Aben extends envelope around B.C. gold find
Aben Resources Ltd. [ABN-TSXV; ABNAF-OTCQB; E2L-FSE] was an active trader Monday November 19 after the company released drilling results from its Forrest Kerr Gold Project in British Columbia’s Golden Triangle region.
The company said drilling has extended the mineralized envelope surrounding the 2017 and 2018 high-grade gold discoveries at the North Boundary Zone.
This round of focused drilling tested for the depth and lateral extension of known mineralized shear and vein sets located in the North Boundary Zone, the company said.
Broad horizons of low to moderate grade gold mineralization were encountered in several of the 15 drill holes reported [in Monday’s press release, while all drill holes encountered discrete polymetallic vein hosted mineralization with gold values ranging from trace amounts to 13 grams per tonnes over one metre.
Aben shares fell 29% to 13.5 cents Monday on volume of 3.4 million. The 52-week range is 11 cents and 48.5 cents.
Forrest Kerr covers 23,000 hectares and is Aben’s flagship property. It is located in the Golden Triangle, a region that is hosts a number of significant mineral deposits, including Brucejack, Eskay Creek, Snip, Galore Creek, Copper Canyon, Schaft Creek, Red Chris and more.
Aben Chairman Ron Netolitzky was involved in the discovery of the Eskay and Snip mines and was named Canadian prospector of the year back in 1990. Both are located in northwest British Columbia in The Golden Triangle region.
Aben can earn a 100% interest over the entire claim group by spending $3 million on exploration by June, 2020.
“The 2018 season has been a geologic and technical success in terms of what we have accomplished this year,” said Aben President and CEO Jim Pettit. “We started out with a 5,000-metre drill program and expanded it to 10,000 metres after success with the drill,” he said. “We raised $5.2 million and an additional $1.7 million from the exercise of warrants.”
Pettit went on to say that Aben has identified the Boundary Zone as a very large, robust environment for gold mineralization and discovery. The company has nine more holes to report from the 2018 season. Pettit said the company looks forward to compiling all the data available to Aben generated from this 2018 drilling program as well as new geochemical and geophysical analysis.
Meanwhile, the company said analytical results indicate that a coherent zone of vein-hosted mineralization extends up to 30 metres outward from the high-grade gold reported in early drill holes in new releases dated November 6, 2017, and August 9, 2018.
“It is also important to note that we have the funds in the treasury for the 2019 exploration and drill program,” Pettit said.
Aben is in that position after recently completing a $4.28 million private placement financing that was led by Bay Street gold bug Eric Sprott. Under the financing, Aben issued 14.26 million units at 30 cents per unit. Each unit consisted of one common share and one share purchase warrant entitling the holder to purchase an additional common share at 45 cents for a period of two years, expiring on August 21, 2020.