VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) announces, further to its news release on May 23rd, the completion of a 173 line kilometer (km) airborne magnetic survey that covered the entire Boundary Zone, located in the central portion of the Forrest Kerr Property. The Boundary Zone has been the main focus of exploration by Aben Resources since 2016. The 2 km by 5 km survey encompassed a large package of gold-bearing rocks from the Hazelton Group, a lithology that hosts several polymetallic mineral deposits in the region. It is expected that the airborne magnetic survey will effectively delineate subsurface geologic structures that are intimately associated to the high-grade gold mineralization previously discovered at the Boundary Zone. Preliminary results from the survey have been received with final deliverables expected well in advance of the onset of drilling in late June.
Forrest Kerr Project, Golden Triangle, B.C., location map:
Aben would also like to announce that field crews have now opened up the camp at the 100% owned 7,400-hectare Justin Gold Project in the Yukon in anticipation of the arrival of the Diamond and Rotary Air Blast (RAB) drills in the upcoming days. The 2019 exploration program at Justin will entail 1350 meters of diamond drilling and 600 meters of Rotary Air Blast drilling (“RAB”), along with prospect generating field work. This program should take 3-4 weeks to complete which will coincide with the commencement of drilling at the Forrest Kerr Project.
Justin Gold Project, Yukon location map:
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.
Further, the Company is pleased to announce it has closed a non-brokered private placement financing (the “Private Placement”) for total gross proceeds of $1,103,200.08.
The Company has allotted and issued 4,596,667 flow-through shares at a price of $0.24 per flow-through share.
For their efforts in finding certain placees, the Company has paid finder’s fees totalling $85,000 and issued an aggregate 354,167 finder’s warrants (the “Finders Warrants”) to arm’s-length parties. Each Finders Warrant is exercisable into one common share for a period of up to twenty-four months at a price of $0.24.
The Company intends to use the proceeds from the Private Placement towards exploring its Forrest Kerr Project, British Columbia. The Private Placement is subject to final TSX Venture Exchange approval and all securities issued will be subject to a hold period expiring October 6, 2019.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia’s Golden Triangle region and the Yukon Territory. Aben is a well-funded junior exploration company with approximately 111.7 million shares issued and outstanding.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
For further information, contact myself or:
Aben Resources Ltd.
Director, Corporate Communications
Toll Free: 800-567-8181
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.