Aben Makes Cash and Share Option Payments to Eagle Plains, Plans Winter Drill Program at Chico Gold Project in Saskatchewan
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, V7Y 1K4, CANADA
www.abenresources.com.
TSX-V Trading Symbol: ABN
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
January 11, 2018
Aben Makes Cash and Share Option Payments to Eagle Plains,
Plans Winter Drill Program at Chico Gold Project in Saskatchewan
Vancouver, BC -- Aben Resources Ltd. (TSX -V: ABN) (OTCBB: ABNAF) (Frankfurt: E2L2)
(the “Company”) announces the Company has made a cash payment of $25,000 and issued
250,000 common shares to Eagle Plains Resources (TSX-V: EPL) confirming Aben’s intention
to continue with the existing option agreement on the 4,657 ha Chico Gold Project located
125km east of La Ronge, Saskatchewan and 40km south of SSR Mining’s (formerly Silver
Standard Resources) Seabee Gold Operation. Details of the option agreement are o utlined
below. Aben intends to carry out diamond drilling on the Chico property in late -February.
Permitting and detailed planning for the program is currently underway. Chico drilling activity is
expected to be conducted concurrently with a 10,000m wint er drill program to be carried out by
SSR Mining Inc. on Eagle Plain’s Fisher Property, located 6km north of Chico.
Chico Gold Project, Saskatchewan location map:
http://abenresources.com/site/assets/files/4730/abn_chico_location_and_highlights.jpg
Chico Property Highlights and Exploration Activity
Chico property highlights include the presence of a 1.5 km -long mineralized structural cor ridor
which is confirmed by geophysical surveys, geological mapping and soil geochemical surveys.
Sporadic historical drilling has been completed in the area and has returned high -grade gold
intercepts.
Eagle Plains in 2016 contracted TerraLogic Explora tion of Cranbrook, B.C. to complete
systematic fieldwork on the property including a 661 line -km airborne magnetometer
geophysical survey, mapping, trenching and soil geochemical surveys. Rock samples collected
along this along this structural corridor ran ged from trace quantities to 20.2 g/t Au. Soil sample
results include numerous highly-anomalous samples ranging to 4.5 g/t gold. During 2017, Aben
and Eagle Plains conducted a detailed Induced Polarization (“I.P.”) geophysical survey
designed to define hig h-grade gold targets. This work resulted in numerous high -priority drill
targets being identified, many of which will be tested during the planned winter program.
Chico Gold Project Soil Results map, Saskatchewan:
https://www.abenresources.com/site/assets/files/4301/abn-chico-soil-results-2016.jpg
The overall objective of the 2016 and 2017 programs was to identify mineralization, alteration
and structural features similar to those at the nearby Seabee and Santoy deposits. The Seabee
Gold Operation has been in continuous production since 1991 an d has produced 1.2M ounces
of gold from the Seabee and the Santoy deposits. Ore geology at the Seabee Gold Operation
consists of high-grade vein mineralization associated with shear zones that transect mafic meta-
volcanic and intrusive rocks, as well as gr anitic rocks emplaced during the regional deformation
events impacting the Pine Lake greenstone belt during the Proterozoic. The Seabee Gold
Operation and the Chico Project occur within the Pine Lake greenstone belt. Mineralization at
the Seabee Gold Opera tion occurs at the Seabee and Santoy mines, which are located
approximately 14km apart. The former is affiliated with the more westerly -oriented Laonil Lake
shear zone, while the latter is hosted on a regional north -trending shear zone associated with
the Tabbernor Fault, which has been traced over much of the property. Field and underground
observations at the Seabee Gold Operation suggest that shear structures nucleated at contacts
between granodiorite and meta -volcanic lithologies, with high -grade zones forming at minor
flexures.
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 structure and similarities in terms of age and tectonic history to the
Homestake and Seabee/Santoy 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.
Aben and Eagle Plains recently acquired 6 additional mineral di spositions for a total area of
1,799 ha located adjacent to the original holdings through a combination of staking and the
completion of a purchase agreement with an unrelated third -party (see news release
December11th, 2017).
Chico Option Agreement
Aben is earning an initial 60% interest in the Chico property from Eag le Plains 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, Aben may elect to
exercise a second option to earn a further 20% inter est 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.
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 Canadian gold exploration company developing projects in British
Columbia’s Golden Triangle, Saskatchewan and the Yukon.
For further information on Aben Resources Ltd. (TSX -V: ABN), visit our Company’s web site at
www.abenresources.com.
Aben Resources has approx. 62.7 million shares issued and outstanding.
ABEN RESOURCES LTD.
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Investor Relations
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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 perform ance, 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, s hould 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.