VANCOUVER, British Columbia, July
06, 2016 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF)
(Frankfurt:E2L2) (the "Company") is pleased to announce the Company
has finalized staking activity and completed individual agreements
with third-parties whereby the Company will acquire a 100% interest
in a large, road-accessible area within B.C.'s "Golden Triangle"
region north of Stewart, B.C. The Golden Triangle is host to
significant mineral deposits including Galore Creek, Copper Canyon,
Schaft Creek, Valley of the Kings, Snowfield, KSM, Snip, Granduc,
Red-Chris and numerous others.
Individual agreements were
executed between Aben and Equity Exploration Consultants, Kiska
Metals and CVE, a private third-party, whereby Aben will acquire a
100% interest (less underlying NSRs) by issuing a total of 7.0
million shares and completing $3,000,000 in exploration
expenditures by June, 2020. Aben has also completed staking in the
project area resulting in 100% unencumbered ownership of certain
claims totalling approximately 6,300 ha. This agreement is
subject to TSXV Exchange acceptance.
See Forrest Kerr project, Golden
Triangle area map:
http://www.abenresources.com/i/maps/ABN_Forrest_Kerr_Project_map_small.jpg
Aben's Forrest Kerr land package
consists of over 23,000 ha located along the Forrest Kerr Fault,
immediately north of the Iskut River and southward of More Creek,
with recent road access afforded to the northern and southern
limits of the property. The claims consist of a 40km-long
north-south belt overlying rocks of the Hazelton and Stuhini
Groups, a complex assemblage of volcanic accumulations with
intervening sedimentary sequences which are host to significant
gold deposits in the Golden Triangle area.
Drilling throughout the project
area is relatively limited, with analytical results ranging from
trace amounts to multi-gram gold concentrations. Drilling
highlights on the RDN (Kiska) package include drill-hole RG91-16 at
the Boundary Zone, which returned 10.2 g/t gold over 17m (including
359.7 g/t gold over 0.45m) and RG91-21, which returned 101.0 g/t Au
over 1.95m and 137.8 g/t Au over 0.85m (true widths unknown). Many
of these intercepts, interpreted to be possible feeders zones to a
precious-metal VMS system, have yet to see follow-up work. On the
Forgold package, holes FG91-2 returned 3.87 g/t Au over 1.58m and
FG91-3 returned 19.2 g/t Au over 0.82m (true widths unknown).
Drilling at the Triple Creek Zone on the Forrest claims in 1990
returned up to 39.7m grading 1.78 g/t Au (including 2.0m grading
5.9 g/t Au, 190.0 g/t Ag and 12.4% Cu).
The project area is host to
numerous high-grade gold, silver and base-metal mineral showings.
Assay results range from trace amounts to multi-gram gold
concentrations. Notable occurrences include Jungle (25.5 g/t
Au-float); For (15.85% Cu in very narrow veins); Forgold (30.5 g/t
Au and 15.85% Cu in narrow veins); Glimmer (17.0% Cu, 124 g/t
Ag-grab); End (17.1 g/t Au-grab); Azurite (20.9 g/t Au over 3
m-trench); Tarn (12.1 g/t Au and 118.3 g/t Ag-grab); Klinker (27%
Cu and 63 g/t Ag-grab sample taken adjacent to a glacier in 1990);
Falls (22.11 g/t Au, .32% Cu-grab); Midway (15.0 g/t Au, 1.7%
Cu-grab), Crooked Creek (36.33 g/t Au-chip sample over 0.10m)
Marmot Heights (45.57 g/t Au-grab) and Moose Creek (32.16 g/t
Au-grab). 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.
Forrest Kerr Area History
Interest in the Golden Triangle
region of British Columbia dates back to 1861, when placer gold was
discovered at the confluence of the of the Stikine and Anuk rivers,
sparking the Stikine Gold Rush. Large-scale lode mining first took
place at the Premier Mine located north of Stewart in 1918. In
1964, Cominco discovered the Snip deposit, which commenced
operation in 1991; ultimately producing over 1.1 million ounces at
an average grade of 27.5 g/t. Eskay Creek was discovered in 1988
and ultimately produced in excess of 3 million ounces of gold and
160 million ounces of silver, in addition to appreciable lead and
zinc. Pretivm Resources in June, 2014 announced updated Proven and
Probable Mineral Reserves at Valley of the Kings containing 6.9
million ounces of gold from 13.5 Mt ore grading 15.7 g/t gold, with
commercial production scheduled for 2017. 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.
Systematic exploration within
regions of the Forrest Kerr project area commenced in the mid-1980s
and saw continuous exploration programs from 1988 to 2005. Little
work has been completed from 2005-2016. Early work in the project
area was focussed on exploration for Eskay-type (VMS) deposits,
though the more recent discovery of structurally-related high-grade
gold mineralization at Valley of the Kings underscores the variety
of exploration targets available to Aben.
Since the completion of
significant exploration activity in the early 2000s, the area has
seen major infrastructure improvements including roads associated
with the construction of the Forrest Kerr and McLymont Creek
hydro-electric facilities near the southern boundary of the
property and the construction of the 287KV Northwest Transmission
Line. Development of the Galore Creek Project has also provided
road access to the northern reaches of the Forrest Kerr Project,
which provide greatly improved access in addition to new exposures
made by road-cuts.
2016 Exploration Activity
Aben intends to immediately
initiate a comprehensive data compilation, bringing all historical
work into a single GIS database. This work will be followed by
fieldwork aimed at determining drill targets for a possible fall,
2016 drilling campaign. Permitting for the drilling activity is
currently underway.
Tim J. Termuende, Director 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 projects in British Columbia, the
Yukon and North West Territories.
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. 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.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#2026058
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