Highlights
- Assessment of past work and government geological investigations indicates at least three (3) high potential zones which extend beyond the previously existing claims.
- Fifty-three (53) new and additional claims encompass these high potential zones and increase the Buck Lake Property to 4,100 acres in size.
- The new property area includes similar geological units to those seen on the original Buck Lake Property which typically fall into the category of Volcanic Massive Sulphides (VMS).
Toronto, Ontario--(Newsfile Corp. - October 21, 2021) - Advance United Holdings Inc. (CSE: AUHI) (FSE: 9I0) (the "Company" or "Advance United") is pleased to report that based on the results of known and potential geological extensions of favorable geology the Buck Lake Property has been expanded by the addition of fifty (53) additional claims.
The claims have been added in two general areas north and west of the existing property (Figure 1). These cover extensions of potential VMS structures identified in the assessment of past work in the area.
Figure 1: Location of Buck Lake extensions.
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An analysis of past work combined with government geological mapping indicated that there are additional areas hosting massive sulphide units similar to those found in the drilling on the Buck Lake Property. A Report by the Ontario Geological Survey (OGS) titled "Ontario Geological Survey Open File Report 6354 Report of Activities, 2018 Resident Geologist Program Timmins Regional Resident Geologist Report: Timmins and Sault Ste. Marie Districts Recommendations for Exploration VMS Targets in Lunkie Township and the Batchawana Greenstone Belt" indicated the potential of the areas acquired, and copper and zinc rich samples were collected by OGS staff from the area and referenced in the above report.
To the north of the Buck Lake Property, a series of trenches in the Private Lake North occurrence uncovered two zones which are described as containing massive sulphide beds with copper mineralization while an airborne Electromagnetic (EM) and magnetic survey to the west of Buck Lake identified a 2 km long anomaly that appears, from government mapping, to be comprised of massive sulphide in iron formation. Neither of these areas has reported copper or gold assays.
"We are excited by the potential of the extended Buck Lake property. Our work crews are currently completing the program at Buck Lake and will move to a program of geological mapping, prospecting, and sampling on the new claims. We are preparing our work program to include these new areas and will be completing follow-up work in 2022." Advance United CEO Jim Atkinson said. "This demonstrates the purpose and value behind our business model to re-work existing data in known areas that supports, documents the potential, and allows us to increase quantifiable resources and reserves using current standards and modern technology, thereby increasing the value of the property and overall value of our portfolio of properties."
About the Buck Lake Property
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 EM anomaly identified trending North-South across the property, appears to be associated with the contact between felsic and mafic volcanic units.
A previous drillhole conducted by Noranda Exploration in 1987 along the Electromagnetic (EM) anomaly 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.
The newly acquired claims contain similar geology and mineral occurrences which have not been systematically explored.
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. He did however supervise the soil and rock sampling program carried out on the property in 2017. 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 projects - with no intent to bring them back into production or to mine them ourselves. Our expertise is in identifying and acquiring undervalued properties with significant historical work, which were uneconomic at the time, but we believe have economic value at today's prices.
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.
Figure 1: Claims Added to Doyle Property
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Figure 1. New claims added to Doyle Property.
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Figure 4: VLF-EM Conductor Axes. The two general trends are noticeable. Also note that the main gold occurrences are related to VLF-EM anomalies.
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