VANCOUVER, British Columbia, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (ABN.V) (ABNAF) (E2L2.F) (the “Company”) is pleased to announce the receipt of the finalized data from a ground-based induced polarization geophysical survey that was conducted in June 2017 on the 4,657 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 (EPL.V) by 2020. Aben recently made a cash payment of $25,000 and issued 250,000 common shares to Eagle Plains, pursuant to the terms of the current option agreement. 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:
The 14 line km MRI-32 IP/DC-Resistivity and Magnetic survey was centered over both the Chico and Western structural trends, which host high-grade gold mineralization at surface and within historic drill intercepts. The Chico mineralized structural corridor extends in excess of 1400 metres along strike and spans up to 150 metres in width with several mineral occurrences contained within. Highlights include:
- High grade intercepts from historic drilling include 14.5 grams/tonne (g/T) (0.424 oz/ton) gold over 0.4m at Chico showing and 9.6 g/T (0.281 oz/ton) gold over 2.0m at Royex showing
- Hole MW93-20 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)
The 2017 geophysical survey has discovered a large high-chargeability zone centered below the middle portion of the Chico shear zone with some vertical chargeability structures extending upward from the root zone. The high-chargeability response may result from the presence of abundant sulfide minerals such as pyrite, pyrrhotite and chalcopyrite, which are closely associated with gold mineralization on the Property. The top of the root zone appears to extend to within 150 metres of the surface and represents an attractive and high-priority drill target given that multi-gram gold intercepts have been historically reported above and adjacent to it. Of the 22 historic drill holes located on the Property, the deepest has reached 110 metres vertical depth (157 metres down hole) and was not collared in this zone of high chargeability. Two short videos depicting the zone can be viewed here: https://www.youtube.com/watch?v=vQPSgr-g0Vg and https://www.youtube.com/watch?v=zBen-X8HFzI.
Chico Property – Recent and Historic Exploration Activity:
Exploration programs in 2016 and 2017 involved systematic fieldwork including a 661 line-kilometre airborne magnetometer geophysical survey, mapping, trenching, soil geochemical analysis and the aforementioned ground-based IP-Resistivity-Magnetic survey. The systematic exploration has enabled field crews to identify mineralization, alteration and structural features similar to those at the nearby Seabee and Santoy deposits, located 40 kilometres to the north. The Seabee Gold operation has been in continuous production since 1991, producing 1.2 million ounces of gold from the two deposits. Seabee and Chico are comparable in that mineralization is spatially related to splays of the Tabernoor Fault and are hosted in sub-parallel shear structures which cross-cut the local intrusive complex. High-grade gold mineralization at both Seabee and Santoy extends well below the shallow depths to which the Chico Project has thus far been explored.
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 62.7 million shares issued and outstanding. For further information on Aben Resources Ltd. (ABN.V), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
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Aben Resources Ltd.
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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.