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News 2018

Aton Confirms The Discovery Of A New Zone Of Gold Mineralization At Gaharish North

Apr 24, 2018

Vancouver, April 23, 2018: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) is pleased to provide investors with an update on exploration activities at the Abu Gaharish and Gaharish North prospects at the Company’s 100% owned Abu Marawat Concession (“Abu Marawat” or the “Concession”), located in the Eastern Desert of Egypt.

Highlights:

Results from the last round of channel profile sampling and individual channel and grab sampling at the Gaharish North area has expanded the mineralized zone along the entire eastern margin of the Gaharish granite, with gold mineralization now identified over a strike length in excess of 5.0 km;

  • Au-W-Bi-Cu mineralization is confirmed at the Gaharish North area, with selective grab samples returning assays including 17.80 g/t Au, 15.85 g/t Au, 14.80 g/t Au, and 14.70 g/t Au;
  • Surface channel sample profiles returned assay intersections of including 5.2m @ 1.13 g/t Au from Gaharish North, and 4.6m @ 1.25 g/t Au from Abu Gaharish;
  • Selective grab and channel sampling has extended the gold mineralization to ‘islands’ of granite west of the Abu Gaharish Main Zone, and has returned assays including 7.88 g/t Au;
  • Results from the interpreted Abu Gaharish ground penetrating radar (GPR) survey are encouraging, with significant responses under wadi sediments to the west of the Main Zone, indicating the possible extension of the structural system that hosts the Abu Gaharish mineralization further to the west under cover.

“After Rodruin, Abu Gaharish is our second priority target and these results show why” said Mark Campbell, President and CEO. “With gold mineralization occurring over a 5 km gold strike length, and with the potential for the mineralized structures to extend under cover, Abu Gaharish is a very significant gold exploration target. We will certainly be looking to do some drilling this year at Abu Gaharish, once we have started drilling at Rodruin. We are very excited by the potential of the Gaharish area and intend to do more work on it”.

Sampling at Gaharish North and Abu Gaharish

Additional surface sampling has been completed at the Abu Gaharish prospect (see Figure 1), and the newly discovered Gaharish North zone to follow up on initial grab and channel samples assaying up to 22.6 g/t Au and 26.6 g/t Au (see news releases dated June 7, 2017 and December 19, 2017). A total of 89 surface samples

was collected from the general Abu Gaharish area, including 27 individual channel samples taken over an average sample length of about 1m, and 62 selective grab samples. 61 samples were collected at Gaharish North, 14 in the main Abu Gaharish area, a further 8 on the eastern flank of the Gaharish pluton between these 2 areas, and 6 in the Umm Aabass area, SW of the Gaharish pluton, about 4 km SW of Abu Gaharish. Details of all individual and grab samples are provided in Appendix A. Additionally, 13 generally short profiles (GHC-056 to GHC-068) were channel sampled for a total of 97.5m, 3 at Gaharish North and 10 at Abu Gaharish, with the channel profiles averaging 7.5m in length. A total of 49 channel samples were collected over nominal, but not exclusively 2m intervals, and were manually collected using hammer and chisel, under the supervision of senior Aton geologists. Details of the channel sample profiles are provided in Appendix B.

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). 125 of all the samples taken to date were also analyzed for a 34 multi-element suite by ICP atomic emission spectrometry, using analytical code ME-ICP61.

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

5 (6%) of the total of 89 selective grab and individual channel samples returned gold assays of over 10 g/t Au, 23 (26%) returned gold assays of over 1 g/t Au, and 30 (34%) returned gold assays of over 0.5 g/t Au (see Figure 2a, Table 1 for a summary of the results, and Appendix A for full details of all the samples). Samples from the newly discovered Gaharish North zone returned gold assays of 17.80 g/t Au, 15.85 g/t Au, 14.80 g/t Au, and 14.70 g/t Au. A single sample (AHA-17533) from a quartz vein in the central area returned an assay of 16.85 g/t Au, and a single sample from a 2.2m long individual channel sample (AHA-17786) across granite containing narrow sheeted or stockwork veinlets in an ‘island’ of granite to the west of the Abu Gaharish Main Zone returned an assay of 7.88 g/t Au.

Fig. 2a: Gaharish area surface sample and channel profile sampling plan, current sampling programme

Fig. 2b: Gaharish area surface sample and channel profile sampling plan, all samples 2017-2018

Surface channel sample profiles returned assay intersections of including 5.2m @ 1.13 g/t Au from Gaharish North (profile GHC-068), and 4.6m @ 1.25 g/t Au from Abu Gaharish (profile GHC-064). Mineralized intersections from the surface channel profile sampling are presented in Table 2, and full details of the channel sample profiles are provided in Appendix B.

To date, 125 samples from the Abu Gaharish area have also been submitted for multi-element geochemical analyses, in addition to gold fire assay (see Appendix C for details of selected elements, including Ag, Cu, Pb, Zn and W). Significant anomalism of several elements was identified from the multi-element analyses, including silver (6 samples assayed > 100 g/t Ag, with a high of 354 g/t Ag); lead (3 samples assayed over 1% Pb, with a high of 2.73% Pb or 27,300ppm); copper (2 samples assayed over 0.5% Cu, with a high of 0.87% Cu or 8,690 ppm); and tungsten (5 samples assayed over 0.1% W, with a high of 0.16% W or 1,550 ppm). Other anomalous elements include arsenic (highest assay of 291 ppm); bismuth (highest assay of 652 ppm Bi); cadmium (highest assay of 243 ppm Cd); molybdenum (highest assay of 281 ppm Mo); antimony (3 samples assayed over 0.1% ppm Sb, with a high of 2.92 % or 2,920 ppm Sb); and zinc (highest assay of 1,340 ppm Zn). The distribution of Ag, Bi, Cu, Pb, W and Zn assay grades are shown in Figures D1-D6 (Appendix D).

Abu Gaharish GPR survey

A total of 6 deep penetrating GPR profile lines were completed at the Abu Gaharish prospect by Terravision Exploration during November 2017, with a combination of 3m and 6m antenna lengths (see Figure 3 below), using their proprietary GPRplus equipment. The final report was received in March 2018. 4 long E-W profiles (GH-1 to GH-4) were completed over and along strike from the Main Zone mineralization, to attempt to identify the mineralized structures and the granite contact between the Gaharish granite and the country metavolcanic and sedimentary sequence, and also to test for possible repetition of the generally westdipping mineralized structures under wadi sediment cover to the west of the Main Zone. Additionally 2 shorter, more detailed profiles (GH-5 and GH-6) were run across the Main Zone mineralization using shorter 3m antennae to provide orientation over the mineralized structures and ancient workings seen at surface in the Main Zone. Profile GH-5 was coincident with the western end of profile GH-2.

Figure 3: Location of GPR lines (GH-1 to GH-6) at the Abu Gaharish prospect

Results from the Abu Gaharish prospect are very encouraging, with significant responses under wadi sediments, as well as within ‘islands’ of granite to the west of the Main Zone. The velocity responses pick out structures across the wadi area, which may indicate the presence of mineralized quartz veins and structures similar to those found in the Main Zone, which has previously returned channel sample intersections of 31.2m @ 1.04 g/t Au from surface (see news release dated December 19, 2017). A wide zone of increased velocity, approximately 130m wide, was recorded within profiles GH1 and GH3 (see Figures 4 and 5), and was possibly also picked up at the western end of GH4. This is interpreted as indicating the potential presence of a blind zone of en echelon veins, or possibly a shear structure associated with narrow sheeted veining, covered by wadi sediments. This large structural zone lies within and appears to skirt the rim of the late postorogenic Gaharish granite and is probably at least 1.2km in length (see Figure 3). The GPR response of this interpreted zone is generally typified by a major increase in velocity, which is analogous to the responses identified from the 6m profiles over the Main Zone veins. In addition to this zone, multiple structures have been identified across the wadi, suggesting that a complex series of veins or structures occurs within a zone approximately 800m wide and at least 1km long. The results of the GPR survey give support to the hypothesis that the Abu Gaharish area may host a significant body of structurally-controlled gold mineralization of RIRG affinity.

Figure 4: Radargram of GPR profile GH-1, showing possible granite-hosted mineralization

Figure 5: Radargram of GPR profile GH-3, showing possible granite-hosted mineralization (adjusted for topography)

Discussion

The confirmation of a new zone of gold mineralization at Gaharish North, with mineralized quartz veins occurring both within the post-orogenic Gaharish granite, as well as in the surrounding country rocks, as at Abu Gaharish, is considered very significant (see Figure 2a). This confirms that gold mineralization occurs over a >5km strike length along the eastern margin of, and within, the late post-orogenic poly-phase Gaharish pluton. The new sampling of granite ‘islands’ surrounded by wadi sediments to the west of the Abu Gaharish Main Zone has further extended the zone of known mineralization at Abu Gaharish (see Figure 2a). The GPR programme has strongly suggested the potential existence of a structural zone largely buried under wadi sediments that has given analogous responses to those observed over the Main Zone at Abu Gaharish, which returned a surface channel intersection of 31.2m @ 1.04 g/t Au. The latest sampling at Abu Gaharish has confirmed the existence of additional and previously unidentified gold mineralization in the Gaharish granite in the broad structural target zone identified by the GPR survey.

The gold mineralization in the Abu Gaharish-Gaharish North area occurs both within and close to the margins of the late Gaharish granite. The Gaharish granite is part of the suite of evolved post-orogenic alkalic granites that is regionally associated with Sn, Mo and W-Au mineralization within the Egyptian Eastern Desert. The geochemical association of the Gaharish area mineralization with accessory Pb, Cu, W, Sb, As, Bi, Mo, and comparatively low enrichment of Zn is consistent with a potential reduced intrusion-related gold (RIRG) system.

The confirmation of Au (-Cu-Bi-W) mineralization along the entire eastern margin of the Gaharish granite implies the potential existence of a large and significant gold mineralizing system. The latest phase of sampling confirms that gold mineralization exists to the west of the known mineralization at Abu Gaharish, and the results from the deep penetrating GPR survey indicate good potential that the structural system that hosts the Abu Gaharish mineralization extends further to the west and is largely covered by wadi sediments. The results of the latest sampling and the GPR program continue to indicate potential for the existence of a substantial structurally controlled zone of gold mineralization of RIRG affinity at Abu Gaharish. Aton believes that the identification of Au-Cu-Bi-W mineralization at Gaharish North, together with the extension of the structurally controlled mineralized system at Abu Gaharish, indicate the potential development of a large system of RIRG gold mineralization along the entire eastern margin of the Gaharish granite, potentially greater than 5km long in strike length.

Activity update:

  • Laboratory testwork has been completed at the Soil Mechanics and Geotechnical Engineering Research Institute (Housing and Building National Research Centre) in Cairo on the geotechnical samples collected from the trial pits in the Wadi Um Salamat area for the Hamama West heap leach facility design work, and the final report received.
  • A short programme of excavator trenching has been completed at Hamama East to test for possible surface zones of Au and Zn oxide mineralisation. Samples have been dispatched to ALS Minerals in Romania, and results are expected soon.
  • Access road construction is continuing at Rodruin, and it is estimated that the road will reach the main western workings before the Hamama Camp shuts down for the Ramadan break.
  • A preliminary programme of surface sampling has been undertaken over the Zeno prospect area. 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.

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.

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