VANCOUVER, British Columbia, Dec.
13, 2016 (GLOBE NEWSWIRE) -- Aben Resources
Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) ("Aben" or
the "Company") and Eagle Plains Resources
Ltd. (TSX-V:EPL) have executed a formal Option Agreement
whereby Aben has the exclusive right to earn an undivided 80%
interest in the Chico gold project,
located 125 km east of La Ronge, Saskatchewan and 40 km south of
Silver Standard Resources' Seabee / Santoy mine complex. Aben may
earn an initial 60% interest by incurring $1,500,000 in exploration
expenditures, issuing 1,500,000 common shares and making cash
payments totalling $100,000 over 4 years. Upon earning this
60% interest in the Chico Gold Project, Aben may elect to exercise
a second option to earn a further 20% interest by incurring an
additional $2,000,000 in exploration expenditures, issuing
1,000,000 common shares, and making $50,000 cash payments within
two years of the date of election.
Chico Gold Project location map,
Saskatchewan:
http://www.abenresources.com/i/maps/ABN_Chico_Location_and_Highlights.jpg
Eagle Plains recently completed
fieldwork on the 2915 hectare 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 December
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.
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."
Eagle Plains has two common
directors with Aben Resources Ltd., each of whom abstained from
voting regarding this transaction.
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
For further information contact
myself or:
Don Myers
Aben Resources Ltd.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: 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.