Vancouver, BC, Nov. 17, 2022 (GLOBE NEWSWIRE) — Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) announces that the British Columbia Ministry of Energy, Mines and Low Carbon Innovation has issued the Company a Multi-Year Area-Based mineral exploration permit which will allow Aben to conduct mineral exploration on the Slocan Graphite Property. The permit will be in force for five (5) years with a provisional expiry date of November 15, 2027. The permit provides Aben with the ability to conduct surface trenching and exploration drilling.
Jim Pettit, President of Aben Resources, stated “Receiving our 5 year exploration permit for the Slocan Graphite property is a very positive step for Aben. Following on our first comprehensive field exploration of the Property this past summer we can now focus on drill-testing the previously undrilled Tedesco Conductor. We look forward to developing the significant potential for economic graphite mineralization on the Slocan property while we forge a mutually-beneficial, respectful and positive relationship with the local First Nations”.
Slocan Project Location
The primary exploration target at the Slocan property is known as “The Tedesco Conductor” which is a strong conductive anomaly identified by a 2010 airborne electromagnetic geophysical survey and 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 and is currently on care and maintenance.
Aben holds the exclusive right to earn from Eagle Plains Resources Ltd. a 100% interest, less a 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. The Lac des Iles mine is the only mine in Canada that is producing graphite. In 2020, global graphite mine production was about 954,000 tonnes, a 14% decrease from 2019. Canada ranks as the 10th global producer with 12,000 tonnes of production in 2020 of which 85% of natural graphite was exported to the US.
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.