Aben Resources Ltd. : Aben Options Additional Land Holdings at Justin Gold Project, Yukon
Aben Resources Ltd. /
Aben Resources Ltd. : Aben Options Additional Land Holdings at Justin Gold
Project, Yukon
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The issuer is solely responsible for the content of this announcement.
Suite 2230, 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA
www.abenresources.com
Trading Symbol (TSX-V: ABN), (Frankfurt: E2L)
Email:info@abenresources.com
March 5, 2012
Vancouver, BC - Aben Resources Ltd. (TSX-V: ABN) (Frankfurt: E2L) (the
"Company") is pleased to announce it has entered into an option agreement with
Bearing Resources Ltd. (TSX-V: BRZ) whereby Aben may earn in 100% interest in
the VF Gold Project in the southeast Yukon. The VF claims are adjacent to the
west of Aben's Justin Gold Project claims and allows the Company to increase its
Justin property holdings to approximately 18,800 acres total.
Justin Gold Project Location Map:
http://www.abenresources.com/i/maps/ABN-Justin.jpg
Aben recently completed a ten-hole diamond drill program on the property in
which significant greenfields gold-silver discoveries were made at the POW and
Kangas Zones (see November 17, 2011 and January 10, 2012 news releases). The
property is approximately 35 kilometres southeast of the Cantung Mine and has an
all season road running through its claims.
Justin Project Claims Map:
http://www.abenresources.com/i/maps/Justin-Claim-Boundary.jpg
Under the terms of the agreement, Aben has the option to earn a 100% interest in
the approximately 7,700 acre VF property by making a total of $150,000 in cash
payments and issuing a total of 1,000,000 common shares to Bearing Resources
over 4 years. The property shall be subject to a two percent (2%) net smelter
return royalty ("NSR") in favour of Bearing Resources. Aben Resources has been
granted a right to purchase 1% of the NSR for the consideration of $1,500,000.
Recap of 2011 Field Season and New Discoveries:
A Phase One 2020 metre diamond drill program consisting of ten drill holes was
completed on the Justin Project in 2011 to target four different mineralized
zones. The previously reported drill hole results from the 2011 program
indicated that a significant new greenfields gold discovery had been made on the
property. The Company intercepted 60.00 metres of 1.19 g/t gold in hole JN11009
in the never before drilled POW Zone.
Cross Section of POW Zone Drill Holes JN11009 and JN11010:
http://www.abenresources.com/i/maps/Justin-POW-Zone-Section.jpg
The intercept observed in JN11009 starts at a vertical depth of 113 metres and
is dominated by massive skarn-style replacement mineralization, which has been
overprinted by quartz-calcite stock work veining. Both the skarn-style and vein-
style mineralization carried gold values illustrating that the new discovery
zone hosts multi-phase gold mineralization. The geochemical signature of the
mineralized zone is characterized by elevated Au, Bi, Cu, Mo and W supporting an
Intrusion Related Gold System.
A second hole, JN11010, was drilled into the POW Zone which intercepted 11.3
metres of 2.70 g/t gold and 29.00 g/t silver starting at a vertical depth of
125 metres. Both exploratory holes drilled into the POW Zone in 2011 intercepted
significant gold mineralization and this mineralization is open in all
directions.
Plan View of Diamond Drill Holes in POW Zone:
http://www.abenresources.com/i/maps/Justin-Pow-Zone-DDH-plan.jpg
Previously reported ground work at the POW Zone in 2011 returned surface samples
up to 8.97 g/t Au and 84.10 g/t Ag. Positive surface sampling results from 2010
and 2011 are located 400 metres to the east of the new gold discovery in holes
JN11009 and JN11010. Furthermore, large untested geophysical anomalies proximal
to the POW Zone are high priority drill targets for the upcoming 2012
exploration season.
Justin Project 3D Geophysical Mag Survey:
http://www.abenresources.com/i/maps/Justin_Project_3D_Geophysical_Mag_Survey.jpg
Aben also drill tested the Kangas Zone in 2011, located 1.3 kilometres south of
the POW Zone. Difficult ground conditions hampered drilling efforts, and target
depths were reached on only one of the three holes. A new high grade silver-
copper zone was intercepted in previously reported hole JN11003 which was the
only hole to intersect significant mineralization despite being abandoned within
the contact of a fault zone. A 1.07 metre interval returned values of 7320 g/t
Ag (234 oz/ton Ag) and 3.52% Cu at a down-hole depth of 42.23 metres. Sample
recovery over the interval was only 15%, and therefore results may not reflect
the true thickness or tenor of the mineralization. The hole was terminated
within the mineralized interval due to extremely poor ground conditions. This
newly discovered silver-copper zone is open along strike and follow-up drilling
will be conducted this season to further delineate this high grade zone.
As a result of the new greenfields gold, silver and copper discoveries on the
Justin Project, Aben has been aggressive in acquiring claims around the original
property. The Company has now acquired approximately 14,800 additional acres of
mineral tenure in the immediate vicinity of the project to facilitate an even
more aggressive work program this upcoming season.
The regional geology of the southeast Yukon is represented by the basement rocks
of the Selwyn Basin, Late Precambrian to Early Cambrian Hyland Group sediments.
Regional mineralization is generally controlled by Mid-Cretaceous Tombstone
Suite quartz monzonite intrusive stocks. The Justin Property is underlain by
sedimentary rocks assigned to the Yusezyu Formation. The three distinct styles
of mineralization on the property are thought to be a direct reflection of a
long lived, widespread mineralizing event occurring in reactive calcareous
sediments. Significant hornfels alteration of sediments across the Justin
Property suggest that the intrusive stock underlying the property is multi-
kilometric in size.
2012 Exploration Plans and Corporate Update:
Aben Resources is in its final phases of planning its 2012 exploration and
expanded drill program for the Justin Project and will make an announcement when
it is finalized. With a more aggressive program slated for this upcoming season
the bulk of the drilling will focus on expanding the newly discovered POW and
Kangas Zones. Upon analyzing the results and data from last year's field work,
Aben's management and geological team have a much better understanding of the
discovery zones which will lead to a more structured and focused drill plan in
2012.
The Company is also in the final stages of data compilation and interpretation
from its 2011 program on its Selwyn Recce Project. Field crews completed a very
large scale regional reconnaissance program on Aben's Selwyn Recce Project that
included the collection of 8782 samples, geological mapping, regional
prospecting, geochemical surveys and geophysical surveys. Aben is completing a
technical geological report on the project with a subsequent news release to
follow.
Aben has engaged TerraLogic Exploration Inc. of Cranbrook, BC to oversee all
aspects of the 2012 exploration and drilling programs on the Company's Yukon and
NWT projects. TerraLogic has been operating mineral exploration projects in
North America since 1992 and has extensive experience up in the Yukon and NWT.
Through TerraLogic, Aben will arrange for field crews, support staff, camps,
supplies, helicopters and drill rigs to conduct the exploration to be carried
out this year.
Quality Assurance and Qualified Person:
Tim J. Termuende, P.Geo., is the Qualified Person for Aben Resources as defined
by National Instrument 43-101 and has reviewed and approved the technical
information in this release.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company developing
properties in the Yukon and Northwest Territories.
Aben's Yukon and NWT Properties Claims Map:
http://www.abenresources.com/i/maps/ABN_Property_Location.jpg
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company's
web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
____________________________
JAMES G. PETTIT
President
For further information contact myself or:
Jordan Trimble
Aben Resources Ltd.
Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: 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 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.
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Source: Aben Resources Ltd. via Thomson Reuters ONE
[HUG#1591135]
