Aton Resources Updates Planned Exploration Activities to Focus on the 40km Gold Trend Within Its 100% Owned Abu Marawat Concession
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 12, 2016) - Aton Resources Inc. (TSX VENTURE:AAN) ("Aton" or the "Company") is pleased to provide an update on its exploration activities in Egypt, and planned work for the remainder of 2016 and into 2017. The Company's sole focus will be the Abu Marawat Concession ("Abu Marawat" or the "Concession"), and its flagship Hamama Project ("Hamama"), where Aton has drilled a total of 96 diamond drill holes in 9,704 metres. On August 28, the Company completed its 2016 diamond drill program at Hamama, where it drilled a total of 37 holes in 3,428 metres. To date, Aton has released the results from the first six holes and will continue to release the remaining holes as assays are received and the results consolidated, including the preparation of cross- and long-sections.
The main purpose of the drilling and technical work to date was to:
- Expand the area and depth of mineralization;
- In-fill drilling of known mineralized areas at Hamama West, one of three zones that comprise Hamama, and the enriched gold-oxide cap;
- Provide samples for metallurgical test work.
The results of the first six holes demonstrate the continuance of mineralisation at Hamama West, including drill hole AHA-068, which returned 60.80 metres at 1.20 g/t AuEq (see press release dated September 6, 2016). The first six holes were drilled on two sections and the section comprised of holes AHA-66, AHA-68, and AHA-72 showed strong continuation of grade and mineralisation to a depth of over 250 meters.
2016 - 2017 Work Program
Given the success of the work completed to date at Abu Marawat, located 400km north of Centamin's Sukari gold mine, this Concession will remain the focus of the Company's activities and on-going expenditures. Aton has identified a 40km gold trend at Abu Marawat, anchored by Hamama in the west, where the Company returned 43.5 m of 2.61 g/t Au (see press release dated November 2, 2015), and the Abu Marawat gold project in the east, which hosts an inferred resource of 397,000 ounces AuEq (2.9 Mt grading 1.75 g/t Au, 29.3 g/t Ag, 0.77% Cu and 1.15% Zn) [see the independent technical report titled "Technical Report on the Abu Marawat Concession (Concession or Project), Egypt" dated April, 2012 by Wayne W. Valliant, P.Geo., and Bernard Salmon, ing. of Roscoe Postle Associates Inc., available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.atonresources.com]. In addition to Hamama and the Abu Marawat gold project, the 40km long gold trend contains 10 gold exploration targets, including two former gold mines (see figure 1). Work planned for the remainder 2016 and into 2017 includes:
- Remote sensing and spectral imaging survey that will cover the 40km long gold trend;
- Ground magnetic, ground EM and downhole EM geophysical surveys to identify massive sulphide targets at Hamama, which will be the focus of the next drilling campaign;
- Aton is working with Cube Consulting to produce a NI 43-101 initial resource at Hamama West;
- Drill testing massive sulphide targets at Hamama.
At over 738 sq. km in size, Aton believes that Abu Marawat is an emerging mining district. The Company has provided notice to the Egyptian Minerals Resources Authority that it is relinquishing the Fatiri Concession so that it can unlock the district-scale potential of Abu Marawat.
Mark Campbell, President and CEO, had this to say: "After thoroughly reviewing the opportunities at both Abu Marawat and Fatiri, it was clear that Abu Marawat must be the clear focus of our activities as it presents shareholders with the best chances for near term exploration success and added value. We continue to be impressed by the consistency and continuity of drilling results from Hamama and believe that we can continue to increase mineralization along strike and to depth. The Abu Marawat gold project, with its inferred resource and identifiable drilling targets to increase this resource, also represents a fantastic opportunity. Both Hamama and Abu Marawat offer the Company significant potential on their own, and when they are coupled with the ten other gold targets, which include two historic mines, over the 40km gold trend, the potential for a mining district emerges. Focusing on Abu Marawat delivers the best possible value to our shareholders and will help us achieve our goal of making a significant new discovery."
To view Figure 1, 40km Gold Trend at Abu Marawat Concession, please visit the following link: http://media3.marketwire.com/docs/1069082Figure1.jpg.
About Aton Resources Inc.:
Aton Resources Inc. (TSX VENTURE:AAN) is in the business of exploring for and developing potentially economic gold deposits in the Central Eastern Desert of Egypt in the Arabian Nubian Shield ("ANS"). The Company's 100%-owned concession, Abu Marawat, covers 738 km2 of ground. Evidence of gold and copper mining in the concessions dates the many surface workings to pre-historic (Bronze Age) and Old Kingdom (Pharaonic), through Ptolemaic, Roman, Early Arab times and into the European Era of the early to mid-20th Century. Within the Abu Marawat concession, the Company holds two historic gold mines; Sir Bakis and Semna. In addition to showing signs of ancient mining, these mines were also controlled by British companies, who abandoned the mines in the early 1950s due to political changes. One of the Company's gold mines, Sir Bakis, is located 12 kilometers east-northeast of Hamama. Historic development and extraction was along the 375 meters of the currently identified 1,300 meter-long, steeply dipping, gold-bearing quartz vein. There is evidence of ancient mining from ancient workings to the remains of a Roman mill and outpost 7km North of Hamama.
Much of the gold-vein mineralization in the ANS is of the orogenic, quartz-carbonate-type and is associated with major north-northwest and northeast trending shear-zones. Centamin's Sukari gold mine is located 400 km to the south of Abu Marawat, in the same mountain belt.
The Proterozoic-aged Pan-African greenstone belt of the ANS underlies the Abu Marawat Concession. The ANS also underlies the Red Sea and large parts of Saudi Arabia, The Sudan, Eritrea and Ethiopia. Significant VMS deposits in the ANS include Barrick and Ma'aden 50:50% JV of Jabal Sayid in Saudi Arabia; Nevsun, Bisha Main and Harena in Eritrea; La Mancha's Hassai and Hadal Awatib in the Sudan and Sunridge, Emba Derho, Debarwa and Adi Nefas in Eritrea. The Company's Hamama gold-rich VMS shares key geological similarities with these major VMS deposits.
Similar geological settings to the ANS include the greenstone belts of the Yilgarn of Western Australia, the Birimian of West Africa and the Abitibi in Quebec, Canada. The ANS is most similar in age to the Birimian.
The Company's land package, located 350-400 km southeast of Cairo, includes excellent infrastructure; Hamama has direct access to two four-lane highways, a zero-gradient railway bed that runs through Abu Marawat concession to a Red Sea port, multiple high-voltage (capacity 220kV) power lines that cross between the two concessions, a water pipeline and nearby major cities: Qena, on the Nile River, 70 km to the west, and Port of Safaga, on the Red Sea, 50 km to the east. The city of Luxor, ancient Thebes, is a two-hour drive from Hamama and has an international airport.
Qualifying Person:
The technical information contained in this News Release was prepared by Roderick Cavaney BSc, MSc (hons), MSc (Mining & Exploration Geology), AusIMM (f), SEG, GSA, SME, Exploration Manager for Aton Resources Inc. Mr. Cavaney is a qualified person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For more information on Aton Resources Inc., visit us at www.atonresources.com.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Aton Resources Inc.
Mark Campbell
President and Chief Executive Officer
+1 (936) 689-2589
mcampbell@atonresources.com
Aton Resources Inc.
Blaine Monaghan
Vice President, Investor Relations
+1 (604) 376-2922
ir@atonresources.com
www.atonresources.com