Highlights
- Advance United engages geophysical company to begin work program starting in October.
- Program focused on follow up to previously identified high potential anomaly which extends over 2,000 metres on the property, and
- Previous drillhole encountered two zones of massive sulphide mineralization both in excess of four metres in thickness.
Toronto, Ontario--(Newsfile Corp. - September 22, 2021) - Advance United Holdings Inc. (CSE: AUHI) (FSE: 9I0) (the "Company" or "Advance United") is pleased to report the start of the 2021 work program on the Company's Buck Lake Property in the Batchawana Greenstone Belt in Northern Ontario, Canada.
The work is scheduled to commence the week of October 1st, 2021 and will include a detailed Very Low Frequency Electromagnetic (VLF EM) geophysical study, soil sampling, and detailed geological and structural mapping in preparation for future drill programs and target definition along the horizon.
The Buck Lake Property lies in the Batchawana Greenstone Belt within the Abitibi Subprovince of the Canadian Shield. The Abitibi Subprovince is known to host many VMS type of deposits including Glencore's Kid Creek Mine, the deepest base metal mine in the world.
Geologically the Buck Lake Property overlies the contact between mafic and felsic volcanics, a classic Volcanic Massive Sulphide (VMS) target. An Electromagnetic (EM) anomaly identified trending North-South across the property, appears to overlie the contact between felsic and mafic volcanic units.
Noranda Exploration drilled a hole in 1987 along the EM anomaly and intersected two (2) zones of massive sulphide mineralization of 4.88 m and 4.72 m in thickness (as reported in the MNDM Assessment Report).
Both massive sulphide zones were described as containing copper and zinc mineralization although assays were not included in the available Assessment Report. Rock sampling during a soil geochemical program completed in 2017 identified copper mineralization in the form of chalcopyrite in rocks adjacent to the EM anomaly. A reconnaissance soil sampling program 2017 identified a 2,000-metre-long copper and zinc anomaly associated with the contact and the EM anomaly.
Advance United CEO Jim Atkinson states, "We are highly optimistic as we continue to build on the excellent results from past work on the Buck Lake Property - a promising VMS style target. Past work has identified copper and zinc mineralization in one limited area, but the majority of the 2,000-metre-long anomaly has yet to have been explored by modern methods. Our field crew will obtain detailed results along the prospective horizon and allow us to prepare a follow-up work plan for 2022 which may include drilling to further delineate and understand the potential deposit. This further exemplifies the value of the Company's business model to re-work data to document potential, quantifiable resources and reserves using current standards and modern technology, thus increasing the value of the property."
Qualified Person
James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify the historic information on the Buck Lake Property, particularly with regards to historical sampling and regional government-mapped geology. However, the Qualified Person assumes that sampling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Buck Lake Property but may not be representative of expected results.
About Advance United
Advance United, headquartered in Toronto, Canada, is traded on the Canadian Securities Exchange in Canada under the symbol "AUHI" and the Börse Frankfurt Stock Exchange in Germany under the symbol "9I0".
We are a different kind of Canadian junior mining company, one designed to succeed where other junior mining companies fail. We are involved exclusively in the acquisition and advancement of past producing gold mines - with no intent to bring them back into production or to mine them ourselves. Our expertise is in identifying and acquiring undervalued gold properties with significant historical work, which were uneconomic at the time, but we believe have economic value at today's price of gold.
We fund the development of re-working historic data and applying modern technology to underwrite new qualified reports, document quantifiable resources and reserves to current standards, thereby recognizing the current value.
Our purpose is to bring immediate and long-term value to our partners and shareholders while seeking to eliminate exploration risk, so that we can all advance united in the shortest possible time frame.
For additional information about us, our projects, or to find out how you can get involved please visit www.advanceunited.ca.
Contact Information
James Atkinson P. Geo., CEO
Email: jim.atkinson@advanceunited.ca
Tel: (647) 278-7502
Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to trading on the CSE and the focus of the Company's business. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Forward-looking statements in this news release include statements regarding the Company's ability to increase the value of its current and future mineral exploration properties and, in connection therewith, any long-term shareholder value, the Company's ability to mitigate or eliminate exploration risk, and the Company's intention to develop a portfolio of historic gold properties. Readers are cautioned not to place undue reliance on forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Company will continue its business as described above. Readers are encouraged to refer to the Company's annual and quarterly management's discussion and analysis and other periodic filings made by the Company with the Canadian securities regulatory authorities under the Company's profile on SEDAR at www.sedar.com. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97291
