Advance United Holdings Signs Agreement and Initiates Due Diligence for the Potential Acquisition of Jumping Josephine Gold Property with Inferred Resource of 34,000 Ounces and Indicated Resource of 30,000 Ounces
Toronto, Ontario–(Newsfile Corp. – March 30, 2022) – Advance United Holdings Inc. (CSE: AUHI) (FSE: 9I0) (the “Company”, or “Advance United” or “AU”) is pleased to announce the signing of a confidentiality Letter of Intent and Preliminary Term Sheet Agreement with Orex Minerals Inc. (“Orex”) for the purpose performing due diligence for acquisition of the Jumping Josephine Property (the “Property”) in British Columbia, Canada.
Orex is the 100% owner of the Property, consisting of twenty-four (24) exploration claims totalling 28,8300 acres and stores a structurally controlled system hosting gold mineralization in the Blueberry-Paulson summit area in the West Kootenay region of south-eastern British Columbia, Canada (Figures 1).
Advance United is performing the necessary due diligence on the Project for the purpose of entering into a Definitive Agreement and transaction with Orex to acquire the Project, the form of which transaction will be subject to negotiation and agreement (the “Proposed Transaction”). All claims are in good standing until April 2025 and Advance United will not require a work commitment to maintain them.
The main Jumping Josephine deposit was discovered by prospecting by Kootenay Gold in the 1980s. Drilling was carried out on the property and resulted in a NI 43-101 Technical Report completed by APEX Geoscience in 2011 which defined an Inferred Resource of 363,000 tonnes at a grade of 2.95 g/t gold for 34,000 ounces and an Indicated Resource of 448,000 tonnes at a grade of 2.08 g/t gold for 30,000 ounces.
Subsequent work by the current owner including trenching and over 8,000 m of drilling on the main deposit and other areas of the property returned trench values including 7 metres at 80.18 g/t gold, 4 metres at 25.24g/t gold, and 8 metres at 7.38 g/t gold.
Gold mineralization at the main prospect is hosted within auriferous quartz veins comprising a quartz stockwork vein system within an apparent shear zone hosted by mid-Jurassic intrusive. Surface samples from the main showing have returned gold values up to 133.91g/t gold, and show a general Pb-Ag-Sb-As association and to a lesser extent Hg-Cd-Cu.
Elsewhere on the property, gold is similarly hosted within quartz veins and stockwork vein system hosted by intrusive rocks and/or older volcanic rocks. Veins are most often seen as laterally extensive, locally lensoid to tabular or sheeted bodies with minimal adjacent wall rock alteration. There is some evidence supporting Granville Mountain-type veins as en-echelon style extension veins associated with dextral faulting/shearing along north-south trending structures.
To view an enhanced version of Figure 1, please visit:
There is an extensive history of exploration and small-scale mining on and around what is now the Jumping Josephine Property. Most of the historical work was focussed on base and precious metal-bearing quartz veins within the Granville Mountain Camp in the southern part of the property, which saw small scale production of gold and silver, as well as some copper, lead, and zinc, from several workings up to 1940. These areas of mineralization are now found as Crown Grants.
To view an enhanced version of Figure 2, please visit:
The Jumping Josephine Property is in an area with several significant gold (and other metal) deposits that straddle the British Columbia – Washington border known as the “Boundary District.” The Boundary District is host to several different styles of gold mineralization that appear to be related to extensional volcanism and magmatism in the Eocene. Currently, the most advanced of the deposits in the district is the Buckhorn Mountain deposit (Kettle River Operations) owned and operated by Kinross Gold Corporation where gold production commenced in 2008.
To view an enhanced version of Figure 3, please visit:
About Advance United Holdings Inc.
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.
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”.
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 the historic information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by Orex, APEX Geoscience, 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.