Vancouver, BC, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) is pleased to provide an update on the Pringle North Project located 55 kilometers north of the prolific Red Lake Gold Camp in Ontario. The Pringle North Property straddles the interpreted northern extension of the deep-seated geologic structures that host many of the gold deposits within the Red Lake Gold Camp. The newly termed ‘Red Lake Extension’ is a crustal-scale extensional feature identified by seismic reflection surveys and has been described by the Ministry of Energy, Northern Development and Mines as similar in nature and significance to the structures that host the Red Lake Gold Belt.
Aben geologic personnel have been compiling and interpreting geophysical and geologic data from several sources from across the Red Lake Gold Belt, including the finalized results from a high-resolution airborne magnetic survey completed over the Pringle North Property in the Fall of 2021. The magnetic geophysical maps illustrate several apparent convergent structural breaks and extensional features that are common to all gold deposits in the Belt. The structural complexity illustrated by the magnetic survey offers strong evidence of wide-spread shearing, folding and faulting, structural controls that can provide fluid pathways and traps for gold mineralizing fluids in potentially economic concentrations.
In addition to the full spectrum of structural controls present on the Property, Pringle North is host to several surface samples that tested at or above the 95th percentile from an overburden sampling program by Agnico Eagle in 2009. A substantial belt of mafic to ultramafic rocks that parallel the Nungesser Deformation Zone (NDZ) have been mapped on the property. Age determination by Sanborn et al, 2004, dates this volcanic-sedimentary belt at 2.94 billion years old and assigns it to the Balmer Assemblage, which is host to the gold mines in the Red Lake Camp.
The Pringle North Property consists of 5 contiguous mining claims covering approximately 1,881 hectares, and is located 55 kilometers north of the prolific Red Lake Gold Camp. The Property sits within the ‘Red Lake Northern Extension’ corridor, an area that saw a marked increase in exploration activity in 2021. The Pringle North Property has had very limited ground exploration so the planned field exploration program in the Spring of 2022 will be an exciting advancement for the Company.
The Red Lake Mining Complex is located within the Red Lake greenstone belt of the Superior Tectonic Province. This belt is host to one of Canada’s largest and richest Archean gold deposits producing more than 26 million ounces of gold since the 1930s. The Red Lake Greenstone Belt is subdivided into several rock assemblages recording magmatic and sedimentary activities that occurred from 3.0 to 2.7 billion years ago.
In July, 2021 Aben Resources signed an agreement whereby they can earn-in an 100% right, title and interest in and to the Property by paying to the Optionors a total of $97,000 and issuing to the Optionors a total of 320,000 common shares. The Optionors shall retain a 1.5% Net Smelter Returns Royalty, of which the Company may purchase 0.5% at any time for $600,000.
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 and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory. Aben is a well-funded junior exploration company.
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: Aben Resources Ltd. Telephone: 604-416-2978 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.
