Aben Resources Receives Regulatory Approval for Deal to Acquire the Slocan Graphite Project and Provides Update on Forrest Kerr Property, British Columbia
Vancouver, BC, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) has received Regulatory Approval from the TSX Venture Exchange for the option agreement on the Slocan Graphite Property (November
9th) between Aben Resources (TSX-V:”ABN”) and Eagle Plains Resources (TSX-V:”EPL”). Aben now 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 “Agreement”).
The Slocan Graphite project consists of 2,387 ha owned 100% by Eagle Plains with no underlying royalties nor encumbrances. The property hosts several large flake graphite-bearing outcrops and float occurrences known as the Tedesco Zone, which is interpreted to extend over 2.0km.
About Slocan Graphite Project:
Graphite is a naturally occurring form of carbon and is an excellent conductor of both electricity and heat. It is becoming increasingly important as a critical strategic component in advancing alternative energy solutions including wind and solar power, hybrid vehicles and other alternative energy uses. It is also a mainstay of the steel production industry. Canada is currently ranked as the 5th largest supplier of graphite.
Figure 2. Forecasted Global Demand for Raw Battery Minerals
Source – Benchmark Mineral Intelligence
The Slocan Graphite Project benefits from excellent infrastructure including a high-voltage transmission line within 1.2 km of the property boundaries, an extensive network of forestry roads on and around the property, and an existing graphite processing plant and facilities located 1.5 km west of the property, owned by Eagle Graphite Corporation.
Graphite mineralization was initially discovered in logging road exposures in the late 1990s. Ground and airborne geophysical surveys were completed in the project area in 2000 and 2010 respectively. Both surveys indicated strong conductive anomalies that correlate well with surface mineralization and are interpreted to extend along strike and down-dip of known occurrences. A limited number of documented samples have been taken across the Tedesco horizon and analysed for carbon graphite ranging from trace values to grades of up to 3.36 and 4.43 percent.