Vancouver, BC, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) would like to provide a corporate update as the current calendar year draws to a close. The management and directors of Aben have been busy finalizing a corporate and fiscal plan in terms of resource allocation on their diversified mineral assets going forward.
Exploration at the Slocan graphite property in Southeastern British Columbia will be the main focus in 2023 as Aben has recently received a 5-year Area-Based Exploration Permit from the BC Ministry of Energy, Mines, and Low Carbon Innovation. The Canadian Federal government has recently announced their Critical Minerals Strategy, which promises to address and lessen the current challenges in developing mineral exploration projects in Canada. Natural Resources Minister Jonathan Wilkinson stated that “[The government of Canada] recognizes that to meet our ambitious climate and economic objectives to transition to a net-zero economy, additional mechanisms must be in place to expedite and facilitate strategic critical mineral projects from investment funding opportunities, through regulatory approvals and development, to production.”
Aben Resources is excited to follow-up on their first comprehensive field exploration of the Slocan Property this past summer with additional field work and a plan to drill-test the previously undrilled Tedesco Conductor, located in the central part of the 2,826 hectare road-accessible Slocan property.
Aben has recently optioned their Hit Project in the Yukon Territory to Rackla Metals. Aben also holds a basket of gold-focused projects in BC (Forrest Kerr), Yukon (Justin) and Ontario (Pringle North).
Further, the Company announces a correction to its news release dated August 4, 2022 whereby the Company announced the closing of a non-brokered private placement. The Company raised $180,000 and not $211,500 as stated. The Company allotted and issued 5,142,857 Units (not 6,042,857, as stated) at a price of CAD $0.035 per Unit. Each Unit is comprised of one common share and one transferable warrant (the “Warrants”). Each Warrant will entitle the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.05 per share.
Slocan Project Location
The Tedesco Conductor is a strong conductive anomaly identified by a 2010 airborne electromagnetic geophysical survey which is coincident with widespread graphite-bearing surface rock samples that range from trace to 4.43% graphitic flake Carbon.
Slocan Tedesco Conductor
About Slocan Graphite Project:
The Slocan Graphite Project benefits from excellent infrastructure including forestry road access to and throughout the property, a high-voltage transmission line within 1.0 km of the property boundary and an existing graphite processing facility within 1.5 km of the property. The facility is owned by Eagle Graphite Corporation, and is one of only two natural flake graphite production facilities in North America.
Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty (“NPR”) in the road-accessible Slocan Graphite Project, located 34km northwest of Castlegar, British Columbia. The 2,826 hectare Slocan Graphite Property hosts several flake graphite-bearing outcrops (high values of 3.36 and 4.43 % graphitic Carbon) at the Tedesco Zone, which is coincident with a strong conductive anomaly identified in 2010 that is interpreted to extend up to 2.0km from the known surficial occurrences.
Natural flake graphite is the fastest-growing product type and will continue to lead with a healthy growth rate of 9.5% in terms of value between 2021 and 2025.
In value and volume, batteries to exhibit the fastest-growth of 17.9% between 2021 and 2025. An average HEV contains up to 10 kgs of graphite, where in EVs it is up to 70 kgs.
Currently, synthetic graphite is the preferred material for battery anode materials. However, in the past few years, a significant shift towards natural flake graphite has been observed due to its cost-competitiveness and performance.
Graphite is the most preferred battery anode material for rechargeable batteries and the battery segment is anticipated to create an incremental opportunity worth US$4.6 Bn between 2020 and 2025.
In 2019, Asia Pacific was the largest consumer of graphite and is expected to grow 9.1% in terms of value between 2021 and 2025.
China’s graphite production is anticipated to consolidate owing to environmental issues. New companies are entering into the graphite space, especially in the processing of natural flake graphite. Graphite is considered as a material of green energy and technology.
Cornell McDowell, P.Geo. and Vice President of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person (QP), as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a diversified Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
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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.