Aben Resources Ltd.

Published : August 16th, 2012

Aben Resources Ltd. : Aben Drills 46.6m of 1.49 g/t Au Including 9.2m of 3.88 g/t Au at Justin Proje

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Breaking News Release


Aben Resources Ltd. : Aben Drills 46.6m of 1.49 g/t Au Including 9.2m of 3.88 g/t Au at Justin Project, Yukon, and Extends the POW Discovery Zone by 85m

VANCOUVER, BRITISH COLUMBIA--(Aug. 16, 2012) - Aben Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) (PINKSHEETS:ABNAF) (the "Company") is pleased to announce results from its first drill hole of the 2012 exploration program at its 100% owned, 18,314 acre flagship Justin Project in the southeast Yukon within the Tintina Gold Belt. Thus far, a total of 1298 metres of drilling has been completed in six holes within the POW Zone this season. Assay results for the first hole (JN12011) have now been received, with results pending for the additional five holes.

Justin Gold Project Location Map:
http://www.abenresources.com/i/maps/ABN-Justin.jpg

Highlights:
  • Results from the first hole JN12011 returned 46.4 metres grading 1.49 g/t Au including 9.2 metres grading 3.88 g/t Au at a vertical depth of approximately 100 metres.
  • Gold hosted by skarn replacement mineralization in the western POW Zone has been extended laterally by up to 85 metres with this hole and remains open in all directions.
  • The first three holes ever drilled into the POW Zone have successfully intercepted significant gold intervals showing notable consistency and continuity of mineralization within the holes.
  • Presence of shallowly buried intrusion and an Intrusion Related Gold System (IRGS) confirmed by consistent IRGS mineralogy/alteration and sheeted veining as observed in drill core and surface mapping (multi-phased gold mineralization present at the Justin Project).
  • Intense and widespread alteration observed in drill core and surface mapping substantiates the multi-kilometre intrusive contact zone as a high-priority drill target.
  • Surface sample MMJNR036, with noted visible gold, assays 3.66 g/t Au in eastern POW Zone. Assay results are pending for drill holes designed to further test this surface anomaly located 400+ metres southeast of hole JN12011.

Discussion of POW Zone and the Results from Drill Hole JN12011:

The first hole of the 2012 program, JN12011, has intercepted a robust zone of gold mineralization at the POW Zone and has successfully extended the massive sulphide skarn gold mineralization discovered during the 2011 program up to a distance of 85 metres from last year's drilling. The two drill holes last season at the POW Zone, including discovery hole JN11009 which returned 60.0 metres of 1.19 g/t Au, and the first hole this season have all intercepted significant gold intervals in this rapidly expanding zone. Furthermore, the notable consistency of the skarn-hosted gold mineralization seen amongst these initial three drill holes at the POW Zone suggests strong continuity of the mineralized zone.

Justin Project Plan View of POW Zone Drilling:
http://www.abenresources.com/i/maps/ABN-Justin-Project-Plan-View-of-2012-Pow-Zone-Drilling.jpg

Hole JN12011 was also successful in confirming the presence of a shallowly buried granitoid intrusion immediately underlying the POW Zone. Detailed mapping to the south of the POW Zone has since confirmed the presence of the intrusive body at surface. The contact zone of the intrusion with the surrounding carbonate country rocks is now a primary drill target as it is an important control on the skarn-replacement mineralization observed in the first three holes at the POW Zone. This contact zone remains open along strike, down dip and to surface. Assays are pending for holes JN12012 and JN12014 which were drilled to further test encouraging surface sample results in an area 400+ metres southeast of hole JN12011. Visually encouraging mineralization and structure were noted in the drill core in both holes.

Justin Project Cross Section of POW Zone Drill Hole JN12011:
http://www.abenresources.com/i/maps/ABN-Justin-Project-Cross-Section-Hole-JN12011.pdf

Significant results from a portion of Hole JN12011 are presented below, with complete assay intervals available on the Aben website:

Drill Hole From (m) To (m) Interval (m) Gold (g/t)
JN12011 131.6 178.0 46.4 1.49
including 145.5 160.5 15.0 3.08
also including 147.5 156.7 9.2 3.88
* g/t = grams per metric tonne
 
* Au intercepts were calculated using a 0.1 g/t Au cut-off grade
 
* The reported results above are down-hole interval lengths; true widths for the mineralized intercepts are not yet known

Jim Pettit, President of Aben Resources, stated: "The first hole of the 2012 drill program has been successful in intercepting a strongly mineralized gold interval and expanding on the greenfield gold discovery we made last year by 85 metres. We are very pleased with the continuity that the gold mineralization shows from surface mapping and drill results obtained to date. We are also encouraged by the proximity of mineralization to the intrusion and the implications this has for gold mineralization potential in other places on the property as the intrusive body shows significant size potential."

Justin Project Cross Section of Drill Holes JN11009, JN11010 and JN12011:
http://www.abenresources.com/i/maps/ABN-Justin-Project-Cross-Section-Holes-JN11009-JN11010.pdf

Besides skarn-hosted gold mineralization, other characteristics of IRGS deposits such as sheeted veining have been observed at the Justin Project in drilling and on surface, both within the intrusion and the surrounding country rock. These structural zones present prospective targets for IRGS mineralization. Holes drilled subsequent to JN12011 with pending assay results have been designed to test both skarn-related and structurally- controlled vein mineralization. There are also large untested geophysical anomalies proximal to the POW discovery zone, which are considered high-priority targets.

Justin Project Geophysics and Areas of Interest for Drilling:
http://www.abenresources.com/i/maps/Justin_Geophysics_Compilation_Mag.jpg

Producing IRGS deposits within the Tintina Gold Belt include Kinross' Fort Knox operation in Alaska, with reported proven and probable reserves of 314Mt grading 0.43 g/t Au, representing 4.3 million ounces of contained gold (Kinross Mineral Reserve and Resource Statement, December, 2011). Advanced IRGS projects in the Yukon include Victoria Golds' Eagle Gold Deposit, with reported reserves of 2.3 million ounces of gold, indicated resources of 4.8 million ounces of gold and inferred resources of 1.5 million ounces of gold (Victoria Gold website, August, 2012). Readers are cautioned that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Justin property.

In conjunction with Diamond drilling, 2012 exploration activity so far has included prospecting, detailed mapping, ground geophysical surveys and the construction of an exploration camp adjacent to the Nahanni Range Road.

Justin Property Location and Previous Exploration on the Project:

The Justin property is located in the southeast Yukon within the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung Mine and is accessed by an all-season road. Justin property tenure is contiguous with Northern Tiger Resources' (TSX-V: NTR) 3Ace Gold Project.

Justin Project Claims Map:
http://www.abenresources.com/i/maps/Justin-Claim-Boundary.jpg

In 2011, a first-pass drill program consisting of ten drill holes was completed on the Justin Project to test four different mineralized areas. The previously reported drill hole results indicated that a significant new greenfield gold discovery was made at the POW Zone. Highlights from that program included 60.0 metres of 1.19 g/t gold including 21.0 metres of 2.47 g/t gold in hole JN11009.

Updated Selwyn Recce Project Agreement

The Company announces an agreement with Eagle Plains Resources Ltd. with respect to a base metal exploration program on its 55 Northwest Territories mineral claims, which specifically includes all carbonate-hosted and/or sedimentary exhalative-style silver-lead-zinc, or other base-metal targets and/or sediment-hosted copper targets (the "Sedex Minerals"). Pursuant to the terms of the Agreement, all costs associated with the Sedex Minerals exploration program will be shared equally and the parties shall each own a 50% interest in the Sedex mineral rights to the Property.

Qualified Person and Quality Assurance:

Tim J. Termuende, P.Geo., is a Director and the Qualified Person for Aben Resources as defined by National Instrument 43-101 and has reviewed and approved the technical information in this release. Rock and drill core analysis was conducted by ALS Minerals Canada. Samples were analyzed for multiple elements by aqua regia 35 element ICP-AES and for gold by 30 gram fire assay with AA finish. Gravimetric fire assay is completed for samples measuring greater than 10 g/t Au. When visible gold is noted in drill core or rock samples, metallic screen assay method is used. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with industry best practices, including insertions of blank, standard and duplicate samples.

TerraLogic Exploration:

Aben has engaged TerraLogic Exploration Inc. to oversee all aspects of the 2012 exploration and drilling programs on the Company's Yukon projects. TerraLogic has been operating mineral exploration projects in North America since 1992 and has extensive experience in the Yukon and NWT..

About Aben Resources:

Aben Resources is a Canadian gold and silver exploration company exploring and developing its portfolio of properties in the Yukon and NWT in which it has exploration rights to over 600,000 acres of land. The Company's road-accessible flagship property, the Justin Gold Project, boasts a new greenfield discovery made in 2011 with an aggressive 2012 follow-up exploration and drill program currently underway.

For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company's web site at www.abenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.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.

 

Aben Resources Ltd.

Suite 2230 - 885 West Georgia St
Vancouver, BC V6C 3E8

Click here for contact information



as of 9:00am EST Aug 16, 2012

Recent Press Releases
From Aben Resources:

Aben Commences Diamond Drilling on Justin Gold Project, Southeast Yukon

Vancouver, BC -- Aben Resources Ltd. is pleased to announce the commencement of drilling activity on its 100% owned, 18,314 acre flagship Justin Project, where the Company made a significant greenfield gold-silver drill discovery in 2011. Planned 2012 drilling is budgeted for up to 4,000m. The property is located in the southeast Yukon on the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung Mine and is accessed by an all-season road. The first Diamond drill hole has been collared at the POW Zone and is designed to intercept the western extension of the mineralized interval in the previously drilled discovery hole JN11009. [...]

Aben Provides Update from the Field for Upcoming Drill Program on Justin Gold Project, Yukon

Vancouver, BC -- Aben Resources Ltd. is providing an update on its upcoming 2012 exploration and drilling program at its 100% owned, 18,314 acre flagship Justin Gold Project. The property is located in the southeast Yukon on the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung Mine and is accessed by an all-season road. [...]
 

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Aben Resources Ltd.

EXPLORATION STAGE
CODE : ABN.V
ISIN : CA00289T1084
CUSIP : 20855Q106
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Aben Resources is a gold and molybdenum exploration company based in Canada.

Aben Resources holds various exploration projects in Canada.

Its main exploration properties are RALEIGH LAKE, HIT, SPROGGE, SELWYN LAKE, GAMA LAKE, HUARD-KIRSCH LAKE, RUSTY SPRINGS, MANN LAKE and NWT PERMITS in Canada.

Aben Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 4.5 millions as of today (US$ 3.6 millions, € 3.4 millions).

Its stock quote reached its highest recent level on June 11, 1999 at CA$ 96.00, and its lowest recent point on February 17, 2023 at CA$ 0.02.

Aben Resources has 31 940 000 shares outstanding.

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