Aben Increases Land Holdings at Chico Gold Project in Saskatchewan, Drill Program to Begin Feb. 2018
December 11 2017 - 8:00AM
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.
PETTITPresident & CEO
For further information contact myself or:Don
MyersAben Resources Ltd.Director, Investor RelationsTelephone:
604-639-3851Toll 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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