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Aben Resources adds Eric Sprott as strategic shareholder

Aben Resources (TSXV: ABN; US-OTC: ABNAF) is expanding its exploration and drilling program this year at its Forrest Kerr gold project in B.C.’s Golden Triangle with the help of a $2 million investment from financier Eric Sprott.

The financing follows assays released earlier this month from the first drill hole of the year, which returned four separate high-grade intervals within 190 metres downhole, including 62.4 grams gold over 6 metres within 38.7 grams gold over 10 metres from 114 metres downhole.

The highest-grade zone in hole 18-10 cut 331 grams gold per tonne over 1 metre from 118 metres downhole.

Sprott is subscribing for 2.75 million units at 30¢ apiece (each unit consists of one common share and one warrant to purchase an additional share at 45¢ per share over two years).

In addition to Sprott, Palisade Global Investments is subscribing for 2.75 million units and Venture Ad Network for 600,000 units.

The 23,000-hectare project is in northwestern B.C. and situated along the Forrest Kerr Fault, which consists of a 40-km-long north-south belt overlying rocks of the Hazelton and Stuhini Groups — a complex assemblage of volcanic accumulations with intervening sedimentary sequences that are host to significant gold deposits in the Golden Triangle region.

Hole 18-10 was collared in the project’s North Boundary zone, where drilling late in the season last year discovered precious and base metal mineralization. The hole is 230 metres north of the historic high-grade drill hole Noranda drilled in 1991 that cut 326 grams gold over 0.5 metre.

“We are now looking at an area that extends 230 metres south to the historic high-grade Noranda drill hole from 1991, and although the geology is complex, we believe more drilling will delineate additional high-grade mineralization,” Jim Pettit, Aben’s president and CEO states in a news release. “The target areas in and around the Boundary Zone are relatively shallow and continue to provide strong discovery potential as we look to value-add the project using a systematic exploration methodology.”

The North Boundary zone, located near the center of the property, remains open in multiple directions with numerous soil geochemical anomalies yet to be drill-tested. The zone displays continuity for gold, silver and copper mineralization and is open to the east, west, north and down-dip.

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