VIDEO: Aben Resources Ltd (CVE:ABN) High-Grade Gold in Golden Triangle
Aben Resources Ltd (CVE:ABN) (OTCMKTS:ABNAF) (FRA:E2L2) President Jim Pettit discusses their catalyzing, recent discovery at their Forrest Kerr project located in British Columbia’s Golden Triangle. Surrounded by an abundance of other high profile mines, Aben has struck multiple high-grade zones with 62.4 grams per ton gold from over 6 metres and 38.7 grams per ton over 10 metres assay findings and still have more drill results on the horizon. Pettit outlines their recent private placement led by Eric Sprott and the consequential, future drilling plans before and after the upcoming winter.
James West: Hey, welcome back to Midas Letter Live. My guest this segment is Jim Pettit, he’s the President of Aben Resources Limited trading on the TSX Venture under the symbol ABN. Jim, welcome to the show.
Jim Pettit: Thank you very much.
James West: Now it’s been I think somewhere in the range of 15 years since we last crossed paths and so you’ve been doing what you’ve been doing diligently for those 15 years. I’ve been doing what I’ve been doing and here we are crossing paths again based on essentially this great discovery has brought us together and I become a shareholder of the company as have a number of other people in the industry so tell me about this project and tell me about what’s happening right now and in the future?
Jim Pettit: Well this specific project is called the Forrest Kerr project. It’s in the Golden Triangle in British Columbia. There’s a lot of interest there because a lot of land has been staked. There’s a bit of an area play, getting bigger and bigger every year it seems but it’s such a highly perspective area for elephants.
James West: Sure.
Jim Pettit: We’ve been in there a few years and it took us the better part of the first year just to acquire the land position.
James West: Okay. There’s some big mines in there already.
Jim Pettit: Oh yeah. We’re surrounded by past mines Snip and Eskay for example and there’s now new exploration going on there to resurrect them. You’ve got to the south the Premier mine, towards Stewart and up north now you got Galore Creek as probably one of the largest underdeveloped copper-gold projects in the world. That’s just been, the ownership of that has just been changed. New Mount’s bought Novo Gold, so now New Mount and Teck own it.
James West: Okay.
Jim Pettit: That looks like that’s going to get a new life. Further north Red Chris, Imperial’s copper mine is in production. The new one down to the South is Pretium, big gold project. There’s lots and a lot of new recent discoveries too.
James West: Sure, so the hole that sort of lit the world on fire was this August 9th one; 162.4 Grands 4-ton over 30 or over 6 meters of 38 grams over 10 meters, now you’ve got other holes at the lab as we speak, don’t you?
Jim Pettit: Yes and counting.
James West: And counting? And you’ve got drills turning?
Jim Pettit: We have a drill turning. We’re scrambling right now. I think we could come up with another drill. It was a little dicey a little while ago but it’s starting to free up.
James West: You’ve essentially catalyzed between yourselves and Golden Ridge Resources, who’ve also had a big discovery recently, bit of a land grab, staking rush in the area and now drills are becoming harder to come by already too?
Jim Pettit: Oh yeah. I was just up there two weeks ago and we’re flying over just the Southern region of the triangle, say from the Alta Gas camp to the South about Eskay Creek south. We counted 20 drills. Then if you go North where we are I can think of probably 10 more that are working and then you’ve got a lot of people that have acquired grounds last fall after the summer ended, picked up every spare piece of land there is and they’ve all applied for permits and probably just getting their permits approved now. They’ll have maybe a month to go up there and do something.
James West: So that ground is going to have more holes poked in it than a Swiss cheese. Well interesting, then in terms of the regional geology and the sort of system that you’re into, how do you characterize that in simple geological terms?
Jim Pettit: Complex.
James West: [Laughter] Great. That’s a help. Okay well start with complex and take it down from there.
Jim Pettit: Well a little history, after Eskay was discovered and it was so significant as one of the richest deposits in the world. Everybody went in there thirty some odd years ago and we’re looking for VMS style deposits, Eskay style and there was all these old holes just left there because now VMS move on and we have one on our property that Noranda drilled it. It was say 10 of 38 grams and they only did a couple follow up holes and moved on. What we’re into here is distinctly new because Pretium; controlled hydro thermal systems.
James West: Right.
Jim Pettit: Which offer up these tremendous grades and what I call intensity because when they’re that intense, what we just announced 10 days ago, that’s not a one off. It’s too much there.
James West: It sounds like when you say complex you’re talking about the fact that there are multiple geological systems sort of integrated.
Jim Pettit: Well what we’re doing right now is drilling in this North Boundary Zone that we’ve come up with to get a handle on orientation and controls.
James West: Okay.
Jim Pettit: So far we know there’s probably been four mineralizing events.
James West: Runs the risk of becoming a jewelry box, does it?
Jim Pettit: Yeah.
James West: [Laughter] That’s a nice problem to have.
Jim Pettit: Yea well that Noranda hole that I just mentioned is 130 m to the south of us where we started drilling and last year we had the three holes that pointed us in this direction. They were actually a discovery but the market didn’t really respond because it was towards the end of the season by the time we got the assets. We took that information and applied it to the drilling this year in the very first hole we came out with which was just underneath those three holes because they were on a fan off one pad. Not a fan sorry but one plane and we came in underneath it, moved the pad back, came underneath it and boom.
James West: Okay so, you guys have just closed this private placement, you’ve got tons of money to drill aggressively shall we say, are you going to put all that money in the ground before the snow flies?
Jim Pettit: That would be hard to do [Laughter]
James West: Without at least one more drill.
Jim Pettit: Yeah so what we’re going to do, we’re basically at our plan budget for this year. We’ve got 5000 meter drill program, approximately 2 million dollars, we’re there now, the rigs not leaving. That’s been worked out everyone’s staying and we can we can keep going and hopefully I get another rig in there sooner than later.
James West: Sure. That area becomes, you can’t get in there in the winter can you?
Jim Pettit: Well it’s hard. It’ s all air support so you know. A lot of your costs are the drill rig and helicopter.
James West: Okay
Jim Pettit: We’re pumping up our crew’s capabilities to have more guys in the field doing more surface sampling while the weather is still good. It’s been a really nice summer up there.
James West: Sure. Interesting. Okay so in terms of the core that’s currently at the lab what is in the sort of like visual description that you’ve heard from your drill crews?
Jim Pettit: Well thanks [Laughter]
James West: [Laughter] No forward-looking statements or anything but I mean you know, it’s anecdotally possible to say that…
Jim Pettit: What we’ve learned to look for now is last year was if you have high concentration of chalcopyrite there was a strong association to precious metals so if you had massive chalco, you have high grades. That’s what we hit and it worked. We followed it, allowed us to do what we were doing. This year this whole we have announced because we did rush it. It totally different memorizing event. Very little chalco. It’s about 40 meters separation underneath what we hit last year and it’s a different, more of a carbon sulfide, dark veiny lots of veins, looks a lot like Snip.
James West: Okay. Interesting.
Jim Pettit: Ron’s had a look at it. He discovered the Snip mine. He said he look at that.
James West: So, the excitement level sounds like it’s pretty high. I mean the stock raced up to almost $0.50, backed off a bit and is holding there.
Jim Pettit: Yeah, you know I think the smart people realize this isn’t just one hole. There was three last year that all had very intense mineralization but they’re very broad.
James West: They’re far apart from each other?
Jim Pettit: Well it was 45, 60 and 75 degrees on one section. This we’re trying to be on the same section but underneath because we backed up the pad and came underneath it and so you have one mineralizing event and now we have another and it’s highly fractured; micro fractures through- out. You have a vein that’ll have you know every half centimeter there’s a fracture.
We’re that close to the fault that runs all the way up our property. That’s a major feature for the whole Golden Triangles, call it a driver. It’s a major structural feature that would of allowed the fluids to come in and there’s all kinds of cross-cutting faults, sub faults and that
James West: Interesting, okay so I’m curious as to whether you’ve had any conversations with partners at this point to come in and help you?
Jim Pettit: A little early.
James West: A little early.
Jim Pettit: But there is interest, there’s always interest and what I’ve noticed this year as opposed to the past, even last year, the year before, there’s more majors paying attention. So there have been conversations. They’re interested in what’s going on and instead of us making the phone call; hey you want to hear about it, there’s definite interest and it could be because a lot of them are already in the Yukon, they’ve gone back to the Yukon. But, in this area you’ve got the presence of Goldcorp Inc, Barrick Gold paying attention. Right to our North all that pore potential land. Antofagasta has done a deal with Evrim Resources. That surrounds the Hank property that Golden Ridge drilled.
James West: Okay, so of the 16 holes of this 4,850 meter program how many of them are yet to come out?
Jim Pettit: 15 [Laughter]
James West: [Laughter] I wasn’t sure if the last 3 were from this program or not. That’s funny.
Jim Pettit: The reason is we’re getting them back but not in order. What happens is we get them into the lab, the labs move to Kamploops lab because they’re getting just backed up again. Last year was literally two months we were waiting. If you ordered them rushed, we happen to be in there early enough that first hole did get rushed and it did make a difference. We got it back but we still haven’t got a complete assays for number two. We’ve got partials on you know all the holes basically so they’re coming back just not in order. But, it’ll happen. it’ll come together I’m sure over the next couple of weeks.
James West: You bet. Okay that’s sounds like a pretty good update on what’s going on up there Jim. We’ll come back to when we see the next press release and have another conversation. Thanks for joining me.
Jim Pettit: Thank you.
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