned 100% by Eagle Plains with no underlying royalties nor encumbrances. The property hosts several large flake graphite-bearing outcrops and float occurrences known as the Tedesco Zone, which is interpreted to extend over 2.0km.
Figure 1. Regional Location Map
https://abenresources.com/site/assets/files/4237/slocanpropertylocation_-_2022.jpg
About Slocan Graphite Project:
Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat. It is becoming increasingly important as a critical strategic component in advancing alternative energy solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is also a mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.
Figure 2. Forecasted Global Demand for Raw Battery Minerals
https://abenresources.com/site/assets/files/4238/benchmark_graphite_forecast.png
Source – Benchmark Mineral Intelligence
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 plant and facilities located 1.5 km west of the property, owned by Eagle Graphite Corporation.
Graphite mineralization was initially discovered in logging road exposures in the late 1990s. Ground and airborne geophysical surveys were completed in the project area in 2000 and 2010 respectively. Both surveys indicated strong conductive anomalies that correlate well with surface mineralization and are interpreted to extend along strike and down-dip of known occurrences. A limited number of documented samples have been taken across the Tedesco horizon and analysed for carbon graphite ranging from trace values to grades of up to 3.36 and 4.43 percent.
Graphite mineralization is hosted primarily in carbonate and calc-silicate lithologies within the Passmore Dome of the Valhalla Metamorphic Complex, a geologic setting consistent with a crystalline flake graphite deposit model. Previous operators have estimated the mineralized horizon to be up to 50m thick, however, they cite that it is difficult to determine due to a lack of surface exposure. The horizon has never been tested by diamond drilling.
Past workers in the area concluded: “Although the graphite occurrences at Tedesco are in the early stages of exploration, geological, assay, and geophysical data indicate significant potential to form an economic deposit” (BC Assessment Report 26537). Aben Resources is in agreement with Eagle Plains geologists who are of the opinion that the high-quality, large flake character of the graphite mineralization found to date, spatial extent of conductivity from a 2010 airborne electromagnetic (“EM”) survey, minimal historic exploration activity, excellent proximity to infrastructure and the favourable economic outlook for graphite as a strategic commodity make Slocan Graphite a compelling project for continued exploration.
Figure 3. Slocan Graphite Project Zoff Airborne Magnetic Image
https://abenresources.com/site/assets/files/4241/slocan_zoff_magnetic_image_-_2022.jpg
“The Slocan Graphite Project is an excellent addition to Aben’s portfolio of Projects and will allow the Company to move into the very exciting EV battery metals space that is currently experiencing exponential growth due to the electrification of the Auto Industry.” Comments President and CEO Jim Pettit.
Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work at the Slocan Graphite property. While the company considers the above historical information to be relevant to investors as it may indicate the presence of mineralization, the reader is cautioned that a Qualified Person has not done sufficient work to evaluate the potential of the property to contain an economic deposit and that there is no certainty that the property contains a graphite deposit.
Forrest Kerr Property:
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.
Qualified Person:
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 and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory. Aben is a well-funded junior exploration company.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s website at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO
For further information contact:
Aben Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
