Toronto, Ontario--(Newsfile Corp. - June 28, 2022) - Advance United Holdings Inc. (CSE: AUHI) (FSE: 9I0) (the "Company" or "Advance United") is pleased to report the summer work program on the Buck Lake Property in the Batchewana Greenstone Belt ("BGB") of Northern Ontario is underway.
Figure 1 Buck Lake Property Location
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The Buck Lake Property lies within the eastern part of the BGB of the Superior Province approximately two hours north-northeast by road from Sault Ste Marie and is comprised of 78 claims totaling approximately 1,715 hectares. The property covers three (3) known mineralized areas which have potential for Volcanic Massive Sulphide Deposits (VMS) - the Noranda, El Carmen, and Goulais River Zones (refer to Figure 2). Geological mapping and prospecting crews have been mobilized to the property to begin field work in the area referred to as the Noranda Zone. Numerous base metal occurrences are known in the BGB and the past producing Tribag Mine occurring 30 km to the southwest was a significant copper producer.
Figure 2 Buck Lake Property Location of Mineralized Zones
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The work program will focus initially on targets around the massive sulphide mineralization intersections identified in previous drilling in the Noranda Zone and the extended VLF-EM anomalies identified related to this mineralization. They will also be following up on anomalous copper in soil results obtained in the 2017 soil survey and rock samples which returned 0.3% copper.
Figure 3 EM map showing anomalies and location of Noranda Drill Hole where
initial prospecting and sampling will be completed.
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The ground VLF-EM survey completed on the property in 2021 identified strong conductors which have been interpreted to be related to major mineralized zones which traverse the property. An area in the central part of the property, the Noranda Zone, where drill intersections identified massive sulphide mineralization will be the focus of intense prospecting, sampling, and mapping.
History of the Buck Lake Property
Past work in the eastern part of the BGB has been limited in part due to poor access and mineral rights ownership of a large number of townships by Algoma Central Railway but there has been some work in the vicinity and on the property in the 1970s by companies such as Granges.
A modest exploration program on the Buck Lake Property was carried out by Noranda in the mid 1980's which resulted in the definition of a 3,000-meter-long airborne and ground geophysical electromagnetic ("EM") anomaly. Noranda followed up with a single drill hole which intersected two 4-meter-thick massive sulphide zones which reported copper and zinc mineralization, although no assays were reported.
In 2017 a reconnaissance soil survey was completed, and a 2,500-meter-long copper/zinc anomaly was identified overlying the area of the former drilling and extending to the south.
In 2021 a ground VLF-EM survey outlined the known EM anomaly in detail near the Noranda Drill hole and resulted in several key areas for follow-up.
Mineralization Discovered on the Buck Lake Property
Massive sulphide mineralization has been identified in past work by Noranda drilling and has been confirmed by recent ground VLF-EM and rock sampling which returned results up to 0.3% Copper from massive sulphide and exhalite samples.
Several sulphide-rich units occur near the transition between felsic volcanic and mafic volcanic units a classic location for VMS-type of deposits.
The three zones identified to date include 8 meters of massive sulphide mineralization in Noranda Drill hole (the Noranda Zone), pyrite, pyrrhotite and chalcopyrite in trenches (the Goulais River Zone) and pyrite and pyrrhotite with magnetite in trenches (the El Carmen Zone).
The geologic setting and mineralization can be compared to typical VMS deposits of the Kidd Creek and Horne areas.
About Advance United Holdings
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".
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, Granges, 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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