Our primary focus in our flagship property is in the Golden Triangle, which is in the northwest quadrant of British Columbia. We've got a fair amount of expertise in the Golden Triangle and there's a lot of history up there of very high-grade deposits and this goes back over 30 years. However, there have been some more recent discoveries in the last decade. One of the primary rounds of exploration was in the old days of Murray Pezim, when Ron Netolitzky, our chairman, was running their program at the time in a company called Calpine, or International Stakene; they discovered Eskay Creek and the Snip Mine and Ron was involved in both of those discoveries. He has a wealth of knowledge and experience in discovery in the Golden Triangle.
Tim Termuende is a working director. The first job he ever had was at the Snip Mine, working for Ron.
Then there are a couple of key advisors, Mike Roberts and Henry Awmack. They came along with the properties that we assembled and were part of the underlying ownership group from which we option our properties. Henry has been up there as long as Ron. Mike Roberts was up there doing all the background for Kiska when they owned the northern block of claims that are now part of our property. Between all of these people, you've got about 100 years of knowledge in the Golden Triangle. Ron, for example, was on the discovery team for Snip and Eskay Creek and Brewery Creek, and also involved in Viceroy back in the day, too. So he's got an extensive background in discovery as well as M&A.
If you go back probably 10 years, when Tim and Ron were with another company called Eagle Plains, that Tim runs, they spun out Copper Canyon and sold it to NovaGold. It's right up there by the Galore Creek complex.
The last company that I was running was Bayfield. I sold that to New Gold.
I'm pretty much the only one that is not a geologist. I'm on the management, corporate governance, and finance side, and the rest of the Aben team are all geologists.
A while back, in 2016 or late 2015, Tim and I were looking to get involved up there – we wanted Aben to be involved up there. The market was starting to pay more and more attention to some of the early runners up there. Colorado was one of them. Also, Imperial Metals have got the Red Chris mine. Pretium was on its way to the development of a new mine. It's now in production.
So, we assembled a package of land that's about 50 kilometers long; it involves 3 claim groups and the property. When you look at it on a map, it's long and narrow, it extends for the full length along the Kerr fault, right in the heart of the Golden Triangle. And the Kerr fault is seen as a major driver - it has a lot to do with what goes on up there. It's a complex region, and to be able to have a major structure like that acts as a driver, a conduit for fluids. Off that main fault, there's all kinds of sub-faults and splays, and that's what you want. And they're all closely associated to a contact zone; the Stuhanian-Hazelton Contact. Those two rock assemblages are absolutely necessary for discovery up there.
So you take that in association with a major driver of geologic events, you're in an awesome neighborhood. So that's why we assembled that. We're acquiring 100% of the 3 land packages that we put together, the claim groups. We have to spend $3 million in the ground, throughout the properties, which is not onerous at all. We'll probably be done that this year and the end of the second year. And we issue 7 million shares to the 3 different groups over 4 years. This year, we'll be halfway through, so it's actually a very good deal for the land package we have acquired.
Geologically, it's perfect. In terms of being close to this major contact that you need, every discovery has been within 2 kilometers of that contact, and been associated with a major structural feature – we’ve got that, that’s the Kerr Fault. I encourage people to go to AbenResources.com and check it out, we have extensive slides there. There are studies which have been recently published by the BC Geologic Survey which outlines studies done by government geologists about the background of the area which shows that almost every one of the major discoveries up there today are within 2 kms of that major contact. They call it the Red Line. It has to be within 2 kms of a major geologic structural formation, like a major break or a fault. And we have got that, so it puts us in an enviable position because it enhances the chances of discovery.
Last year was our first year of drilling – first summer. Not a huge program, it was 9 holes. After compiling all the data from the 3 claim groups, we did a data compilation which is a tremendous amount of information and we put all of that information into a major database and then prioritized all our targets. Last year was our first year, and the priority target was the boundary zone and testing some old high-grade results from way back that weren't really followed up.
So we did that and we hit something, we made a discovery just 200 meters north of that old discovery. What we've now got- this is a major catalyst for this year - is a place to start drilling in earnest, but we're going to go in and hit this pretty hard – not major step outs either. We've hit something off of one drill pad with 3 holes, so they're all in the same azimuth, but they're 3 different degrees, so 45, 60, and 75. So we've got a very broad zone with a high-grade core. In that high-grade core, it runs up to 20 meters with good grades; 10, 11 grams. And then you can shrink it down to narrower grades, such as 6 meters of 21 grams. You can, however, stretch that out because it's widely mineralized.
You don't often see that, you get that narrow core and that's it. And then you might get a hit 100 meters away, that's sort of in line with it. Ours are widely mineralized throughout the core. You've got a broad zone that's well over 100 meters wide. You've got a lower grade throughout it, but then you've got high grade in the core. So, we'd be foolish not to follow that up. It's a northeast, southwest trending sub-fault that comes off the major Kerr fault.
And we know that uphill to the northeast, there's an intersection from way back in the pass, as well, of very high-grade nickel. And as we get closer to that theoretical red line, that contact, the alteration changes and, all of a sudden, you're into lead, zinc, silver, instead of gold, silver, copper. So there's some very interesting things going on there, but we think we can chase this for a while. I think we can step out, say, 15 meters at a time and let's see how far it goes because we've got that sub-fault mapped for quite some distance.
So the drill program this summer (2018) is the major catalyst, for investors to pay attention to.
Well, the risk associated with this region is pretty low. We have very good relations with the First Nations. This area is part of the Tahltan First Nations group land. They're involved with everything. They have what's called the Tahltan Development Corp. So they're involved in helicopters, drill rigs, pad building, anything that's associated. Supplying camps, everything. They're very pro-business and have partial-ownerships in a lot of the supply companies, that sort of thing. They are very good. You don't run into this often enough, but they want the area developed - but developed on their terms. My biggest thing is, and I have talked this over with the head of the Tribal Councils up there, certainty is the name of the game. If it costs something for certainty, so be it, but you can’t change the rules in the middle of the game and they totally get it. They want a benefit, so a lot of their people are working, and there's a lot there. You've got Pretium now up and running, Red Chris is up and running, there's a lot of people employed. The roads, they're constantly being fixed and repaired. Last year, my crew was predominantly First Nations. Core cutting and core handling and many other things – it’s great.
Gold took it on the chin for a while, at least the public companies did, because the competition of cannabis and blockchain and cryptos. Now those have kind of fallen out of favour, or they're taking a breather, or whatever, and you're starting to see a little bit of uptick and strengthening in some of the gold companies. We're primarily exploration, but it's all gold, what we're looking for. And our market has been resilient. We've actually held up well. We've doubled in the last 2 months on reasonable volume. I'm not saying millions of shares a day, but 100,000 to half a million shares a day. It's been very good. I Just read a report today that I liked, probably because it anticipates that if gold breaks $1310, it's got a really good chance of going higher. There's a major, major seller in the gold market, and it’s Venezuela, but once their selling dries up, and if it gets through $1310, hallelujah! A strong gold price is always good for these companies. I do think with all the uncertainty in the world, gold's good. It's a good time to be exploring for gold.
The one thing we haven't touched on up there in the Golden Triangle is that it's a classic area play. There's been few of late, but this is one in the Golden Triangle. The other one is that whole Windfall Lake area in Quebec. To get this much staking, this many different groups and companies working in the same area, we haven't seen that in a long time, and that's also really good for the stock, because you've got a short window here. We've got maximum 5 months that we could possibly work. Probably more like 4 months. Unless you've got endless buckets of money. If the guys next door to us have wonderful news than our stock also takes off.
There have been more players within the region each year, for the last 3 years. This year is no exception. Last year, there was $100 million dollars spent in exploration in the region. Specifically where we are. It accounted for 40% of the total exploration in B.C. and this year they are expecting it to be more.
We're getting in early, this is another catalyst; yes, we're drilling, but we're going to start well over a month-and-a-half earlier than last year. Because we want to be able to get in there, get off to a good start, drill where we know we're going to have success or a very high degree of confidence, and get those assays in quickly and get them turned around. Another group did that last year, they got their assays in quickly and they were great and the market took off and we were tied at the hip with them for the rest of the year.
It doesn’t take long to drill once you’ve got everything set up, so we should be looking at a quick turnaround sometime around the latter half of July.
We’ve got a good following; if you go to StreetWiseReports.com we have a tremendous amount of activity there following us. As far as News Letters are concerned, we have got Brien Lundin, Gwen Preston, and Bob Moriarty who follow us. Good coverage and they were the ones covering us last year. Many of the others missed it. Gwen and Brien got it. Beyond that, we market a lot, I’m on the road a lot. Toronto, New York, Europe – we have a great following in Europe.
Canadian Mining Report will be following the news flow from Aben Resources in the weeks and months ahead. Stay tuned as Aben has their sights set on releasing drill results by the end of July or shortly thereafter. To learn more about the company, call 604 687-3376 or visit their website: https://www.abenresources.com/
VANCOUVER, British Columbia, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Company”) announces that additional analytical results have been received from the early-stage drilling at the 23,000 hectare F...
VANCOUVER, British Columbia, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Company”) has arranged and closed a non-brokered private placement of 2,375,000 flow-through common shares at a price of $0.40...
VANCOUVER, British Columbia, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCQB:ABNAF) (Frankfurt:E2L2) (the “Company”) is pleased to provide an update on its exploration drill program currently underway at the Forrest Kerr Property in BC’s Golden T...
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