Highlights
- 2022 work program identifies half kilometer mineralized Volcanic Massive Sulfide (VMS) zone anomaly with assay results testing up to 4.89% copper including other critical metal assets.
- 10 of 15 drill hole results currently reported including drill hole BL-22-06, intersecting 4.59% copper, high grade copper over 3.2 meters in a 11.75 meter zone averaging 1.51% copper and containing notable zinc, gold, and silver values.
- Additional assay results from the 5 remaining drill holes are expected to be reported by the Company in Q1 2023.
Toronto, Ontario--(Newsfile Corp. - December 21, 2022) - Advance United Holdings Inc. (CSE: AUHI) (OTCQB: AUHIF) (FSE: 9I0) (the "Company" or "Advance United") is pleased to announce the receipt of assay results for 10 of 15 diamond drill holes completed on the Buck Lake Property in Sault-Ste Marie, Ontario with additional results expected to be reported in early 2023.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8072/148871_81622673a47088fd_001full.jpg
A total of 688 samples were analyzed from 10 drill holes and tested with the Actlabs facility in Timmins, Canada. The sampling was completed in accordance with their comprehensive Quality Assurance and Quality Control (QA/QC) program including the OREAS standards, blanks, duplicate core and pulp samples.
Drilling followed a successful summer work program which previously reported channel samples (see Company reports and Press Release Dated December 1, 2022) identifying 4.93% zinc, 0.33 g/t gold, and 1.58% copper.
"We are thrilled with the results from the operations team this year and the drill assay results thus far," states Mr. Jim Atkinson, P.Geo., CEO of Advance United. "We appreciate the importance that these critical metals play in today's commodity markets. And frankly this underscores our company's development approach - capturing the value of critical materials and play an important role in making them available at a reasonable cost. They are essential for economic and national security and literally fuel the renewable energy sector and the electrification of transportation. Our important role as a modern developer providing producers and the mining industry these opportunities is very fulfilling and exciting for our team and shareholders."
The VMS zones at Buck Lake were stripped of overburden to expose bedrock and identified 10 areas with significant potential. A total of 89 samples, over a total length of 85 meters, identified several high priority targets including area "M" which showed highly anomalous gold up to 0.33 g/t along with copper anomalies averaging 1.58% - a high grade potential.
The drilling traced a 500-meter VMS mineralized zone, which not only possibly remains open on strike but remains untested beyond the 140 meter drilling depth.
The drilling intersected massive and semi-massive sulphide mineralization which the Company believes corresponds to the source of the VLF EM anomalies outlined by the previous surface work. Figure 1 below shows the relationship of the mineralization intersected in the drilling to the main VLF EM anomaly.
The sulphide zone is open to the north and south and the Company intends to make the subject of follow-up with further geophysics. As no cut lines are required, VLF EM is an economical and environmentally responsible method to trace the mineralized horizon and it is planned to extend the survey to the north and south from the known mineralization.
Geological Prominence
The drilling encountered mixed volcanic units consisting of felsic and mafic volcanics with tuffaceous and agglomerate textures enclosing the massive to semi-massive sulfides which are dominantly pyrite and pyrrhotite with varying amounts of chalcopyrite and sphalerite and rarely galena. The sulphide zones are often enclosed in silicious material and exhalite and are often accompanied by chloritic alteration.
The environment is typical of VMS-type deposits such as Kidd Creek in Timmins and Horne in Noranda. Notably, VMS deposits occur in clusters as can be seen in Mattagami and in NW Quebec (Millenbach, Ansil, Corbet etc.)
Figure 2 Location of Drill Holes
Note: The sulphide intersections are presented in red and the various VLF EM anomalies are colored in yellow, orange, red and blue. The main mineralized zone is in Red.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8072/148871_81622673a47088fd_002full.jpg
Copper and/or zinc mineralization was intersected in 8 of the 10 holes for which assays have been obtained generally in zones of 3 to 4 meters.
The highest copper value returned in the present drilling program was in drill hole BL-22-06 which returned a value of 4.59 % Cu over 3.2 m in a larger zone of 11.75 m of 1.51% Cu.
Figure 3
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8072/148871_81622673a47088fd_003full.jpg
In this photo we see a typical intersection of massive and semi-massive mineralization consisting of pyrite and pyrrhotite with chalcopyrite in a silicious and chlorite altered matrix which may be exhalite. Drill hole BL-22-04. Assays in this section returned 0.17% cu over 2.8m.
The full assay results are included below:
| Hole Number | ||||||
| BL-22-01 | From (m) | To (m) | Length (m) | Copper % | Zinc % | Notes |
| 57.35 | 59.25 | 1.90 | 0.80 | including 0.3 m 48 g/t Ag | ||
| 64.30 | 66.15 | 1.85 | 0.12 | |||
| 92.50 | 95.50 | 3.00 | 0.12 | Zone of 10.25 meters with anomalous copper | ||
| 96.58 | 98.05 | 1.47 | 0.12 | |||
| 107.10 | 107.85 | 0.75 | 0.10 | |||
| 141.45 | 145.45 | 4.00 | 0.40 | |||
| BL-22-02 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 75.30 | 78.60 | 3.30 | 0.08 | |||
| 76.30 | 76.95 | 0.65 | 0.58 | |||
| BL-22-03 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 67.80 | 70.20 | 2.40 | 0.36 | |||
| BL-22-04 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 93.55 | 96.37 | 2.82 | 0.17 | |||
| 94.75 | 96.88 | 2.13 | 0.11 | zinc occurs at top of zone - typical for VMS | ||
| 138.00 | 144.00 | 6.00 | 0.11 | |||
| 152.75 | 155.05 | 2.30 | 0.32 | |||
| BL-22-05 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 75.65 | 78.70 | 3.05 | 0.23 | |||
| 113.53 | 115.53 | 2.00 | 0.10 | |||
| | 201.35 | 203.55 | 2.20 | 0.06 | ||
| BL-22-06 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 35.35 | 47.10 | 11.75 | 1.51 | Zone of 1.51 % Cu over 11.75 m | ||
| Including | 42.35 | 45.45 | 3.10 | 4.59 | Includes 1.21 g/t Au and 56.8 g/t Ag | |
| BL-22-07 | From (m) | To (m) | Length (m) | Copper % | Zinc % | |
| 75.40 | 79.65 | 4.25 | 0.16 | |||
| 86.40 | 88.05 | 1.65 | 0.14 | |||
| 99.00 | 100.00 | 1.00 | 0.70 | |||
| BL-22-08 | Anomalous Cu | |||||
| From (m) | To (m) | Length (m) | Copper % | Zinc % | ||
| BL-22-09 | 23.00 | 25.90 | 2.90 | 0.20 | ||
| 33.80 | 38.15 | 4.35 | 0.05 | |||
| 61.30 | 63.00 | 1.70 | 0.27 | |||
| BL-22-10 | Anomalous Cu | |||||
About Advance United Holdings
Advance United brings an entirely different approach to the mining industry. We don't mine. Rather, we've acquired a portfolio of undervalued gold properties and are increasing their value through the application of modern technology. We have a growing pipeline of similar properties that we are looking to acquire. And now we've launched the Au Marketplace. A first of its kind digital platform that connects owners of mineral commodities and deposits with developers and producers.
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 list your project in the Au Marketplace, visit www.advanceunited.ca.
Contact Information
James Atkinson, P. Geo., CEO
Email: jim.atkinson@advanceunited.ca
Tel: (647) 278-7502
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 all historic information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by Noranda and others. 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 Property but may not be representative of expected results.
Forward-Looking Information and Cautionary Statements
This news release may contain "forward-looking information" within the meaning of applicable securities laws relating to the trading of the Company's securities 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/148871
