Publisher's Note: Today we're bringing you part two of an interview our junior mining expert and editor of Junior Mining Monthly and Junior Mining Trader, Gerardo Del Real, recently landed with President and CEO of Aben Resources (TSX-V: ABN)(OTC: ABNAF), Mr. Jim Pettit.
Aben Resources recently released truly unique drill results that have already driven share prices up 70%. That may only be the start.
If you missed it, part one discussing those results may be found here. Read on to learn where the company will go from there.
To your wealth,
Nick HodgePublisher, Outsider Club
Gerardo Del Real: For those that are not familiar with Aben Resources (TSX-V: ABN)(OTC: ABNAF) and the Forrest Kerr project, can you provide a bit of context and background as to how you came across the property? Because I know you were hard at work for a while to put this package together.
Jim Pettit: Yeah, it did. It took a good six to eight months to get it put together. It's three separate properties that had been around and held by different groups for a very long time.
What we were looking for was something that had very obvious structural controls to it. This property's long and narrow. It's about 40 kilometers long and it has this Forrest Kerr fault running right up the middle of it for most of it. That is a major structural feature for the whole region, so I look at it as a possible engine or driver for a lot of mineralizing fluids for the region.
Then not too far from it is the contact between these two rock horizons, the Stuhini and Hazelton Group rocks. Different age groups but everything seems to be found in close proximity to that contact, and a major structural feature.
So, we've got all the checks checked off and that's going to help in our discovery potential. It took a good six months to put it all together. All the stock that we issued to get our hands on this gave us 100%. Any funds go into the ground.
So, it's a good deal for us. We got about another year to go and it's all done. We'll have 100% of this thing probably by the end of this season actually. We'll have spent enough money and issued enough stock.
I'm looking forward to having 100% ownership of it and moving forward, the sky's the limit because it's a big property and we've actually got a lot of targets. This is the first one. We prioritized a series of targets.
This is the first one and we may be here for a while but I think if the story grows and gets better we'll be able to have another drill testing some of these other targets on the property that we have.
Gerardo Del Real: You have seven completed holes with assays pending. I'm assuming that you're going to expand the drill program. Is that an accurate assumption?
Jim Pettit: Yeah, that's pretty accurate. We will. It's the only way because we had planned for 5,000 (meters). We're getting close to 4,000 as we stand now. Another 1,000 meters isn't enough to do what we want to do and to verify what we think we need to do, so we will.
We'll go back to the market and raise more money. We have to. That's one of the reasons we started way earlier this year than we did last year. We got in there at least a month earlier than last year because the season, you know, by November you're having a hard time doing anything there because the snow's flying and it's quite far north and the altitude that you're at - you know, we're not too bad, we're not at the top of the mountains but we're in a hanging valley that's pretty comfortable to work in to be honest with you.
Gerardo Del Real: Well Jim, these are some of the most exciting assays and again, the market has rewarded you for it. It's great to see in a very tough junior resource market, to see the market recognize the grades and the potential.
What are the next steps? You're expanding the drill program, you'll likely raise cash, you have assays pending. When can we anticipate the next set of results?
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Jim Pettit: Well, I would think within probably over the next 10 days, two weeks. This first hole, it was a bit of a rush job and so the second hole we've got probably half the hole we're waiting on right now as the next pad, the step-out that we went uphill with. There's two off of that pad. That would be the next batch of holes I would think. The one that went with this particular hole and then the two on the next pad. 10 days, two weeks. I could be surprised.
The labs are starting to get backed up again because when I was in the helicopter and flying around I counted 20 drills in all the various companies in the area. That was just on the southern half of the area. There's a lot going on and those labs are getting filled up. But that's it.
Another thing just to add to this area, high grade drives it. The higher the grade, the better it is. You know?
It's a typical thing about gold. People want high grade. And also, up here if you have high grade it's kind of associated to it's an expensive place to work. You want those high grades. This is a great start. It's a fantastic start.
Gerardo Del Real: Well congrats again, Jim. I'm looking forward to more drilling. I want to see the true thicknesses. I know that that's something that at this point it's obviously early stage and you don't have that down yet, but I imagine that with the next set of assays and more drills turning that it's going to be a pretty exciting couple of months and rest of the year for you.
Jim Pettit: Yeah. It's going to be great. Yes, it is complex what we're looking at because of all the fracturing and there's an awful lot going on in the geologic environment. The cooking, the fracturing, etc. It's hard to get a handle on the true width for what we're looking at right now.
We want to get a better handle on structural controls so we can get the orientation proper. That'll help going forward.
Gerardo Del Real: Excellent. Jim, thank you so much for your time. I'm looking forward to the next set of results and seeing what the rest of the summer has in store for you.
Jim Pettit: Thanks a lot, Gerardo.
Gerardo Del Real: Thank you.
For the past decade, Gerardo Del Real has worked behind the scenes providing research, due diligence, and advice to large institutional players, fund managers, newsletter writers, and some of the most active high-net-worth investors in the resource space. Now, he is bringing his extensive experience to the public through Outsider Club, Junior Mining Monthly, and Junior Mining Trader. For more about Gerardo, check out his editor page.