Gold-Tungsten Explorer Sees Tungsten Signs in Yukon Core

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Aben Gold Corp. (ABM:TSXV; ABNAF:OTCQB) has finished its 2026 diamond drilling campaign at the 100%-owned Justin gold-tungsten project in southeastern Yukon, about 25 kilometers from the former Cantung mine, according to a September 16 release.

By September 13, the company had drilled 1,390.9 meters in eight holes over 36 operating days, exceeding its initial 1,300-meter, six-hole plan. The program generated 1,464 samples, with samples being submitted to Bureau Veritas and Actlabs for analysis.

The campaign covered both priority targets, with five holes drilled at the POW gold-tungsten zone and three at the Lost Ace high-grade gold target. Core cutting and sampling remain underway, including work on hole JN26-007, while assays are being processed. JN26-001 and JN26-002 were delivered to Bureau Veritas on August 26 and August 31, respectively, while JN26-003 was submitted to Actlabs in Kamloops on September 9 for expedited analysis. Samples from JN26-004 through JN26-008 are being prepared for shipment, with results to be released as they are received and reviewed.

Riley Trimble, president and chief executive officer of Aben Gold, said, "Completing 1,390 meters across eight holes, above our original 1,300-meter plan, is a strong finish to the 2026 season at Justin." He added that the company will now focus on receiving the assays and using the expanded dataset to determine its next phase of exploration.

The drilling sought to establish the continuity and depth of gold-tungsten mineralization at POW while testing structurally controlled, high-grade gold at Lost Ace. Massive sulphides and ultraviolet indications of scheelite (WO₃) were observed in POW core, although the company cautioned that visual observations do not replace laboratory assay results.

"We are thrilled to have completed the 2026 program safely and efficiently," Vice-President of Exploration and qualified person Milosz Mielniczuk said, while thanking the project's contractors for their work on the campaign.

"Our focus turns to receiving assays and using this new data set to plan the next phase of work," he said.

Justin covers about 7,400 hectares in the Tombstone gold-tungsten belt and broader Tintina gold province, where Aben holds 100% ownership. The property lies next to Seabridge Gold's 3 Aces project. Historical POW drilling includes 1.25 grams per tonne gold (g/t Au) over 60 meters, including 2.47 g/t Au over 21 meters in JN11-009, while JN11-010 returned 2.52 g/t Au with 29.53 g/t Ag over 12 meters, with later tungsten analysis producing 0.25% WO₃ over the same interval. At Lost Ace, historical trench sampling returned 20.8 g/t Au over 4.4 meters and 88.2 g/t Au over 1 meter.

Historical Data Sets Stage for Yukon Drill Program

The Q2 materials laid out a sampling and mapping program alongside the drilling plan. Phase 1 called for a systematic soil survey on 100-meter lines with 50-meter station spacing, budgeted at 600 soil and 80 rock samples across the southeastern portion of POW and at Lost Ace, plus additional rock sampling and geological mapping as warranted to refine both target boundaries.

Geophysics from the company's 2024 QMAGT survey identified northeast- and northwest-southeast-trending fault structures, with both POW and Lost Ace sitting where complex structural intersections coincide with strongly magnetic bodies. The corridor between the two targets carries overlapping geophysical and gold-in-soil anomalies and, as of the Q2 materials, remained undrilled and comparatively underexplored.

Bob Moriarty of 321gold.com said, "This project has been drilled by other operators in the past, so the company has a fairly good idea of what to expect. Look for initial results to be released soon."

At the time those materials were prepared, Lost Ace had never been diamond drilled, though 2017 channel sampling there returned 20.8 g/t Au over 4.4 meters, including 88.2 g/t Au over 1.0 meter, and additional high-grade samples turned up within 20 meters of a site tied to a 2017 gold-grain bulk sample.

POW's historical drilling record includes several other intercepts beyond what the Q2 materials disclosed for JN11-009 and JN11-010: JN12011 returned 1.49 g/t Au over 46.4 meters, and JN12016 produced 0.39% WO₃ over 8.50 meters — including a 1.12% WO₃ interval over 1.00 meter — alongside 4.12 g/t Au over 5.60 meters, including 8.20 g/t Au over 2.60 meters.

The materials also detailed a 2014 re-assay program that tested 230 samples from seven of nine previously drilled POW holes for tungsten content, after visible scheelite was identified under short-wave ultraviolet light. JN12013 returned 0.10% WO₃ over 28.90 meters near surface, including a 1.15% WO₃ interval over 1.10 meter, along with 1.81 g/t Au over 7.40 meters, including 4.42 g/t Au over 2.20 meters. JN12019 returned 0.27% WO₃ over 7.20 meters. Aben has said the tungsten results are historical and are not being treated as current mineral resources or mineral reserves.

Moriarty Flags Visible Tungsten Signs in Core Samples

Bob Moriarty of 321gold.com told Streetwise Reports on September 17 that "many samples started to be sent off for assay as long as three weeks ago, with the last holes still being cut and sampled."

"Tungsten has the advantage of being visible under ultraviolet light, and some cores have shown signs of tungsten," Moriarty noted. "In addition, this project has been drilled by other operators in the past, so the company has a fairly good idea of what to expect. Look for initial results to be released soon."

The Catalyst: Tungsten Shortage Looms as Gold Rebounds

Fortune Business Insights reported that the global tungsten market reached US$5.43 billion in 2025 and was projected at US$5.78 billion for 2026. Asia Pacific represented 71.64% of the 2025 market, while North America accounted for US$0.50 billion and the United States for US$0.44 billion. The report identified growing demand for durable, high-performance tools as a key market driver, with tungsten-based products used in mining, construction, automotive, aerospace, and industrial applications. Citing the International Tungsten Industry Association, it noted that "approximately 60–65% of tungsten consumed globally is used in cemented carbides," including cutting, drilling, and wear-resistant components.

Supply concentration remains a major constraint. Fortune Business Insights, citing the U.S. Geological Survey, estimated that China produced about 82% of the world's mined tungsten in 2025. That dominance leaves global supply exposed to export restrictions, trade measures, and production changes, while developing alternative mines requires significant funding, regulatory approvals, and lengthy construction periods.

The Oregon Group highlighted the same supply imbalance in research published September 1, reporting that tungsten prices climbed about 310% from January through July. The APT CIF benchmark increased from roughly US$83 per kilogram of WO₃ to US$340 per kilogram. China produced 67,000 tonnes of the 85,000 tonnes mined worldwide in 2025, or about 79%, while controlling approximately 85% of global APT refining capacity.

"Tungsten is sending an unusually strong price signal, but the supply response is still constrained," The Oregon Group founder Anthony Milewski said. "The issue is no longer whether tungsten prices are high enough to justify new mines. The issue is whether those mines can be financed, permitted, built, commissioned, and qualified quickly enough to meet Western demand."

The Oregon Group identified 11 announced projects that could collectively contribute nearly 20,000 tonnes of annual tungsten production outside China by 2030. Even assuming those projects meet their schedules, the research estimated that the non-Chinese market would still face a primary supply shortfall of roughly 16,000 tonnes, with existing accessible mines outside China covering only about 68% of projected primary demand.

U.S. demand could face additional supply pressure as defense procurement rules scheduled to take effect January 1, 2027, would generally restrict the acquisition of specified tungsten materials mined, refined, or produced in China, Russia, North Korea, or Iran. The United States has not produced tungsten commercially since 2015 and was more than 50% dependent on imports in 2025.

"The significance of tungsten is not determined by the size of the market," Milewski said. "It is determined by what stops working when secure tungsten supply is unavailable. Defense, advanced manufacturing, semiconductors, and energy infrastructure all depend on materials with properties that are extremely difficult to replace."

Milewski said the broader challenge is building a dependable physical supply rather than simply generating higher prices. "Tungsten does not lack a price signal," he said. "It lacks enough financed, permitted, and qualified production linked to secure refining and recycling capacity."

Gold rebounded sharply on Thursday, climbing more than 2% after touching a nearly six-week low in the previous session, according to a September 17 report by Reuters that was published by CNBC.

"We've been tied very closely ⁠to an inverse relationship with energy prices based on those inflationary pressures ... Energy prices are down fairly dramatically today. So, it's these lower energy prices that are removing some of that pressure on the gold market," said David Meger, director of metals trading at High Ridge Futures.

The Fed increased interest rates on Wednesday and indicated that additional hikes could follow in the coming months. Traders have subsequently raised their expectations for another increase at the central bank's October meeting, with the CME FedWatch tool showing a 51% probability, up from nearly 44% a day earlier.

Gold can benefit from inflation concerns because investors often use the metal as a hedge, but higher interest rates can weigh on demand by making yield-producing assets more attractive.

Ownership and Share Information¹

Aben Gold Corp. has a market cap of CA$6.11 million, with 35.75 million shares outstanding. The company's 52-week range is CA$0.07-CA$0.30.

Management and insiders own 5.83% of shares, while the remaining 94.17% of shares are held by retail.

Common Investor Questions

What did Aben Gold announce on September 16? The company completed its 2026 diamond drilling campaign at the 100%-owned Justin gold-tungsten project in southeastern Yukon, drilling 1,390.9 meters across eight holes over 36 operating days — exceeding its original plan of 1,300 meters across six holes.

Where was the drilling focused? Five holes targeted the POW gold-tungsten zone, and three tested the Lost Ace high-grade gold target — the project's two priority zones.

What happens next with the samples? The program generated 1,464 samples, now being processed at Bureau Veritas and Actlabs. Results will be released as they're received and reviewed; as of the release, core cutting and sampling were still underway on hole JN26-007.

What did the company observe in the core, and does that confirm mineralization? Massive sulphides and ultraviolet indications consistent with scheelite (WO3) were observed in POW core, but Aben has cautioned that visual observations aren't a substitute for laboratory assay results.

What's the historical basis for targeting POW and Lost Ace? At POW, historical drilling includes 1.25 g/t gold over 60 meters (JN11-009) and 2.52 g/t gold with 29.53 g/t silver over 12 meters (JN11-010), along with several tungsten intercepts from a 2014 re-assay program. At Lost Ace — which had never been diamond drilled before this program — 2017 channel sampling returned 20.8 g/t gold over 4.4 meters, including 88.2 g/t gold over 1.0 meter.

What does an outside analyst think about the timing of results? Bob Moriarty of 321gold.com said tungsten's visibility under ultraviolet light, combined with the project's history of prior drilling by other operators, gives the company "a fairly good idea of what to expect," and said to look for initial results soon.

Why does the broader tungsten market matter for this story? Tungsten prices climbed roughly 310% between January and July 2026, and China controls about 79-82% of global mine production, depending on the source. New U.S. defense procurement rules taking effect January 1, 2027, will generally restrict the acquisition of specified tungsten materials mined, refined, or produced in China, Russia, North Korea, or Iran, adding pressure on Western supply chains that remain more than 50% import-dependent.