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Aben Resources Increases Chico Gold Project Land Position; Drill Program set for February 2018
VANCOUVER, British Columbia, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) (the “Company”) is pleased to anno
About this update from Aben Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) (the “Company”) is pleased to announce the Company has increased its land position at its 4,716-hectare Chico Gold Project located 125 kilometres east of La Ronge, Saskatchewan and 40 kilometres south of SSR Mining's (formerly Silver Standard Resources) Seabee gold operation. Aben Resources holds the exclusive right to earn an undivided 80-per-cent interest in the property by completing $3.5-million in exploration expenditures, issuing 2.5 million shares and making $150,000 in cash payments to Eagle Plains Resources (TSX-V:EPL) by 2020. Chico Gold Project, Saskatchewan location map: Eagle Plains has recently acquired six additional mineral dispositions for a total area of 1,799 hectares located adjacent to the original holdings through a combination of staking and the completion of a purchase agreement with V. Mitchell (an unrelated third-party vendor) whereby Mr. Mitchell will receive a combination of $10,000 cash and 100,000 common shares of Eagle Plains at a deemed price of 15 cents per share. These specific dispositions will be subject to a 1-per-cent net smelter return royalty which includes a buy-down provision. All additional tenures will be included in the current option agreement with Aben and subject to the terms and conditions of that agreement. Chico Property Highlights and Exploration Activity: The overall objective of the 2016 and 2017 programs was to identify mineralization, alteration and structural features similar to those at the nearby Seabee and Santoy deposits that were recently acquired by SSR Mining (formerly Silver Standard Resources). The Seabee Gold operation has been in continuous production since 1991, producing1.2 million ounces of gold from the Seabee and the Santoy deposits. Chico property highlights include the presence of a 1.5 kilometre-long mineralized structural corridor (Chico Trend) which is confirmed by geophysical surveys, geological mapping and soil geochemical surveys. Historical drilling, trenching and sampling have been completed on the property and have returned high-grade gold results. Highlights include: High grade intercepts from historic drilling include 0.424 oz/ton gold or 14.5 grams/tonne (g/T) gold over 0.4m at Chico showing and 0.281 oz/ton gold o...