Aben Increases Land Holdings at Chico Gold Project in Saskatchewan, Drill Program to Begin Feb. 2018
December 11 2017 - 8:00AM
YASTEST
VANCOUVER, British Columbia, Dec.
11, 2017 (GLOBE NEWSWIRE) -- 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:
http://www.abenresources.com/i/maps/ABN_Chico_Location_and_Highlights.jpg
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.
"Jim Pettit"
_____________________
JAMES G. PETTIT
President & CEO
For further information contact
myself or:
Don Myers
Aben Resources Ltd.
Director, Investor Relations
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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Source: Aben Resources Ltd via Globenewswire
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