We have very interesting results from Aben Resources and its exploration program in Yukon.
"Go where the smart money goes or smart people or both - like in case with Aben Resources, former Consolidated Abaddon Resources. Company is reinventing itself and such heavy hitter as Ronald Netolitzky will not put his reputation on a line for a quick pump and dump. Rare Earths and Gold juniors were on fire last year, so we are going whether the value is and it is not realised by the market yet - the right people are the first sign of it.
"What is the common sense in the so different investment situations: when Erick Sprott buys into Avino Silver, Silver Wheaton buys into Revett Minerals, Lukas Lundin buys into NGeX Resources and invest more to keep its stake in Sunridge Gold, Panasonic buys into Tesla, Tongling buys into Canada Zinc Metals and Nova Gold sells 50% of 1 mil NON 43-101 historical resource of gold at Shotgun for shares of TNR Gold and significantly increase its position in that company? All these situations are common only in one, but very powerful in the investment world thing: industry and/or company insiders are buying in. Can they be mistaken - yes, by all means - but we like to follow the "smart" money."
Thu Nov 17, 2011
Aben Drills Significant New Discovery of 60m of 1.19 g/t Gold on Justin Project, Yukon
Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (Frankfurt: E2L) (the "Company") is pleased to announce it has made a significant new gold discovery in the Yukon on its 100% owned, 11,268 acre Justin Project.
The Company recently completed a ten hole diamond drill program on the Justin Gold Project located in the southeast Yukon. Aben has released the first drill hole results received from its 2011 program which includes 60.00 metres of 1.19 g/t gold in the never before drill-tested POW Zone. Assay results are still pending for the other nine holes.
Justin Gold Project Location Map:
- Aben makes a new greenfield gold discovery on its Justin Project in the Yukon.
- Drill results from first received hole JN11009 include 60.00 metres of 1.19 g/t gold in the POW Zone starting at a vertical depth of 113 metres.
- Intercept observed in hole JN11009 was 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. The geochemical signature of the mineralized zone supports an Intrusion Related Gold model.
- Gold mineralization is open in all directions at the POW Zone.
- Positive surface sampling results from 2010 are located 400 metres to the east of discovery hole JN11009.
- An airborne geophysical survey outlined an inferred buried intrusive stock, represented by a pronounced magnetic low, which lies between the POW Zone and the Main Zone located 2.4 kilometres to the south.
- As a result of this new gold discovery on the Justin Project, Aben has acquired 7,058 additional acres around the original property border which will facilitate an aggressive drill program next season.
- Assay results pending for nine additional holes on four mineralized zones throughout the Justin Project.
Initial Gold Assay Results from the Justin Project:
* g/t = grams per metric tonne
* The azimuth of the hole was 250° and the inclination was -45°; the total depth of the hole was 291.67 metres
* The reported results above are down hole interval lengths; true widths for the gold intercepts are not yet known
* Intercepts were calculated using a 0.1 g/t Au cut off
Cross Section of POW Zone Drill Hole JN11009:
Discussion of Results from Drill Hole JN11009:
Aben drilled a total of 2020 metres in ten holes on four mineralized zones throughout the Justin property in 2011. Drill hole JN11009 was the first drill hole to test the POW Zone, which is a mineral showing that was discovered during the 2010 field season. Chip sampling for the POW Zone in 2010 yielded results of 3.0 metres of 0.5 g/t Au and four grab samples from the POW Zone returned values of 1.05 g/t Au, 2.90 g/t Au, 1.22 g/t Au and 2.40 g/t Au. Notably, these chip and grab samples were taken from a location 400 metres east of the discovery hole JN11009. The gold values from the 2010 program were obtained from skarn-style replacement of limestone and quartz-calcite veining. A 207 kilometre airborne geophysical survey (magnetic and EM) was conducted over the Justin Property during the 2010 field season in conjunction with the grassroots geological survey carried out at the time. The purpose of the survey was to delineate favourable structural targets for gold mineralization, and to locate buried intrusive rocks in an attempt to constrain the source of gold mineralization on the property. The geophysics highlighted a pronounced magnetic high-EM conductor zone 400 metres west of the newly discovered gold mineralization from the 2010 field work. In addition the geophysics outlined an inferred buried intrusive stock, represented by a pronounced magnetic low, which lies between the POW Zone and the Main Zone located 2.4 kilometres to the south.
Plan View of Diamond Drill Holes in POW Zone:
During the 2011 work program on the Justin Project field crews returned to the POW Zone to conduct follow up mapping and prospecting. Two new zones of alteration and mineralization were found west of the original POW Zone, which are coincident with one of the geophysical anomalies outlined in the 2010 airborne survey. The discovery of the broad alteration zones and favourable gold indicator minerals within the alteration zones prompted the decision to drill test the POW Zone this season.
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. The geochemical signature of the mineralized zone is characterized by elevated Au, Bi, Cu, Mo and W supporting an Intrusion Related Gold System.
Results of the 2010 airborne survey and subsequent surface mapping confirm that the southern extent of the POW Zone is underlain by a granodiorite stock, and quartz monzonite dikes, interpreted to be part of the Cretaceous Tombstone-Tungsten Suite.
This observation is consistent with the surface work completed during the 2010 and 2011 programs.
As a result of this new greenfield gold discovery on the Justin Project, Aben has staked more claims around the property and in particular around the POW Zone on the northern part of the project. The Company has recently acquired 7,058 additional acres of mineral tenure in the immediate vicinity of the project. This new ground will facilitate an even more aggressive work program next season.
Justin Project Claims Map:
Update on the Main Zone, the Confluence Zone and the Kangas Zone:
Two of Aben's ten holes (including JN11009) were drilled into the POW Zone with the remaining eight being drilled into the other three mineralized showings on the Justin Project. Assays are still pending for nine of the ten holes drilled in the program. The Main Zone is located 2.4 kilometres south of the POW Zone and hosts gold-bearing pyritic mineralization which occurs within a quartz monzonite dyke and adjacent calcareous siltstone. Historic chip sampling across this zone returned an average grade of 2.38 g/t Au over 22.5 metres. The Confluence Zone is about 1.3 kilometres east of the Main Zone and consists of a 600 metre by 250 metre area of coarse clastics hosting considerable fracture controlled chalcedonic veining. Historic grab samples from the zone returned gold values as high as 59.25 g/t Au in addition to historic chip sampling averaging 4.24 g/t Au over 4.5 metres. The third gold showing on the Justin Project, the Kangas Zone, consists of a 75 metre by 400 metre zone of skarn and replacement style mineralization within calcareous siltstone, which has returned widespread anomalous values of up to 3.46 g/t gold. This zone is about 1.4 kilometres south of the newly discovered POW Zone.
Justin Gold Project Previous Exploration Map:
Aben engaged TerraLogic Exploration Inc. of Cranbrook, BC to oversee all aspects of the 2011 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 arranged for field crews, support staff, camps, supplies, helicopters and drill rigs to conduct the exploration carried out this year.
Quality Assurance and Qualified Person:
Drill core analysis and assaying is being conducted by ALS Canada in Vancouver, B.C. Most ALS Minerals laboratories are registered or are pending registration to ISO 9001:2008, and a number of analytical facilities have received ISO 17025 accreditations for specific laboratory procedures. The drill core was split and sampled in standard sample intervals ranging from 0.5 to 1.2 metres. The core samples were analyzed by aqua regia 35 element ICP-AES, for gold by 30-gm fire assay with AA finish, and by gravimetric fire assay for gold assays measuring greater than 10,000 ppb. Screened total metallic assays are being performed as a quality check on samples assaying over 1000 ppb. 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 the best possible practices.
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. The Company is well funded with approximately $3 million in its treasury.
Aben's Yukon and NWT Properties Claims Map:
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company's web site atwww.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT