News 2024

Aton reports new surface sampling results from the retained exploration areas at Abu Marawat, including 183 g/t Au from Bohlog, 125 g/t Au from Semna, and 67.4 g/t Au from Kab Amira

Vancouver, British Columbia, June 19, 2024: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) updates investors on the progress of its ongoing exploration programmes within the retained exploration areas of the Company’s Abu Marawat Concession (“Abu Marawat” or the “Concession”) in the Eastern Desert of Egypt, including the results of recent surface sampling at several of its regional targets.

Highlights:

• Aton has recently undertaken further sampling and mapping programmes over several of its regional targets in the Abu Marawat Concession retained exploration areas;
• A total of 258 selective grab and non-selective surface channel were collected from the Black Gaharish, Bohlog, Kab Amira, Semna and Zeno prospect areas (Figure 1). A further 7 blank and duplicate QAQC samples were also submitted for analysis;
• 38 samples were collected from the Black Gaharish prospect area, returning assays including 29.9 g/t Au and 9.46 g/t Au;
• 7 samples were collected from the Bohlog prospect area, returning assays including 183 g/t Au and 14.65 g/t Au;
• 112 samples were collected from the Kab Amira prospect area, returning assays including 67.4 g/t Au, 44.9 g/t Au and 29.8 g/t Au;
• 42 samples were collected from the Semna regional prospect area, returning assays including 125 g/t Au, 36.3 g/t Au and 32.5 g/t Au;
• 59 samples were collected from the Zeno regional prospect area, returning assays including 45.1 g/t Au, 26.9 g/t Au and 24.5 g/t Au;
• The phase 2 diamond drilling programme has been completed at the Semna prospect, with 28 holes completed for a total drilled meterage of 4,701m. The Company has also now completed a programme of surface sampling and started a c. 3,000m programme of shallow and horizontal diamond drilling at the Abu Marawat deposit, designed to test a highly prospective and previously undrilled area.

“This is another set of excellent surface sampling results, which yet again demonstrate the potential of the Abu Marawat Concession, including the newly identified Kab Amira area, and the very widespread development of gold mineralisation at surface across the areas that have been retained for further exploration” said Tonno Vahk, CEO. “We are proceeding with our exploration programmes on the retained exploration areas, with the clearly defined objective of bringing them into the exploitation lease within the next 4 years. The follow-up phase 2 diamond drilling programme has been completed at Semna, and we look forward to releasing the results of this programme very shortly. We have now returned to the Abu Marawat deposit for the first time since 2012, and where we will be drilling potentially high grade areas outside the existing NI 43-101 resource which were not drilled previously due to the difficulty of access in steep terrain. We are excited by the recent identification by our field team of new mineralised structures at surface in the area we will be drilling. Now that the JV company Abu Marawat Gold Mines, which will operate the Hamama and Rodruin exploitation lease, has been established, we will be pushing ahead with the development of the Hamama West gold mine, which will be the first mine that we plan to develop on the Abu Marawat Concession.”

Abu Marawat regional sampling programme

The Company has continued its mapping and sampling programmes over the retained exploration areas in recent months, as part of its long term strategy to ultimately incorporate all of its prospective targets into the Abu Marawat exploitation lease, which is valid for an initial period of 20 years. Many of the Company’s main exploration targets have been exploited in recent years by artisanal miners, predominantly since the Company’s suspension of field activities in 2020 as a result of the covid-19 pandemic, although the Company successfully evicted these illegal miners during 2023 from the Concession. This recent programme continues the sampling and mapping work completed in 2023 (see news releases dated May 29, 2023, June 26, 2023 and July 31, 2023).

Sampling was undertaken at Semna (regional), Bohlog, Zeno, and Black Gaharish and at the recently identified Kab Amira prospect area (Figure 1), predominantly on previously unidentified mineralised structures that have been exploited by the artisanal miners in recent years. The sampling has again confirmed the presence of a well mineralised c. 20 km long corridor stretching from Sir Bakis in the west to the Semna East area on the margin of the Gaharish pluton, including the Sir Bakis, Massaghat, Bohlog, Zeno, Kab Amira, Black Gaharish, Semna and Semna East areas. Mineralisation through this belt is orogenic in style, typically consisting of shear-hosted and structurally controlled high grade quartz veins. To date only the immediate Semna gold mine area, and the central Zeno area have been drill tested. The Company is planning to undertake RC percussion drilling on some of the most promising targets in the retained exploration areas later in 2024, and the results of this current programme will inform the design of these upcoming programmes.

Figure 1: Geological map of the Abu Marawat Concession, showing the locations of the sampled prospects

Samples collected in this programme were predominantly selective manually taken grab and grab composite samples, with relatively subordinate c. 0.5-1m long non-selective in situ chip channel samples across potentially mineralised structures. A total of 265 samples were collected from the programme including 7 QAQC samples, consisting of 5 blank and 2 duplicate samples. All samples were analysed for gold, silver and copper, with most of the samples also analysed for lead and zinc. Selected results from the programme are presented in Table 1, and full assay results are presented in Appendix A.

Table 1: Selected surface sampling results

Discussion of results

Black Gaharish

The Black Gaharish area is located approximately 4 km southwest of the Semna gold mine, and approximately 23 km east-northeast of the Company’s Hamama West deposit (Figure 1). The gold mineralisation at Black Gaharish is frequently associated with flat lying structures within intrusive granodioritic host rocks, and is sometimes associated with minor copper staining in the mineralised quartz veins. Mineralisation is considered to be structurally controlled and orogenic in nature, and of a similar style to that at the Semna mine, and the Zeno prospect. A single grab sample of vein quartz from an ancient working previously returned an assay grade of 16.5 g/t Au (see news release dated September 13, 2017).

During the current sampling programme 38 selective grab samples were collected from the Black Gaharish area, as well as 1 blank QAQC sample, with selected results shown in Table 1, and all results provided in Appendix A.

5 (13%) of the Black Gaharish samples from the current programme returned assays greater than 5 g/t and 11 (29%) returned assays greater than 1 g/t Au (Figure B3), including individual samples grading up to 29.9 g/t Au (sample AHA-46117), associated with a narrow iron oxide stained shear zone-hosted composite quartz vein.

Bohlog

The Bohlog area is located approximately 8-9 km west-southwest of the Semna gold mine, and approximately 7.5 km north of the Company’s Rodruin deposit (Figure 1), and was a significant mining area in ancient times. Illegal artisanal miners have been active in the Bohlog area in recent years. The gold mineralisation at Bohlog (Zones 1 to 4) is spatially related to the late Bohlog granite, which is intruded into early orogenic ‘grey granites’, and has a distinctive Au-W-Pb-Cu geochemical signature. The mineralisation at Zone 5 is more similar to the orogenic style of mineralisation identified throughout the c. 20 km long Sir Bakis-Semna East mineralised corridor.

In early 2017 the Company’s field crews carried out a programme of grab and channel sampling at Bohlog which returned assays of up to 21.1 g/t Au (see news release dated June 7, 2017). Follow-up deep trenching returned mechanical saw-cut channel sample intercepts including 1.57 g/t Au over a 20m interval and 1.65 g/t Au over a 9m interval from Bohlog Zone 2 (see news release dated February 28, 2018).

During 2018 mineralization was identified over an area covering at least 275m x 125m at Bohlog Zone 5 with selective surface grab samples returning grades of up to 18.30 g/t Au and 17.85 g/t Au from sheared quartz veins and ancient dumps. Surface channel sampling profiles also returned mineralised intersections including 1.82 g/t Au over a 6m interval (see news release dated February 28, 2018).

During the current sampling programme 7 selective grab samples were collected from the Bohlog Zone 5 area, with selected results shown in Table 1, and all results provided in Appendix A.

3 of the 7 Bohlog samples from the current programme returned assays greater than 10 g/t (Figure B4), including individual samples grading up to 183.0 g/t Au (sample AHA-45993). This sample from a recent artisanal working contained very abundant visible coarse gold (Figure 2). Lead and silver were also significantly elevated in this sample.

Kab Amira

The recently identified Kab Amira prospect is located approximately 6-8 km southwest of the Semna gold mine, and approximately 6-8 north of the Company’s Rodruin deposit (Figure 1), and covers an overall area of approximately 10 km². Mineralisation at Kab Amira is considered to be of a continuation of that in the Zeno, Semna and Bohlog Zone 5 areas, manifested by shear-hosted and structurally controlled high grade quartz veins, and is again very typical of the orogenic style mineralisation throughout the entire Sir Bakis-Semna East mineralised corridor. Mineralised structures are typically flat-lying at Kab Amira, as at the Black Gaharish prospect. Significant small scale artisanal mining has again taken place at Kab Amira since 2020.

Figure 2: Visible gold in an iron-stained quartz vein from sample AHA-45993 (Bohlog Zone 5)

The Company has undertaken very limited previous sampling at Kab Amira, but in 2023 surface sampling was undertaken in the wider Bohlog area, which returned an assay of 48.4 g/t Au, from the previously unsampled southern Kab Amira area, approximately 1 km east of Bohlog Zone 5 (see news release dated May 29, 2023).

During the current sampling programme 97 selective grab and grab composite samples and 15 non-selective chip channel samples were collected from the Kab Amira area, as well as 2 blank and 2 duplicate QAQC samples, with selected results shown in Table 1, and all results provided in Appendix A.

10 (9%) of the Kab Amira samples from the current programme returned assays greater than 10 g/t and 57 (51%) returned assays greater than 1 g/t Au (Figures B4 and B5). Individual samples returned assays including67.4 g/t Au (sample AHA-46026), 44.9 g/t Au (sample AHA-45946), 29.8 g/t Au (sample AHA-45959), and 24.1 g/t Au (sample AHA-45950), confirming the discovery of high grade mineralisation at surface at Kab Amira. The higher grade samples from Kab Amira typically contained significantly elevated levels of lead, as at Bohlog Zone 5 (see above), and to a lesser extent elevated silver and sometimes zinc, whereas copper was generally quite low.

Semna (regional)

The Semna gold mine is located approximately 27 km east-northeast of the Hamama West deposit and 13 km north-northeast of the Rodruin deposit (Figure 1). Semna has a long history of gold mining, during both ancient and modern times, and was mined in the early 20^th century by two British companies. RC percussion drilling during 2023 at Semna intersected high grade mineralisation (see news releases dated October 13, 2023, November 7, 2023 and December 18, 2023). The Company has recently completed a follow-up diamond drill programme at Semna, and will report the final results from this programme very soon.

During 2017 surface channel sampling at Semna returned mineralised intercepts including 5.17 g/t Au over an interval of 9.7m at surface, and individual channel samples grading up to 18.05 g/t Au (see news release November 22, 2017). Follow-up surface sampling at Semna during 2023 returned assay results including 27.6 g/t Au, 24.0 g/t Au and 16.95 g/t Au (see news release dated May 29, 2023). Additional regional sampling east of the main Semna mine area returned assays including 25.7 g/t Au, 16.55 g/t Au and 15.2 g/t Au (see news release dated July 31, 2023).

During the current sampling programme 19 selective grab and grab composite samples and 23 non-selective chip channel samples were collected from the Semna regional area, as well as 1 blank QAQC sample, with selected results shown in Table 1, and all results provided in Appendix A.

7 (12%) of the Semna regional samples from the current programme returned assays greater than 5 g/t and 18 (43%) returned assays greater than 1 g/t Au (Figure B6). Individual samples returned assays including 125.0 g/t Au (grab sample AHA-46171), 36.3 g/t Au (chip channel sample AHA-46170), and 32.5 g/t Au (sample AHA-46050). Samples AHA-46170 and AHA-46171 were taken from a single quartz vein structure, approximately 800m south-southeast of the Semna Main Vein zone (“MVZ”), and also contained significantly elevated copper and silver, as does locally the MVZ. Several other samples also carried significantly elevated levels of copper, however zinc and lead assays were typically quite low, again similar to the MVZ. This latest tranche of results confirms the potential for additional high grade mineralised structures in the regional Semna area, similar to the Semna MVZ.

Zeno

The Zeno prospect areais located approximately 12 km north of the Rodruin mineral deposit and 4-7 km west of the Semna gold mine (Figure 1), and has extensive ancient workings over an area of greater than 10 km². Artisanal miners have been very active in the general Zeno area since 2020. Aton completed a first pass RC percussion drilling programme at Zeno during 2023, returning intersections including 9.77 g/t Au over a 3m interval and 4.16 g/t Au over a 6m interval (see news release dated February 1, 2024).

Previous surface sampling by Aton of visible gold and iron oxide bearing quartz veins 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 (see news release dated May 30, 2018), 104.5 g/t Au, 67.1 g/t Au and 43.0 g/t Au (see news release dated June 26, 2023), and 36.2 g/t Au and 15.3 g/t Au (see news release dated July 31, 2023).

The current sampling programme was focussed on the northern and northwestern part of the overall Zeno area, where relatively limited surface sampling had previously been undertaken. 59 selective grab samples were collected during this programme, as well as 1 blank QAQC sample, with selected results shown in Table 1, and all results provided in Appendix A.

5 (12%) of the Zeno samples from the current programme returned assays greater than 10 g/t and 18 (31%) returned assays greater than 1 g/t Au (Figure B7). Individual samples returned assays including 45.1 g/t Au (sample AHA-45698), 26.9 g/t Au (sample AHA-45713), and 24.5 g/t Au (sample AHA-45792), further expanding the mineralised footprint at Zeno to the west and northwest.

Sample processing and analytical procedures

Samples were collected in the field by Aton’s exploration teams. Grab and grab composite samples were selective, whereas chip channel samples were non-selective. Chip channel samples were collected in situ by manually rock chipping across potentially mineralised structures or veins, using a hammer and chisel. Grab and grab composite samples were selective, and were usually, but not necessarily collected in situ, and may have been collected from rock or ore dumps or float material, where indicated.

The samples were weighed and crushed to -4mm onsite at the Rodruin sample prep facility, and split to a nominal c. 250-500g sample size. The coarse crushed reject samples are retained onsite.

The c. 250-500g dried, crushed and split samples were shipped to ALS Minerals sample preparation laboratory at Marsa Alam, Egypt where they were pulverised to a size fraction of better than 85% passing 75 microns. From this pulverised material a further sub-sample was split off with a nominal c. 50g size, which was shipped on to ALS Minerals at Rosia Montana, Romania for analysis. The reject pulps were returned from ALS, and are also retained onsite.

Samples were analysed for gold by fire assay with an atomic absorption spectroscopy (“AAS”) finish (analytical code Au-AA23), and for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45). Any high grade gold samples (>10 g/t Au) were re-analysed using analytical code Au-GRA21 (also fire assay, but with a gravimetric finish). Any high grade Ag and base metal samples (Ag >100 g/t, and Cu, Pb and Zn >10,000 ppm or >1%) were re-analysed using the ore grade technique AA46 (also an aqua regia digest followed by an AAS finish).

Appendix A: Grab and grab composite samples

Appendix B: Sample location plans

Figure B3: Black Gaharish prospect – sampling location plan

Figure B4: Bohlog – Kab Amira (southern) prospects– sampling location plan

Figure B5: Kab Amira prospect – sampling location plan

Figure B6: Semna prospect – sampling location plan

Figure B7: Zeno prospect (north-western area) – sampling location plan