Feb 23 2011
Aben Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) announces that it has entered into an Agreement with Eagle Plains Resources Ltd. (TSX VENTURE:EPL) whereby Aben may earn a 100% interest in the Rusty Springs Property, located north of Dawson City, Yukon.
The Rusty Springs property hosts silver-lead-zinc mineralization associated with a 25-40 metre thick replacement horizon within carbonate rocks. Some 35 showings are present within the property area and consist of both high-grade vein occurrences and lower-grade replacement mineralization. The mineralization on the property has been defined over a 6 square kilometre area. Drilling highlights from the property include hole 77-08 (drilled in 1977) which was reported to have returned 1,140 g/t (33.27 oz/t) silver, 4.72 % lead and 2.30 % copper over 37.5 metres (123 feet) from surface to a depth of 37.5 metres. Hole 95-07 (drilled in 1995) was located 1.5 kilometres from hole 77-08 and tested the same stratigraphic interval, returning 517 g/t (15.1 oz/t) silver, 3.0% copper and 1.3% zinc over 15.3 metres from 28.6 metres to 43.9 metres below surface.
Under the terms of the agreement, Aben has the option to earn a 100% interest in the 1,100 hectare Rusty Springs property by making $500,000 in cash payments and issuing 1,500,000 common shares to Eagle Plains over 5 years. The property shall be subject to a three percent (3%) net smelter return royalty ("NSR") in favour of Eagle Plains. Aben Resources has been granted a right to purchase a 2% NSR at any time prior to the commencement of commercial production for the consideration of $2,000,000.
In other news, further to its news release dated February 1, 2011, Aben Resources has issued a total of 5,000,000 common shares to Eagle Plains Resources. Aben has acquired from Eagle Plains a 100% interest, subject to a 3% net smelter return royalty, in two non-contiguous, highly prospective mineral exploration properties known as the Justin (Sprogge) and Hit gold projects which cover approximately 2,130 hectares in the Yukon. The common shares will be subject to a four month restriction on re-sale expiring June 10, 2011.
Source: Aben Resources Ltd.