NEW YORK, August 9, 2018 /PRNewswire/ --
According to a report published by S&P Global Market Intelligence, the global budget for metal exploration is expected to increase by approximately 15% to 20% in 2018. The gold sector is still the main focus for explorers and had the higher global budget in 2017. However, global spending on nonferrous metals reached USD 8.4 Billion in 2017, up from USD 7.3 Billion in 2016. It marked the first increase in exploration spending after four-year declines. Top 10 counties, including Canada, Australia and U.S., accounted for 70% of the total exploration spending. The price of gold steadied in Wednesday and was trading at USD 1,211 per ounce. Aben Resources, Ltd. (OTC: ABNAF), Goldcorp Inc. (NYSE: GG), Pretivm Resources Inc. (NYSE: PVG), GT Gold Corp. (OTC: GTGDF), Garibaldi Resources Corp. (OTC: GGIFF).
Mark Ferguson, Associate Research Director at S&P Global Market Intelligence, says, "Improved equity market support for explorers allowed many companies to launch or resume drill programs on their most promising projects. Although the main focus was on gold, exploration targeting base metals assets also rebounded in the second half of the year, and the battery metals attracted particular attention. In the last quarter of 2017, there was a sharp increase in reported drill results, and financings closed the year on a high note. As a result, our year-end measure of exploration sector activity reached levels not seen since early 2013."
Aben Resources, Ltd. (OTCQB: ABNAF) is also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: ABN). Just earlier today the company announced breaking news that, "assay results from the first drill hole of 2018 have been received with multiple high-grade zones and precious metal values intersected in the hole at shallow depths. Drill hole FK18-10 was collared in the North Boundary Zone of the Forrest Kerr Property in BC's Golden Triangle region where drilling late in the season in 2017 discovered strong precious and base metal mineralization. Hole FK18-10, the first of eight holes that have been drilled thus far, has four separate high-grade zones with the best zone returning and interval of 38.7 g/t Au over 10.0m including 62.4 g/t Au over 6.0m starting at 114 metres downhole.
Golden Triangle, B.C., claims map: https://www.abenresources.com/site/assets/files/4728/abn_golden_triangle_map_1.1024x0.jpg
- Four separate high-grade zones intersected in first drill hole FK18-10 all within 190 metres downhole at recently discovered North Boundary Zone
- Highest-grade zone consists of 331.0 g/t (grams/tonne) gold (Au) (9.65 oz/t) over 1.0 metre (m) within broad zone averaging 38.7 g/t Au (1.12 oz/t) over 10.0m from 114.0-124.0m including 62.4 g/t Au over 6.0m (true thicknesses undetermined)
- Additional high-grade zones in Hole FK18-10 include 22.0 g/t Au, 22.4 g/t silver (Ag) over 4.0m; 3.9 g/t Au, 4.0 g/t Ag over 13.0m; and 8.2 g/t Au, 1.4 g/t Ag over 6.0m (see table below for intervals in more detail)
- This new discovery is part of the Boundary North Zone and is 230m north of the historic high-grade drill hole drilled by Noranda in 1991
- Plans to expand the drill program are being put in place and assays are pending for seven more drill holes
Jim Pettit, President and CEO of Aben Resources stated, "The high-grade gold and base metal values in the first hole of the 2018 drill program have far exceeded our expectations and confirm the presence of a robust and strong mineralizing system at the recently discovered North Boundary Zone. We are now looking at an area that extends 230m 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. 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. With drilling ongoing, the Company is awaiting assay results from an additional seven drill holes, all of which were drilled at the North Boundary Zone and will provide updates as results become available. I would like to congratulate our geological team on their work thus far as we have made a significant discovery in the Golden Triangle region that is still in its early days with drilling slated to ramp up over the coming months."
Ron Netolitzky, Chairman of Aben Resources, stated: "The presence of multiple mineralized zones associated with mesothermal veining and adjacent to major structural breaks is very encouraging. Close proximity to infrastructure will facilitate ongoing exploration."
Overview of Drill Hole FK18-10 and Geological Description: Hole FK18-10 (140/-45) was drilled from a location 35 metres northwest and along section from the drill pad from which the discovery holes FK17-04, 05 and 06 were drilled late in the drill season last year in August/September. The new hole has further defined and significantly increased the zone of precious and base metal mineralization that the 2017 holes originally intersected. Of particular note, the high-grade interval of 331.0 g/t Au was encountered 230 metres north of a 326 g/t Au interval reported by Noranda in 1991 in drill hole RG91-16 (see attached plan map). High-grade intercepts are generally found in narrow and discrete zones of moderate mineralization within a broad envelope of lower grade mineralization. Mineralization at North Boundary reflects the poly-metallic nature of the core with widely variable values of Au, Ag, Cu, Pb and Zn throughout.
Boundary North Plan View map: https://abenresources.com/site/assets/files/4826/abn-boundary-north-plan-map-2018.jpg
With drilling currently ongoing, final geochemical assays results for seven completed holes are still pending and the Company will look to expand the scope of the program given the results from the first hole and visual indicators in the other holes. This recently discovered North Boundary Zone shows very little outcrop exposure and contains complex geology which is disrupted by a series of faults of unknown orientation. Additional drilling is required to determine true thicknesses and establish controls to the mineralization… Previously reported and select results from the few 2017 drill holes at North Boundary include 6.7 g/t Au, 6.4 g/t Ag and 0.9% Cu over 10.0m including 18.9 g/t Au, 16.6 g/t Ag and 2.2% Cu over 3.0m in hole FK17-04 which contributed to an average grade of 0.26 g/t Au over 387.0m. Hole FK17-05 returned 21.5 g/t Au, 28.5 g/t Ag and 3.1% Cu over 6.0m from the same zone at a slightly greater depth.
Boundary North Cross Section map: https://abenresources.com/site/assets/files/4826/abn-boundary-north-cross-section-aug-2018.jpg
Mineralization at North Boundary is structurally controlled and hosted in a package of volcanic and volcaniclastic rocks from the Jurassic Hazelton Group. Several generations of quartz and quartz-carbonate veining are important hosts to mineralization, as are subordinate breccia zones with strong chlorite, hematite and carbonate alteration. The Boundary Zone lies between the Forrest Kerr Fault to the west, a major deep-seated crustal feature, and the unconformable contact between the Jurassic Hazelton Group and the Triassic Stuhini Group to the East. The rock reflects a prolonged history of strong hydrothermal activity combined with brittle deformation. The host package Hazelton is known to be a prolific host to several deposits throughout the region.
Analytical and QA/QC Description: All 1 or 2 metre drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75 micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration of 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."
Goldcorp Inc. (NYSE: GG) is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines. Recently, the Company provided an update on its 2018 exploration program. Musselwhite continues to return positive drill results that exceed expectations in all key metrics including width, height and grade. Drilling results expected to support mineral reserve growth in 2018 and significant new land holdings were staked over the host greenstone belt. Recent drill hole results from PQ Deeps include 13.5 m at 17.41 g/t gold (18-PQE-025) and 9.5 m at 19.66 g/t gold (18-PQE-026), with mineralization remaining open down plunge. Surface and underground drilling at HG Young (Red Lake Camp) continues to support geologic model and advances project towards concept study. Mineralized intercepts include 1.83 m at 76.67 g/t gold (D142080). At Cochenour, diamond drill results continued to return broad zones of economic mineralization including 17.40 m at 12.14 g/t gold (C37039) from the Upper Main Zone and confirmed mineralization is open up and down plunge.
Pretivm Resources Inc. (NYSE: PVG) is emerging as the premier low-cost intermediate gold producer with production at the high-grade underground Brucejack Mine in northern British Columbia now at steady state. Last month, the Company reported second-quarter gold production results and provide guidance for the second half of 2018 for the Brucejack Mine. Gold production from March throughout the second quarter has reflected the full integration of the operational grade control program which comprises drilling, sampling and local modeling. Grade control is critical for grade prediction and the refinement of stope shapes, which results in reduced dilution and optimized grade to the mill. Gold production at Brucejack for the second half of 2018 is expected in the range of 200,000 ounces to 220,000 ounces, for total 2018 gold production of 387,000 ounces to 407,000 ounces.
GT Gold Corp. (OTC: GTGDF) is focused on exploring for gold in the geologically fertile terrain of British Columbia's renowned Golden Triangle. The Company's flagship asset is the wholly-owned, 44,206-hectare Tatogga property, located near Iskut, BC, close to roads and grid power. The Company achieved, in 2017, a major new gold-silver discovery at its Saddle prospect, located up a gentle valley only 10 kilometers off highway 37. Recently, GT Gold announced the intersection of high-grade gold in step out drilling both to the east and west of its exciting 2017 Saddle South gold discovery and, additionally, the discovery of a new and deeper high-grade trend to the south (hole TTD069). The 2018 program is expected to encompass a minimum of 18,000 meters of diamond drilling in an estimated 40 holes, with potential for program expansion and drilling to mid-November.
Garibaldi Resources Corp. (OTC: GGIFF) is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia. Recently, the Company reported that after months of preparations, a major 2018 drill program at Nickel Mountain in the Eskay Camp has commenced with two drill rigs this morning as the Company follows up on last fall's nickel-copper-rich massive sulphide discovery east of the historic E&L deposit. The first stage of 2018 diamond drilling will simultaneously further define the Discovery zone and systematically step out from EL-17-14, testing for nickel-copper-rich magmatic sulphide mineralization to the south where promising conductive targets have been defined by geophysical surveys.
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