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News 2018

Aton Announces The Results Of Surface And Underground Sampling At Zeno, With Selective Grab Samples Returning Assays Of Up To 117.5 G/T Gold

May 30, 2018 Download PDF

Vancouver, May 30, 2018: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) is pleased to provide investors with an update on exploration activities at the Zeno prospect at the Company’s 100% owned Abu Marawat Concession (“Abu Marawat” or the “Concession”), located in the Eastern Desert of Egypt.

Highlights:

  1. Aton have recently completed a program of surface sampling at the Zeno prospect, covering an approximate area of c. 4.5 x 1.8 km, totaling 105 samples (64 selective grab samples, 18 channel profile samples, 16 individual channel samples, and 7 QAQC samples). Samples were predominantly taken at surface, with 18 samples being collected underground from the numerous ancient workings in the area;
  2. Channel sample profiles returned intersections including 5.0 m @ 2.52 g/t Au (profile ZEC-006);
  3. The ‘point’ samples (selective grabs and individual channels) returned numerous high grade gold assays including 117.5 g/t Au and 100.5 g/t Au, sampled underground from visible gold and iron oxide bearing quartz veins. Other samples returned assay values including 72.3 g/t Au, 56.5 g/t Au and 48.3 g/t Au;
  4. Of the 80 point samples, 16 (20% of all samples) returned assays greater than 10 g/t Au, and 57 (71%) returned assays greater than 1 g/t Au. The 80 point samples returned a mean average grade of 10.58 g/t Au.
  5. Results of this sampling program confirm the widespread occurrence of quartz vein hosted gold mineralization in the Zeno prospect area, carrying potentially significantly high grades of gold.

“Zeno is potentially a very important target area for us, as can be seen from the significant amount of highgrade gold results from this sampling programme” said Mark Campbell, President and CEO. “The Gold Mine Valley group of veins represents a significant new target for us and one which we will be looking to follow up as soon as possible. With the anticipated start of drilling at Rodruin in July, and the imminent declaration of a commercial discovery at Hamama West busy times lie ahead for the Company”.

Sampling at the Zeno Prospect
The Zeno prospect area is located approximately 23 km northeast of the Hamama West mineral deposit, and is centered about 4 km west of the old British-era gold mine at Semna (Figure 1). It has had only limited field inspection and exploration to date due to its relatively inaccessible location within the Concession. The Zeno prospect is centered on an area known as the “Gold Mine Valley” which is located approximately 1 km to the north-northeast of a large, undocumented ancient mining settlement (Figure 2), and is 2 km from the nearest point that is accessible by vehicle. Aton completed a preliminary program of chip channel sampling at the Gold Mine Valley area in 2012 (see news release dated August 15, 2012, which returned assay values including 46.9 g/t Au, 14.75 g/t Au and 14.55 g/t Au from 10 channel samples, all of 2m length.

Figure 1: Abu Marawat regional geology, showing the location of the Zeno prospect

During 2017 a detailed photogeological review of the Zeno area was undertaken using high resolution imagery, which indicated the presence of numerous quartz veins, and ancient workings, paths and buildings over a roughly northwest trending 8-10 km2 area, approximately spatially coinciding with the outcrop of orogenic, or basement “grey granites” (Figure 1). Local Bedouin have anecdotally indicated the existence of “high grade gold mineralization” in the general Zeno area.

During March and April 2018 Company field crews completed a new follow-up program of surface sampling covering a total area of approximately 8 km2 (c. 4.5 x 1.8 km) at the Zeno prospect. A total of 98 samples were collected, along with 7 QAQC (duplicate, blank and flushing) samples. 6 short chip channel profiles (ZEC-001 to ZEC-006) were sampled across veins, structures and/or workings, for a total of 18 samples. The remaining 80 ‘point’ samples consisted of 64 selective grab and grab composite samples, and 16 individual channel samples, which were mainly collected from surface. 18 of the point samples were taken underground from the ancient workings at depths of up to 20m below ground level. 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 AA-Au23 (repeated by AA-Au25 for samples which returned gold grades greater than 10 g/t, and Au-GRA21 for samples which returned gold grades greater than 100 g/t).

Figure 2: 2012 Sample location plan of the Zeno prospect (”Gold Mine Valley” area)

Figure 3: 2018 Sample location plan of the Zeno prospect

Discussion of Results

The results of the 6 short chip channel profiles are presented below in Table 1.

All the channel profiles were mineralized, and assay intersections across the mineralized structures included 5.0 m @ 2.52 g/t Au (channel profile ZEC-006) and 3.9 m @ 2.55 g/t Au (ZEC-005).

A total of 80 ‘point’ samples were collected, of which were 64 samples were grab or grab composite samples, with 16 individual channels sampled over lengths varying between 0.4 - 2.2 m. 18 of the point samples were collected underground from ancient workings. Full details of the point samples from Zeno are provided in Appendix A, and a summary of the point sample results is presented below in Table 2:

The sampling program has yielded significant results with 20% (16) of the point samples returning assays greater than 10 g/t Au, including 15% (12) of the samples grading greater than 20 g/t Au. Samples of the mineralized quartz veins and structures from ancient underground workings returned assays including 117.5 g/t Au, 100.5 g/t Au, 72.3 g/t Au, 56.5 g/t Au and 48.3 g/t Au. More than 70% (57) of the point samples returned assays greater than 1 g/t Au. The 80 point samples returned a mean average grade of 10.58 g/t Au, and a median average of 3.71 g/t Au.

Mineralization was identified over the entirety of the c. 8 km2 (4.5 x 1.8 km) area sampled (Figure 3), although the highest grades were returned from the most significant group of ancient workings in the “Gold Mine Valley” zone, which covers an overall area of approximately 2 km2 in size, to the north and north-northeast of the ancient mining village (Figures 2 and 3). The ancient workings appear to be predominantly concentrated on a series of narrow (typically <2m) quartz veins and quartz veined shear zones, typically hosted within grey to pinkish coarse grained granodiorites. Within the Gold Mine Valley area individual veins and workings can be traced for 300m or more. Some of the ancient workings are quite extensive, apparently up to 50m deep or more in places, indicating the likely presence of very high grade mineralization to justify the ancients mining to these depths. The veins are typically steep to sub-vertical, but not exclusively, and occur with a variety of orientations throughout the area. Abundant visible gold was observed in some samples collected from the underground workings. Sampling indicates that the mineralization is not exclusively hosted within quartz veins, but extends into the altered and sheared granodioritic wallrocks. In places the veins appear to pinch and swell with some of the underground workings reaching up to 5m width in places, and the style of mineralization appears quite similar to that seen at the Semna prospect (see news release dated November 22, 2017).

The main host rock type in the area sampled was grey to pinkish coarse grained granodiorite, with lesser medium grained diorite intrusives cut by occasional darker fine grained micro-diorite dykes. A few of the veins are associated with pale aphanitic dykes but their pale yellowish color may be due to quartz-sericite alteration.

The mineralization at Zeno typically consists either of narrow (<2m) quartz veins and quartz veined shear zones, typically hosted within orogenic basement granodiorites. Nearly all of the quartz veins appear to be largely similar, consisting of coarse white greasy quartz with patches of disseminated, fine grained, green chlorite and irregular cavities. The cavities appear to have resulted from the dissolution of another mineral, probably a carbonate. Along the edges of some veins and around wall rock fragment incorporated into the veins pale golden, fine-grained mica (sericite) occurs. Most of these veins contain thin films of red or brown iron oxides coating fracture surfaces and lining cavities that result from weathering. Some veins contain patches of more gossanous cellular quartz containing soft red or ochre yellow limonite that, at least in part, replace siderite and hard brown goethite patches that appear to have replaced sulphides. Traces of residual sulphides, either pyrite or chalcopyrite may occur but are rare. Thin films of turquoise blue to light green copper minerals occur in some veins, they consist primarily chrysocolla and malachite. Coarse visible gold was identified in several quartz veins, and in some veins visible gold was also identified in iron oxide rich selvages on the vein margins. The gold mineralization extends into the altered and sheared granodioritic wallrocks.

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: +1-936-689-2589
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.