Advance United Holdings Completes Phase I Drill Program on Buck Lake Property
Toronto, Ontario–(Newsfile Corp. – November 7, 2022) – Advance United Holdings Inc. (CSE: AUHI) (OTCQB: AUHIF) (FSE: 9I0) (the “Company” or “Advance United”) is pleased to announce completion of the preliminary diamond drilling program at their Buck Lake Property in the Batchawana Greenstone Belt in northern Ontario.
The program comprised a total of 2,543 meters across 15 diamond drill holes. The program was focused on exploring the previously identified VLF-EM anomaly in the vicinity of the 1986 Noranda drill hole. The drill hole previously completed by Noranda had identified two zones of massive sulphide with visible copper and zinc mineralization, but no assays were reported.
The geology of the Buck Lake Property is prospective for Volcanic Massive Sulphide (VMS) type of mineralization which could be typified by large bodies such as the Horne Mine and Kid Creek Deposit or clusters of smaller bodies such as the Millenbach / Corbet area of NW Quebec.
A 3,000 meter long airborne EM anomaly had also been identified on the property by a previous company, and a soil sampling program in 2016 identified an area of anomalous copper and zinc in the northern part of the EM trace.
The Advance United team decided to focus a VLF-EM ground survey in this area and a strong NNW trending anomalous zone was identified.
The recent drilling was aimed at testing this anomaly.
The Figure 1 map above shows the trace of VLF-EM anomaly in the area of Noranda diamond drill hole (noted as Noranda DDH on the map and note this is where the drilling was concentrated.
A zone of anomalous response was traced for over 800 meters with two area of stronger response noted.
Stripping of the overburden and subsequent washing exposed the sulphide zone over a distance of 500 meters prior to drilling.
The recent drilling was focused in the areas of stronger VLF-EM response and intersected massive and semi massive sulphide mineralization consisting of pyrite, pyrrhotite chalcopyrite and sphalerite in a northwest trending zone over distance of at least 500 meters length.
The intersections of mineralization ranged from 0.5 meter to 14.5 meters in thickness, where drill length and true thickness has not been determined. The zone is open to the south.
A summary of the drilling and sulphide intersections encountered is shown below in Table 1.
|Buck Lake Drilling Details|
|Hole No.||Length (m)||Mineralization (m)|
“We are very pleased by the recent drilling at Buck Lake and look forward to receiving the assay results. Our field crews and drillers did excellent work on this project and the results will assist our efforts in other areas on our property which we have expanded to cover similar geology and mineralized showings. The property now totals over 3,900 hectares,” states Jim Atkinson, P.Geo., CEO.
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.
James Atkinson, P. Geo., CEO
Tel: (647) 278-7502
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.
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