Aben Resources Executes Agreement on Red Lake Area Gold Project, Finalizes Plan for 2021 Work Program at the Forrest Kerr Pro...
July 07 2021 - 7:00AM
Aben Resources Ltd.
(TSX-V: ABN) (OTCQB:
ABNAF)
(Frankfurt:
E2L2) (“Aben” or “the Company”)
is pleased to announce that it has formalized an Option Agreement
with an arms-length third party whereby the Company will hold the
exclusive right to earn a 100% interest in the Pringle North Gold
Project located north of the town of Red Lake in the Red Lake
Mining District of Northwestern Ontario.
Pringle North Gold Project
The Property consists of 5 contiguous mining
claims covering approximately 1,881 hectares. The property is 60km
north of the town of Red Lake and is located 15km east of the
all-weather Nungesser Road. This area has been recently identified
by the “Ministry of Energy, Northern Development and Mines
Recommendations for Exploration 2020-2021” for its deep-seated
structural similarities that are associated with the Red Lake Gold
Camp and Great Bear Resource’s Dixie Gold Project. This deep-seated
structure (named the “E-1 Extensional Fault”) that occurs along
this trend was delineated by seismic surveys and is considered a
third deep-tapping structure that may have provided fluid pathways
for gold mineralization to the mines and recent discoveries in the
region. Age determination (by Sanborn et al, 2004) dates this
sedimentary belt and assigns it to the Balmer Assemblage which is
host to the gold mines in the Red Lake Camp.
Figure 1. Regional
Locationhttps://abenresources.com/site/assets/files/4218/regional_location.png
Figure 2. Metal
Occurrenceshttps://abenresources.com/site/assets/files/4218/metal_occurrences.png
Figure 3. Local Claim
Fabrichttps://abenresources.com/site/assets/files/4218/local_claim_fabric.png
Under the terms of the Agreement, the Company
may acquire 100% right, title, and interest in and to the Property
by paying to the Optionors a total of $97,000 and issuing to the
Optionors a total of 320,000 common shares as follows:(i)
$18,000 upon signing;(ii) 120,000 Shares upon TSX Venture Exchange
(“TSXV”) approval;(iii) $24,000 and 100,000 Shares on the first
anniversary of TSXV approval; and(iv) $55,000 and 100,000 Shares on
the second anniversary of TSXV approval.The Optionors shall retain
a 1.5% Net Smelter Returns Royalty, of which the Company may
purchase 0.5% at any time for $600,000.
Forrest Kerr Gold Project
Aben Resources would like to provide a corporate
update on the Company’s exploration plans for 2021 and going
forward. First, the Company would like to thank the shareholders
for their understanding and patience as we start the process of
identifying new gold projects with great exploration upside and
potential. It is the Company’s desire to expand the project base to
facilitate exploration on a year-round basis. This does not mean
that Aben is abandoning the Forrest Kerr Gold Project. Given the
Forrest Kerr Project’s size, there remains significant exploration
potential that the Company will consider for the future.
Currently, final planning is underway for a
30-day surface exploration program to be initiated in early August
on Aben’s fully permitted Forrest Kerr Project, located in the
Golden Triangle region of British Columbia. 2021 fieldwork will
consist of soil geochemical sampling, prospecting and geological
mapping in specific areas of the property which have seen limited
follow-up from earlier work.
The Forrest Kerr Property consists of 4 separate
claim blocks comprised of 56 mineral claims (23,397 ha) owned 100%
by Aben. Numerous areas of interest have been identified since Aben
began systematic exploration in 2016, with a total of 72 drill
holes (22,958m/75,302’) completed. The Boundary Valley (3.5 km x
1.0 km) hosts significant surface gold mineralization and complex
structural intersections, both of which are important indicators of
the potential for discovery of more sub-surface high-grade gold
mineralization. In 2018, Aben reported grades ranging from trace
values to a high of 38.7 g/t Au over 10.0m from 114.0-124.0m
including 331.0 g/t Au over 1.0m from in Hole FK18-10.
Forrest Kerr Gold Project, Golden
Triangle, BC claims
map:https://abenresources.com/site/assets/files/4087/abn_forrest_kerr_project_map.pdf
Cornell McDowell, P.Geo., V.P. 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:
Aben Resources is a well-funded, gold-focused
Canadian junior exploration company developing quality gold-focused
projects in British Columbia, Saskatchewan, Ontario, and the Yukon
Territory.
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.
PETTITPresident & CEO
For further information contact:Aben Resources Ltd.Telephone:
604-416-2978Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
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.
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