Aben Resources Uncovers High-Grade Gold at the Justin Project Lost Ace Zone, Yukon Territory
globenewswire.com
January 14, 2019 08:00 ET | Source: Aben Resources Ltd
VANCOUVER, British Columbia, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Company”) is pleased to provide a summary of exploration results from the 2018 exploration program on their 100% owned Justin Gold Project in the Yukon Territory. Work completed in 2018 included the collection of 19 channel and 28 chip samples from 5 trenches, 16 rock samples, 7 till samples and 240 soil samples with coverage totaling 6.0 line-km. The 2018 field program focused primarily on the Lost Ace Zone, a gold bearing zone discovered in 2017. Lost Ace is located 2 kilometers west of Aben’s POW Zone where past drill results indicate potential for bulk-tonnage gold mineralization with intercepts reported ranging from trace values to highs of 1.19 g/t Au over 60.0 m (including 2.47 g/t Au over 21.0 m) and 1.49 g/t Au over 46.4 m.
Justin Gold Project, Yukon location map:
https://www.abenresources.com/site/assets/files/4303/abn_justin_project_-_property_location_2017_small.jpg
2018 results from trenches TR18-001 through TR18-005 (115 m2) from the Lost Ace quartz stockwork vein zone include:
TR18-001 returned values ranging from trace to an average of 20.8 grams/tonne (g/t) gold (Au) over 4.4 m, including 88.2 g/t gold (Au) over 1.0 m. Visible gold was observed in the sample returning 88.2 g/t gold (Au).
The 2018 high-grade samples were collected 127 meters from 2017 discovery outcrop and within 20 meters from where a bulk soil sample returned 1135 visible gold grains in 2017.
TR18-003 returned 0.9 g/t gold (Au) over 1.0 m while three grab samples from a large quartz boulder excavated from the contact zone returned 7.3 g/t Au, 3.9 g/t gold and 4.6 g/t gold respectively. Visible gold was also noted in one of these samples. TR18-003 was completed as an extension to TR17-004 which returned 4.7 g/t gold (Au) over 1.0 m. This particular trend of quartz stockwork veining has now been exposed over 8.0 meters.
Mineralization at Lost Ace is interpreted to be orogenic-style quartz-gold veins that bear a strong resemblance to and share similar geologic setting with Golden Predator’s adjacent 3 Aces Property. Previous exploration at Justin has successfully discovered Intrusion related sheeted veins & vein breccias along with gold bearing skarn mineralization. The new discovery at Lost Ace highlights the existence of a multi-phase hydrothermal system with the potential for overprinting mineralizing systems.
Mike Burke, P. Geo., and former Chief Geologist with Golden Predator Mining Corp. states “The orogenic style mineralization discovered at Lost Ace shares many characteristics with the orogenic veins discovered at the 3 Aces project. Exploration at 3 Aces has shown the regionally extensive stratigraphic contact in the middle Yusezyu Formation contains consistently highly-anomalous gold values. The discovery of gold mineralization in the upper Yusezyu Formation at Lost Ace suggests newly discovered orogenic gold mineralization could occur over a significant stratigraphic extent between the upper and middle Yusezyu Formation on the Justin Property. In addition, the previously discovered intrusive related gold mineralization at the POW Zone would have intruded through the prospective stratigraphy which hosts the older orogenic mineralization in the district potentially enhancing grades in the intrusion related gold system.”
The new zone at Lost Ace is located at the northern end of a 250 meter gold-in-soil soil anomaly that remains open in all directions. The soil geochemical response may be somewhat muted due to the thick glacial cover in the area. Channel sampling at Lost Ace in 2017 returned 1.44 g/t Au over 5.0 m including 4.77 g/t Au over 1.0 meter. Also a bulk soil sample taken from the area contained 1135 visible gold grains, the majority of which were termed ‘pristine’ indicating a proximal bedrock source for the gold.
Coarse Gold Grains from Justin Project, Lost Ace Zone, Yukon:
globenewswire.com
coarse_gold_grains.jpg
In addition to the new Lost Ace Zone, several other high-priority exploration targets are located within 1 km of the POW Zone. Defined by geophysics and geochemistry, these targets remain untested and represent significant potential for expanding the current extent of the intrusion related gold system.
Table 1 – 2018 Trench Summary Results
| Zone | Trench | Easting | Northing | Composite Channel Sample Results | | Lost Ace | TR18-001 |
|
| 4.40 m @ 20.8 g/t gold | | Lost Ace | TR18-002 |
|
| 1.00 m @ 0.3 g/t gold | | Lost Ace | TR18-003 |
|
| 1.00 m @ 0.9 g/t gold | | Lost Ace | TR18-004 |
|
| No Significant Results | | Lost Ace | TR18-005 |
|
| No Significant Results |
*True thickness is interpreted to be 50-60% of the sampled interval
Analytical and QA/QC description
All samples were submitted to ALS Minerals in Whitehorse for preparation. Geochemical analysis was completed at ALS Minerals Laboratory in Vancouver. The following analytical techniques were used for all rock samples: ME-MS41, Au-AA26 50 g Fire Assay and a select grouping of samples were further analyzed by a Screen Metallic Fire Assay Method Au-SCR24C. All gold values reported in the news release are the total gold value provided by the Screen Metallic Fire Assay Method. The following analytical techniques were used for all soil samples: ME-MS41, Au-ST43 and Au-AROR43 for all samples > 0.1 ppm Au. The Company’s QAQC measures included insertion of external blanks and standards into the sample stream for all rock chip/channel samples. A minimum of one standard sample and one blank sample were inserted for each continuous set of trench samples. Additional QAQC samples were added to the sample sequence at the discretion of the geologist where visible gold was noted in quartz vein material.
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 gold-focused projects in British Columbia, the Yukon Territory, and Saskatchewan. Aben is a well-funded junior exploration company with approximately $5.6 million in its treasury and no debt.
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 myself or:
Don Myers
Aben Resources Ltd.
Director, 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 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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