Aben Resources Executes Agreement on Slocan Graphite Project in Southern British Columbia
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
November 10th, 2021
Aben Resources Executes Agreement on Slocan Graphite Project in Southern
British Columbia
Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2)
(“Aben” or “the Company”) has executed a formal option agreement (subje ct 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 fo r 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 Map
https://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. P revious 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 conclude d: “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 activit y, 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 an d 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 Na tional
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 under lying 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. PETTIT
President & CEO
For further information contact:
Aben Resources Ltd.
Telephone: 604-416-2978
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 guarante es 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 gene ral economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for further information.