Aben Resources Options Chico Gold Project in Saskatchewan
(Thomson Reuters ONE) -
VANCOUVER, B.C., Jan. 05, 2017 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-
V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) ("Aben" or the "Company") is pleased to
announce, further to its News Release on Dec. 13th, the TSX Venture Exchange has
accepted for filing the Company's Option Agreement to acquire up to an 80%
interest in the 2915 hectare Chico Gold Project located 125 km east of La Ronge,
Saskatchewan and 40 km south of Silver Standard Resources' Seabee / Santoy mine
complex.
Chico Gold Project location map, Saskatchewan:
http://www.abenresources.com/i/maps/ABN_Chico_Location_and_Highlights.jpg
Eagle Plains Resources (TSX-V:EPL), the optionor of the Chico Project, recently
completed fieldwork on the property which consisted of a 661 line-km airborne
geophysical survey, mapping, trenching and soil geochemical surveys designed to
define high-grade gold targets for upcoming drilling activity. Results of this
work were summarized in an Eagle Plains news release dated Dec. 6th, 2016.
Chico property highlights include the presence of a 1.5 km mineralized
structural corridor which is confirmed by geophysical surveys, geological
mapping and recent soil sample coverage which included numerous highly anomalous
samples ranging up to 4.5 g/t gold. Sporadic historical drilling has been
completed in the area and has returned high-grade intercepts. Rock samples
collected in 2016 by Eagle Plains along this structural corridor ranged from
trace quantities to 20.2 g/t gold. Recent work resulted in numerous high-
priority drill targets being identified.
Chico Gold Project soil results map, Saskatchewan:
http://www.abenresources.com/i/maps/ABN-Chico-Soil-results-2016.jpg
The overall objective of the 2016 program was to identify mineralization similar
to that 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 Seabee/Santoy consists
of high-grade vein mineralization associated with volcanic and mafic intrusive
rocks which have been structurally disrupted by splays of the deep crustal
Tabbernor Fault system. 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 fault and similarities in terms of age and tectonic history to the
Homestake and Seabee 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.
Chico Project Summary and History
The Chico structural zone comprises a north/northeast-trending 20m- to 150m-wide
multi-episodic shear system comprising both ductile and brittle gold-bearing
quartz vein systems. Trenching and drilling activities carried out by Corona
Corporation and Cameco from 1988 to 1993 defined a mineralized strike length of
over 1400m. 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 1m
(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 1.5m, to
36.0 g/t gold over 0.3m (AR 63M06-0041).
Mineralized shear zones and quartz veining that define the Chico zone are hosted
in diorite and granite 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.
Eagle Plains has initiated permitting for future drilling within the property
area.
President of Aben Resources Ltd, Jim Pettit comments, "The Company is pleased to
add the "Chico Gold Project" to its portfolio of high-value properties. Based on
past and recent exploration results, this region of Saskatchewan appears to be
on the verge of a renaissance of significant new exploration in the coming
years. On top of that, Saskatchewan is considered one of the best mining
jurisdictions in the world as ranked by the Fraser Institute. This exciting
new project allows the Company to potentially drill through the winter while it
is compiling data and permitting for summer work and drilling programs on its BC
based Forrest Kerr Project and Yukon based Justin Project".
In other news Aben announces, pursuant to its stock option plan, the Company has
granted incentive stock options to its directors, officers, employees and
consultants to purchase up to an aggregate of 1,800,000 common shares in the
capital stock of the Company, exercisable for a period of five years, at a price
of $0.10 per share. The Company's 10% rolling stock option plan was approved by
the shareholders at the Annual General Meeting of the Company held on March
15, 2016.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing projects in
British Columbia's Golden Triangle, the Yukon and now Saskatchewan.
For further information on Aben Resources Ltd. (TSX-V:ABN), visit our Company's
web site at www.abenresources.com.
Aben Resources has approx. 30 million shares issued and outstanding.
ABEN RESOURCES LTD.
"Jim Pettit"
____________________________
JAMES G. PETTIT
President
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.
For further information contact Jim Pettit or:
Don Myers
Aben Resources Ltd.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)abenresources.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aben Resources Ltd via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 05.01.2017 - 21:40 Uhr
Sprache: Deutsch
News-ID 516153
Anzahl Zeichen: 8722
contact information:
Town:
Vancouver
Kategorie:
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