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Aben Resources Ltd (3)
Symbol C : ABN
Shares Issued 116,672,367
Close 2019-09-17 C$ 0.13
Recent Sedar Documents

Aben drills 16 m of 2.22 g/t Au at Forrest Kerr

2019-09-18 08:37 ET - News Release

Mr. James Pettit reports

ABEN CONTINUES TO EXPAND MINERALIZED FOOTPRINT AT THE NORTH BOUNDARY ZONE AT THE FORREST KERR GOLD PROJECT IN BC'S GOLDEN TRIANGLE

Aben Resources Ltd. has received and interpreted additional analytical results from the continuing 2019 drill exploration program at the Forrest Kerr gold project in the Golden Triangle region of British Columbia. The latest results continue to outline widespread polymetallic mineralization throughout the North Boundary zone. These results are from five drill holes located at the margins and well outboard of the main mineralized core at North Boundary.

Highlights from hole FK19-52 include a 16-metre (m) interval (between 323 and 339 m) that averaged 2.22 grams per tonne gold, 2.39 g/t silver and 3,050 parts per million copper. Included in this zone are two separate one m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6,810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag and 14,900 ppm Cu. This mineralized zone was encountered roughly 100 m below and 50 m southward of historic high-grade gold mineralization discovered in 1991 (reported as 326.0 g/t Au over one m by Noranda). Other discrete one m intercepts from hole 52 include highs of 20.1 g/t Ag, 6.0 per cent Cu, 0.76 per cent lead and 0.87 per cent zinc. Hole FK19-53 intersected multiple zones of anomalous gold (greater than 0.2 g/t) with the most coherent zone between 346 and 364 m (18 m) returning average values of 1.24 g/t Au, 2.47 g/t Ag and 3,459 ppm Cu. Included in this zone are two one m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag and 5,860 ppm Cu and 8.09 g/t Au, 5.40 g/t Ag and 14,200 ppm Cu. This zone is significant as it occurs on the West side of the Nelson Creek fault, which previously lacked evidence of precious and base metal mineralization. Hole FK19-54 was drilled in the same direction at a steeper dip angle (minus 60 degrees) than hole 53 and also intersected several one to two m intervals of modest grade polymetallic mineralization. Between 203 and 215 m (12 m) gold averaged 1.05 g/t, silver 1.71 g/t and copper 2,108 ppm (with individual highs of 7.14 g/t Au, 4.80 g/t Ag and 11,550 ppm Cu over one m). The mineralization encountered in holes 53 and 54 was discovered roughly 450 m south of the main high-grade gold discoveries at North Boundary.

Base and precious metal mineralization has now been defined over an area measuring in excess of 600 m by 250 m at North Boundary. Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary Valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May, 2019. The 2019 drill program will focus on increasing the mineralized footprint in the Boundary Valley and will seek to discover a heat and mineralizing source for the robust hydrothermal system present on this part of the property. As a result, analytical results are expected to continue to exhibit a range of values from trace to high grade.

Over 8,000 metres have now been drilled in 21 holes with a projected seasonal total close to 10,000 metres by the end of September. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. A brief summary of all of the holes included in this release can be found below.

  • FK19-47 -- drilled from the same pad as FK19-46 (previously reported Aug. 20, 2019, at 0.12 g/t Au over 500.5 metres) at a steeper dip to test for continuity of mineralization below 47 and between the main mineralized zone at North Boundary and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over one metre). Hole 47 encountered multiple modest-grade gold (less than one g/t Au) intercepts with intermittent Ag-Cu-Pb-Zn mineralization. Analytical results returned by both 46 and 47 have pushed the edge of known mineralization substantially eastward;
  • FK19-48 -- drilled from a location 100 metres north of the main mineralized zone at North Boundary to test for potential northeastward extension of mineralization. This hole failed to intersect significant precious metal mineralization;
  • FK19-49 -- drilled from the same pad as FK19-50 (previously reported Aug. 20, 2019, at 0.46 g/t Au over 61.7 metres starting at 188.0 m) at a shallower dip. Both holes 49 and 50 were planned to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 and 18) situated approximately 50 metres northwest of high-grade Au-Ag-Cu mineralization at North Boundary. Hole 49 intersected weaker gold mineralization (0.52 g/t Au over eight m) than the steeper hole 50 but the combined result of the two holes shows an over 20 m extension to the zone encountered in 17 and 18.

Drill hole   From (m)    To (m)   Interval (m)   Au average (g/t)

FK19-50       188.00    249.70          61.70               0.46      
including      11.65 g/t over 1 m                        
FK18-17*      232.00    284.00          52.00               1.82      
including       31.4, 22.5 and 8.4 g/t over 1 m interval  
FK18-18*      186.00    247.00          61.00               0.37      
including      11.55 g/t over 1 m                        

* Previously reported.

  • FK19-52 -- located roughly 500 m from the main mineralized core at North Boundary and drilled from the same pad at a steeper dip than the previously reported hole FK19-51. Both holes were drilled oblique to the roughly north-south mineralized corridor to test for the southward extension of mineralization and depth potential under historically reported mineralization. Several discrete horizons of base and precious metal mineralization were reported from this hole. From 323 to 339 m (16 m interval) average grades were 2.22 g/t Au, Ag, 2.39 g/t and 3,050 ppm Cu. Included in this zone are two separate one m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6,810 ppm Cu, and 11.30 g/t Au, 8.70 g/t Ag and 14,900 ppm Cu. The entire hole returned an average of 0.11 g/t Au over 469.0 metres;
  • FK19-53 -- collared from the same pad as holes 51 and 52 but drilled west-southwest to test for mineralization potential within and adjacent to several subparallel fault and shear structures. Between 346 and 364 m this hole returned 1.24 g/t Au, 2.47 g/t Ag and 3,459 ppm Cu over 18 metres. Included in this zone are two one m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag, 5,860 ppm Cu and 8.09 g/t Au, 5.40 g/t Ag and 14,200 ppm Cu. Multiple other moderate to high-grade intercepts of Au, Ag, Cu and Zn mineralization were encountered with an overall average of 0.10 g/t Au over 430.5 metres.
  • FK19-54 -- This hole undercut the precious and base metal mineralization encountered in hole 53 at a steeper dip. Several samples returned elevated precious and base metal intercepts from discrete zones with the most coherent zone between 203 and 215 m depth (averaging 1.05 g/t Au, 1.71 g/t Ag and 2,108 ppm Cu over 12 m), including one m highs of 7.14 g/t Au, 4.80 g/t Ag and 11,550 ppm Cu.

 
Drill hole   From (m)   To (m)   Interval (m)   Au (g/t)   Ag (g/t)    Cu (ppm)

FK19-52        323.0    339.0          16.00       2.22       2.39       3,050  
including      330.0    331.0           1.00      19.85       9.10       6,810  
including      337.0    338.0           1.00      11.30       8.70      14,900  
FK19-53        346.0    364.0          18.00       1.24       2.47       3,459  
including      347.0    348.0           1.00       5.72       8.70       5,860  
including      357.0    358.0           1.00       8.09       5.40      14,200  
FK19-54        203.0    215.0          12.00       1.05       1.71       2,108  
including                                          7.14       4.80      11,550  

Analytical and quality assurance/quality control description

All one- or two-metre drill core samples were delivered to ALS Global prep facility in Terrace, B.C., where they were crushed until 70 per cent passed a two-millimetre sieve, then a 250-gram split was pulverized until better than 85 per cent passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (greater than 10 g/t) undergoing fire assay with gravimetric finish. ALS performed multielement ICP-AES package ME-ICP41 in its Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.

Justin property, Yukon royalty renegotiation

The company reported today that it had entered into a settlement agreement with Sandstorm Gold Ltd., pursuant to which the parties have renegotiated the terms of certain royalty agreements over the company's 100-per-cent-owned Justin and Hit properties in the Yukon. As a term of the settlement agreement, the company will issue 750,000 shares to Sandstorm as partial consideration for the cancellation of certain advance royalty obligations and the creation of new royalty agreements with Sandstorm. Additional consideration for the settlement agreement is the assignment by the company to Sandstorm of various royalty buyback rights held by the company. As a result of the settlement agreement, the royalty obligation to Sandstorm on the Justin and Hit properties has been reduced from 3 per cent to 2 per cent and the obligation to make advance royalty payments has been terminated. The settlement agreement and closing are subject to approval of the transaction by the TSX Venture Exchange.

Cornell McDowell, PGeo, vice-president 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 Ltd.

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-financed junior exploration company with over $3-million in the company's treasury.

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