Aben Makes Cash and Share Option Payments to Eagle Plains, Plans Winter Drill Program at Chico Gold Project in Saskatchewan
January 11 2018 - 8:00AM
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.
PETTITPresident & CEO
For further information contact myself or:Don
MyersAben Resources Ltd. Director, Investor RelationsTelephone:
604-687-3376Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
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.
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