Aben Resources Ltd.
(TSX-V: ABN) (OTCQB:
ABNAF)
(Frankfurt:
E2L2) (“Aben” or “the Company”)
has executed a formal option agreement (subject to regulatory
approval) with Eagle Plains Resources Ltd. (TSX-V:”EPL”) whereby
Aben holds the exclusive right to earn a 100% interest, less 2% Net
Production Royalty (“NPR”) in the road-accessible Slocan Graphite
Project located 34km northwest of Castlegar, British Columbia (the
“Agreement”). Under terms of the Agreement, Aben must complete
$1,000,000 in exploration expenditures, issue 850,000 common shares
and make $150,000 in cash payments to Eagle Plains over a three
year period. In addition, if at any time Aben or its successors
report a resource of greater than 10Mt for tenures comprising the
property, EPL will receive a one-time “Success Fee” of 500,000 Aben
shares.
The Slocan Graphite project consists of 2,387 ha
owned 100% by Eagle Plains with no underlying royalties or
encumbrances. The property hosts several large flake
graphite-bearing outcrops and float occurrences known as the
Tedesco Zone, which is interpreted to extend over 2.0km. Eagle
Plains recently completed fieldwork on the property and is
encouraged by preliminary field observations, with the program
focused on prospecting and geological mapping in underexplored
areas of the property in an effort to locate extensions of the
known graphite mineralized horizon and to better understand
controls on mineralization.
Figure 1. Regional Location
Maphttps://abenresources.com/site/assets/files/4226/slocangraphite_16.png
About Slocan Graphite
Project
Graphite is a naturally occurring form of carbon
and is an excellent conductor of both electricity and heat. It is
becoming increasingly important as a critical strategic component
in advancing alternative energy solutions including wind and solar
power, hybrid vehicles and other alternative energy uses. It is
also a mainstay of the steel production industry. Canada is
currently ranked as the 5th largest supplier of graphite.
The Slocan Graphite Project benefits from
excellent infrastructure including a high-voltage transmission line
within 1.2 km of the property boundaries, an extensive network of
forestry roads on and around the property, and an existing graphite
processing plant and facilities located 1.5 km west of the
property, owned by Eagle Graphite Corporation.
Graphite mineralization was initially discovered
in logging road exposures in the late 1990’s. Ground and airborne
geophysical surveys were completed in the project area in 2000 and
2010 respectively. Both surveys indicated strong conductive
anomalies that correlate well with surface mineralization and are
interpreted to extend along strike and down-dip of known
occurrences. A limited number of documented samples have been taken
across the Tedesco horizon and analysed for carbon graphite ranging
from trace values to grades of up to 3.36 and 4.43 per cent.
Graphite mineralization is hosted primarily in
carbonate and calc-silicate lithologies within the Passmore Dome of
the Valhalla Metamorphic Complex, a geologic setting consistent
with a crystalline flake graphite deposit model. Previous operators
have estimated the mineralized horizon to be up to 50m thick,
however they cite that it is difficult to determine due to a lack
of surface exposure. The horizon has never been tested by diamond
drilling.
Past workers in the area concluded: “Although
the graphite occurrences at Tedesco are in the early stages of
exploration, geological, assay, and geophysical data indicate
significant potential to form an economic deposit” (BC Assessment
Report 26537). Aben Resources is in agreement with Eagle Plains
geologists who are of the opinion that the high-quality, large
flake character of the graphite mineralization found to date,
spatial extent of conductivity from a 2010 airborne electromagnetic
(“EM”) survey, minimal historic exploration activity, excellent
proximity to infrastructure and the favorable economic outlook for
graphite as a strategic commodity make Slocan Graphite a compelling
project for continued exploration.
“The Slocan Graphite Project is an excellent
addition to Aben’s portfolio of Projects and will allow the Company
to move into the very exciting EV battery metals space that is
currently experiencing exponential growth due to the
electrification of the Auto Industry.” Comments President and CEO
Jim Pettit.
Management cautions that historical results were
collected and reported by past operators and have not been verified
nor confirmed by a Qualified Person but form a basis for ongoing
work at the Slocan Graphite property. While the company considers
the above historical information to be relevant to investors as it
may indicate the presence of mineralization, the reader is
cautioned that a Qualified Person has not done sufficient work to
evaluate the potential of the property to contain an economic
deposit and that there is no certainty that the property contains a
graphite deposit.
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.
Chico Option Termination
Taiga and Aben have agreed to terminate the
Option Agreement on the Chico property, dated December 9th, 2016
between Aben and Eagle Plains Resources Ltd. and subsequently
assigned to Taiga on June 7th, 2018 (the “Option Agreement”). Under
the terms of the agreement, Taiga has agreed to pay Aben $CDN
200,000 in cash to terminate the Option Agreement, effective
immediately. Aben will no longer have any rights to the Chico
Property nor obligation to make cash payments, issue common shares
or incur exploration expenditures. Moving forward, Taiga will
control a 100% interest in the Chico property, subject to any
underlying third-party royalties. Aben and Taiga share one common
director, who has been recused from voting on the Option Agreement
termination.
About Aben Resources:
Aben Resources is a Canadian gold and graphite
exploration company with exploration projects in British Columbia,
Ontario, and the Yukon Territory. Aben is a well-funded junior
exploration company. 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.
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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