Aben Resources (ABN.V) had a rough week on the market as its share price spiralled down on what appears to be decent drill results coming out of its Forrest Kerr gold project in British Columbia. The very first hole – which was released about two months ago- was an absolutely fantastic hole with several high-grade gold zones and it looks like the market was expecting more of the same.
Although the assay results of the six holes (one hole didn’t contain any gold while a second hole was ‘lost’) were very decent with for instance near-surface intercepts of 12 meters at 5.08 g/t gold and 0.2% copper (starting from 40 meters) combined with gold mineralization deeper in the system (4 meters at 3.13 g/t gold starting at 303 meters, 15 meters containing 3.18 g/t gold starting at 232 meters and 4 meters containing 4.02 g/t gold). You can find the entire table here.
While most of the intervals appear to be quite deep, it does confirm the gold mineralization at Forrest Kerr appears to be wide-spread. As we explained in our previous report, the geology at FK is quite complex and will require a lot of drilling to be put into a model. Aben is now also applying oriented drill core techniques based on the results of these eight holes to increase the odds of finding more high-grade gold zones. With C$7M in cash (after the recent capital raises and some warrant exercises) which represents almost C$0.07 per share in cash, Aben remains well-funded to continue to work on the Forrest Kerr project.
The assay results of 27 more holes still have to be released, and once all 35 holes of the 2018 drill program have been reported on, we will be able to form a better idea of what’s going on beneath the surface at Forrest Kerr. It’s still early days for Aben Resources, as these are just 8 holes of the hundreds that will (have to be) drilled on the property. You may also want to listen to this interview with Jim Pettit, Aben’s CEO to get some background on the exploration program.