VANCOUVER, BC / ACCESSWIRE / November 8, 2024 / Aton Resources Inc. (TSXV:AAN, Financial) ("Aton" or the "Corporation") provides the following corporate and operations update.
Corporate update
Aton announces that Mr Robert Parr has resigned from his role as Chief Operating Officer at Aton Resources, for personal reasons. Mr Parr has also resigned from his position on the Board of Directors of Abu Marawat Gold Mines Ltd ("AMGM"), the 50/50 joint venture company established in Egypt with the Egyptian Mineral Resources Authority ("EMRA"), which acts as the operator of the Abu Marawat Exploitation Lease.
"I would like to express my thanks to Rob for the work and the efforts that he has put in this year at Aton, and for setting us on the path to the development of the next gold mine in Egypt at Hamama West" said Tonno Vahk, CEO. "We are pleased to announce that Mr Paul Angus, Aton's Exploration Manager in Egypt, will join the Board of AMGM, while the search for a suitable replacement for Rob is underway. We continue to move steadily ahead in Egypt with the appointment of Wardell Armstrong to undertake a PFS on the Hamama West deposit, and the imminent commencement of fieldwork programmes, while we continue to build our working relationship with our partners at EMRA and the Ministry of Petroleum and Mineral Resources. Meanwhile the ongoing diamond drilling programme at Abu Marawat, which has been designed with the objective of upgrading the resource there to the indicated category, is going well, and we plan to release the next tranche of results as soon as they become available. We will also be starting new RC drill programmes within the next month, as work on both the Abu Marawat exploitation lease and the retained exploration areas continues with the specific long term objective of developing multiple mines at the Abu Marawat Concession".
Operations update
Aton has appointed Wardell Armstrong International Ltd (Cornwall, UK) to undertake a Pre-Feasibility Study ("PFS") on the Hamama West deposit. Cube Consulting (Perth, Western Australia) will continue to take the lead on the estimation of all mineral resources across the entire Abu Marawat Concession, including at the Hamama area, the Rodruin deposit, and also at the Abu Marawat and Semna deposits.
The Energold diamond drilling programme at the Abu Marawat deposit is ongoing, with the first results having now been released (see news release dated November 7, 2024), including near surface high grade polymetallic intersections of 8.98 g/t Au, 185 g/t Ag, 0.43% Cu and 6.12% Zn over a 3.90m interval (hole AMD-110) and 9.57 g/t Au, 92.9 g/t Ag, 0.52% Cu and 0.29% Zn also over a 3.90m interval (hole AMD-107). This programme has been extended and will now continue into 2025.
Aton has executed a new driling contract with Capital Drilling Egypt Ltd ("Capital") to undertake a minimum of 5,000m of RC drilling on the retained exploration areas at the Abu Marawat Concession. Drilling is planned at the Abu Marawat deposit and the Semna gold mine project, as well as other to date undrilled high priority targets on the Concession, including Sir Bakis and Bohlog.
Aton, through its 50% owned JV company AMGM, is also in the final stages of negotiating a separate contract for a programme of groundwater exploration and infrastructure sterilisation RC drilling in the Hamama area, as part of the planned PFS work. This drilling is planned to start within the next month. Other geotechnical, metallurgical and resource extension drill programmes are currently being designed for the Hamama area.
The various Energold diamond drilling and Capital RC drilling programmes on both the exploitation lease at Hamama, and on the retained exploration areas of the Abu Marawat Concession will run concurrently through H1-2025.
About Aton Resources Inc.
Aton Resources Inc. (TSXV:AAN, Financial) 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 world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the Rodruin deposit in the south of the Concession. Two historic British gold mines are also located on the Concession at Semna and Sir Bakis. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of a variety of styles of precious and base metal mineralisation. The Abu Marawat exploitation lease is 57.66 km 2 in size, covering the Hamama West and Rodruin mineral deposits, and was established In January 2024 and is valid for an initial period of 20 years. The Concession also includes an additional 255.0 km 2 of exploration areas at Abu Marawat, retained for a further period of 4 years from January 2024. Abu Marawat is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor.
Qualified person
The technical information contained in this News Release was prepared by Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources Inc. Mr. Orduña 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:
TONNO VAHK
Chief Executive Officer
Tel: +1 604 318 0390
Email: [email protected]
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.
SOURCE: Aton Resources, Inc.
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