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News 2018

Aton Announces High Grade Gold-silver- Zinc Oxide Mineralization From Channel Sampling Of Excavated Road Cuttings At Hamama East

May 3, 2018

Vancouver, May 3, 2018: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) is pleased to provide investors with a progress update on exploration activities at the Hamama East zone of its Hamama Project, located within the Company’s 100% owned Abu Marawat Concession (“Abu Marawat” or the “Concession”), in the Eastern Desert of Egypt.

Highlights:

  • Drill access roads have been completed at Hamama East, in advance of anticipated drilling to further test for potential oxide mineralization in the area;
  • Continuous sampling of mechanically saw-cut channels along the excavated road cuttings has confirmed the presence of high grade Au-Ag-Zn oxide mineralization at Hamama East;
  • Mineralized intersections returned included 84m @ 1.13 g/t Au, 49.7 /t Ag and 7.29 % Zn (channel profile HAC-160) and 42.8m @ 1.28 g/t Au, 55.5 g/t Ag and 10.37 % Zn (channel profile HAC-161);
  • While the sampling was along the strike of the Hamama East mineralization, and is not indicative of true width, it does indicate the potential development of a significant zone of gossanous carbonatehosted Au-Ag-Zn oxide style mineralization at Hamama East, in an area which has had only limited testing to date.

“As we move towards the completion of the technical and financial study for submission to the Egyptian Mineral Resources Authority in support of our intended declaration of commerciality at Hamama West, we are continuing to evaluate the overall Hamama area” said Mark Campbell, President and CEO. “These results at Hamama East are very promising and we intend to carry out a short drilling program here, to evaluate this potential incremental ore source for the Hamama West heap leach project. We will also be looking to undertake preliminary metallurgical testwork to evaluate potential flowsheets to recover zinc metal from the Au-Ag-Zn mineralization at Hamama East, which as well as carrying good grades of potentially heap leach recoverable gold and silver, carries very significant grades of zinc”.

Previous exploration at Hamama East

The Hamama East zone is located approximately 1 km to the east of the Company’s Hamama West mineral deposit, and represents a continuation of the mineralized horizon at Hamama West, which comprises one zone of the Company’s overall Hamama Project (Figure 1). It has undergone only relatively limited exploration and drilling to date. There is evidence of significant ancient mining in the area, believed to date from the early Arabic period, including the c. 25m long underground working at the “Roman Adit”. Archaeological evidence indicates that copper was the metal being extracted and smelted in the area. There is no evidence of ancient gold mining or processing in the general Hamama area.

During the late 1980’s the area was explored by Minex Minerals (Egypt) Ltd, a subsidiary of Greenwich Resources plc, who drilled 40 shallow open hole rotary percussion holes in the Hamama East and Central areas. Incomplete assay data is now available, with base metal data from limited sample intervals available for only 6 holes, the locations of which can only be approximately identified from surface plans. No collar coordinates are available for any holes. While the Minex data is incomplete and cannot be taken as being representative, Au-Ag-Zn oxide mineralized intersections were recorded from some of the Minex holes, including 16m @ 1.19 g/t Au, 80.9 g/t Ag, and 9.74 % Zn (hole HP-23).

Figure 1: Location of the Hamama East zone within the Hamama Project

Commencing in November 2011, the Company completed a program of 11 diamond drill holes in the Hamama East and Central areas (see news release dated February 16, 2012) that intersected precious and base metal mineralization at both areas. 4 holes were drilled in the Hamama East area, but did not intersect significant mineralization, although subsequent re-interpretation suggests that these holes did not effectively test the zone of potential Au-Ag-Zn oxide mineralization, with holes intersecting the target mineralized zone below the base of weathering, and several holes intersecting a late andesitic intrusive. Drillhole AHA-008 returned a mineralized intersection of 13m @ 0.22 g/t Au and 1.88 % Zn.

Since then the Company has undertaken selective surface grab sampling in the area, which has returned numerous high grade assay results including 1.32 g/t Au and 3.54 % Zn (sample AHA-00559, 535368E2914119N), 1.17 g/t Au and 31.4 % Zn (sample AHA-06507, 535342E-2914034N), and 0.96 g/t Au and 42.2 % Zn (sample AHA-06493, 535308E-2914006N) from gossanous carbonate samples. Aton has also undertaken manual chip channel profile sampling at surface over the Hamama East and Central areas, the results of which indicate outcrop of potential Au-Ag-Zn oxide mineralization, but not are deemed to be representative (Figures 2 and 3).

Channel profile sampling at Hamama East

Re-interpretation of the Hamama East area has indicated the potential for a zone of gossanous carbonatehosted Au-Ag-Zn oxide mineralization, over a potential strike length of in excess of 500m. Due to the steep and rugged topography of the area, with the carbonate-hosted mineralized horizon outcropping as steep ridges (Figure 4), it has not been possible to adequately test the area up to now. In order to test the area a number of access roads have been constructed on the flanks of the carbonate ridge, using a Caterpillar 225 excavator, to allow construction of potential drill pads for future drilling and also for channel sampling purposes (Figure 4). These road cuttings have been sampled along mechanical saw-cut channels, with sampling at nominal 2m intervals (sample profiles HAC-159 to HAC-161). In addition a further channel profile was excavated and sampled at the end of 2017 (sample profile HAC-154), and the new access road cutting in front of the Roman Adit has also been sampled (HAC-146).

Figure 2: Location of channel sample profiles HAC-146, HAC-154, and HAC-159 to HAC-161, gold assay results

Figure 3: Location of channel sample profiles HAC-146, HAC-154, and HAC-159 to HAC-161, zinc assay results

Figure 4: Location of drill road cuttings and channel sample profiles at Hamama East (note the dark brown color of the gossanous carbonate-hosted Au-Ag-Zn oxide mineralization)

All samples were crushed to -4mm at the Company’s onsite sample preparation facility at Hamama, with c. 500g splits shipped to ALS Minerals at Rosia Montana, Romania for analysis. Samples were analyzed for gold by fire assay using analytical code Au-AA23; and silver, copper, lead and zinc with an aqua regia digest followed by an atomic absorption spectroscopy finish (analytical code AA45). High grade samples (Ag > 100 g/t, and Cu, Pb, and Zn > 10,000ppm or 1%) were routinely re-analyzed using the ore grade technique AA46.

Mineralized intervals from the 5 sampled channel profiles are summarized in Table 1.

The results of the recent channel sampling at Hamama East confirm the presence of high grade Au-Ag-Zn oxide mineralization over a potentially significant strike length, notably in the thicker carbonate unit to the north of the Roman Adit (Figure 1), as evidenced by the results of profiles HAC-160 and HAC-161. The extension of the carbonate further to the NE is largely untested to date, but channel profile HAC-159 also returned good grade mineralization where the road cutting intersected the base of the outcropping mineralized carbonate horizon.

Previous surface chip channel sampling in the Hamama Central area to the south of the Roman Adit has also returned significant Au and Zn assay results (Figures 3 and 4), although the mineralized carbonate horizon thins in this area. Previous diamond drilling by Aton has intersected good grades of Au-Ag-Zn sulphide mineralization below the weathered zone, including 14.1m @ 0.81 g/t Au, 42.5 g/t Ag, and 6.51 % Zn (hole AHA-004, see news release dated February 16, 2012), and further evaluation is required at Hamama Central.

A short drilling program is currently being planned to test the Au-Ag-Zn oxide mineralization potential at Hamama East. An initial program of metallurgical testwork is planned to investigate the potential to extract zinc metal from the high grade Zn oxide mineralization, and also to test the suitability of this material for processing at the Hamama West heap leach processing facility.

Activity update:

  • The final stages of work on the financial and technical study into the development of an open pit mine on the oxide zone mineralization and a heap leach processing facility at Hamama West are ongoing, and the final report is scheduled to be delivered to the Egyptian Mineral Resources Authority by May 20, 2018.
  • A preliminary program of surface sampling has been undertaken over the Zeno prospect area, approximately 23 km NE of Hamama West. Numerous significant ancient workings have been identified at the Zeno area, and visible gold has been identified from several samples. Samples have been dispatched to ALS Minerals in Romania, and results are expected soon.
  • Access road construction is continuing satisfactorily at Rodruin, approximately 18 km east of Hamama West and the road head is now only about 500m away from the main western zone of ancient workings.
  • A first-pass reverse circulation percussion (“RC”) drilling program has been planned at Rodruin, which will commence once drill access roads and pads have been constructed, as soon as possible after Ramadan. Further RC drilling is being planned at the Hamama West to test the upper oxide zone mineralization, with the intention of upgrading the inferred resource to indicated or measured categories. To coincide with the Hamama West RC drilling program, further drilling is being planned at Hamama East and West Garida.

About Aton Resources Inc.

Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s Sukari gold mine. Aton has identified a 40 km long gold mineralized trend at Abu Marawat, anchored by the Hamama deposit in the west and the Abu Marawat deposit in the east, containing numerous gold exploration targets, including three historic British mines. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of RIRG and orogenic gold mineralization, VMS precious and base metal mineralization, and epithermal-IOCG precious and base metal mineralization. Abu Marawat is over 738km2 in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity.

Qualified Person

The technical information contained in this News Release was prepared by Roderick Cavaney BSc, MSc (hons), MSc (Mining & Exploration Geology), FAusIMM, GSA, SME, Vice President, Exploration, of Aton Resources Inc. Mr. Cavaney is a qualified person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:

Mark Campbell
President and Chief Executive Officer
Tel: +20227377274
Email: mcampbell@atonresources.com

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.