Aben Commences Exploration Program at Mann Lake Uranium Project, Athabasca Basin, Saskatchewan
August 26, 2014 (Source: Marketwired) — Aben Resources Ltd. (TSX VENTURE:ABN)(PINKSHEETS:ABNAF)(FRANKFURT:E2L) is pleased to announce that a Phase 1 Field Program has commenced consisting of a ground-based electromagnetic (EM) survey on Aben’s 40% owned, Skyharbour Resources’ (TSX VENTURE:SYH) 60% owned Mann Lake Uranium Project. The property is strategically located on the east side of the Athabasca Basin 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco’s Millennium uranium deposit.
Aben’s Mann Lake property is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and AREVA (17.5%). Recently, Denison acquired International Enexco and its 30% interest in the Mann Lake Joint Venture after the 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization. The drill program intersected 2.31% eU3O8 over 5.1 metres including 10.92% eU3O8 over 0.4 metres (see International Enexco News Release March 10th 2014).
Mann Lake Uranium Project location map:
EMpulse Geophysics of Dalmeny, Saskatchewan will conduct the ground EM survey which will take approximately ten days to complete. The natural source transient magnetotelluric survey will consist of a block of 4 profiles totaling 10 km of coverage using the Internal Field Gradient (“IFG”) technique. The survey will focus on a zone in the southern portion of the Mann Lake property where a favourable, 2 km long aeromagnetic low coincides with possible basement conductor trends indicated by prior ground EM surveys. The objective is to generate one or more basement conductor targets in a setting proximal to the recent high-grade discovery made by Cameco and International Enexco back in March.
Planned Phase 1 EM Survey at the Mann Lake Uranium Project:
Get our daily investorintel update
About the Mann Lake Uranium Project:
The Mann Lake Uranium Project consists of one mineral claim covering 3,473 hectares located in the eastern Athabasca Basin in northern Saskatchewan. The property is under a joint venture agreement with Aben Resources owning 40% and Skyharbour Resources owning the other 60% interest in the property. It occurs within a structural/conductor corridor that contains the richest uranium deposits in the world including Cameco’s McArthur River Mine.
Aben’s Mann Lake Uranium Project has seen over $3 million of previous exploration expenditures including geophysics and two diamond drill programs totaling 5,400 metres carried out by Triex Minerals in 2006 and 2008. The geophysical surveys identified basement conductors and structural corridors containing reactivated basement faults. These features trend onto the adjacent ground held by Cameco. The 2006 drill program intersected a 4.5 metre wide zone of anomalous boron (up to 1,758 ppm) in the sandstone immediately above the unconformity in hole MN06-005. Boron enrichment is common at the McArthur River uranium mine, and along with illite and chlorite alteration, is a key pathfinder element for uranium deposits in the Basin. In the same drill hole, an altered basement gneissic rock with abundant clay, chlorite, hematite and calc-silicate minerals was intersected about 7.6 metres below the unconformity, and contained anomalous uranium up to 73.6 ppm over a 1.5 metre interval. Background uranium values are commonly between 1 and 5 ppm.
Aben’s Mann Lake Uranium Project contains highly prospective geology and geochemistry, and a robust discovery potential as identified by the historic work. Additional field work and exploration has been recommended on a number of untested targets on the property.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a qualified person.
In other news, Aben Resources announced (see news release July 28th) that its 2014 exploration program at its 100% owned 18,314 acre Justin gold-silver-tungsten project has commenced. The project is located in the southeast Yukon within the Tintina Gold Belt approximately 35 kilometers southwest of the Cantung Mine.
The 2014 Justin property work program will consist of geological mapping and prospecting, trenching, 9.0 kilometers of b-horizon soil geochemical sampling and collection of petrophysical data from existing drill core samples. This work will assist with defining and expanding the known extent of gold and tungsten mineralization on the property and to define targets for future drilling.
Justin gold-silver-tungsten project location map:
About Aben Resources:
Aben Resources Ltd. is a Canadian gold-silver-tungsten and uranium exploration company with projects in the Yukon, NWT and Saskatchewan’s Athabasca Basin.
For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company’s web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT, President
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>