Avante Mining Closes Option Agreement to Acquire Pipestone Awaruite Property

Rhea-AI Summary

Avante Mining Corp. (TSXV: AVA) (OTC Pink: ACPRF) (FSE: P210) has closed an option agreement with SSAF Collective to acquire a 100% interest in nine mineral licenses in Newfoundland. The company issued 500,000 common shares and paid $30,000 to the Optionors. The agreement requires cash payments of $380,000, issuing 4,000,000 shares, and incurring $1,500,000 in expenditures over four years. The Pipestone Project encompasses 161 claims covering 40.25 square kilometers of ground. Exploration work will begin this fall/winter. CEO Adrian Smith is optimistic about the potential of the Pipestone Project, citing the success of the Voisey's West project and the opportunity to explore for a bulk tonnage 'green' nickel deposit within the extensive Newfoundland ophiolitic rocks.

Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Avante Mining Corp. (TSXV: AVA) (OTC Pink: ACPRF) (FSE: P210) ("Avante" or the "Company"), a Canadian nickel-focused exploration company, is pleased to announce that it has closed the previously announced option agreement dated November 7, 2023 (the "Option Agreement") with SSAF Collective (the "Optionors") and issued 500,000 common shares ("Shares") at a deemed price of $0.07 per Share and paid $30,000 to the Optionors. The Shares are subject to a statutory hold period of 4 months and one day from issuance in accordance with Canadian securities laws that will expire on March 24, 2024.

Under the terms of the Option Agreement the Company has the right to acquire a 100% undivided legal and beneficial interest in nine (9) mineral licenses consisting of 161 mineral claims located in central Newfoundland (the "Pipestone Project" or the "Property") by making cash payments of $380,000, issuing an aggregate of 4,000,000 Shares and incurring $1,500,000 in expenditures over a period of four (4) years. The Pipestone Project consists of 161 claims encompassing 40.25 square kilometres of ground located in Newfoundland. Exploration work at the Property will start this fall/winter.

Adrian Smith CEO, comments, "We are excited to close this agreement and begin work on the Pipestone Project this year, which will increase our exposure to high quality nickel projects in Canada. Initial work at the Pipestone Project will continue to build on the Company's successful exploration in the area which includes the 2023 drilling program at the Voisey's West project where the Company expanded the area of known high-grade nickel mineralization to over 1km strike and drilling intersected 9 metres of 1.12% nickel with grades up to 2.84% Nickel and 3.28% NiEq. Further south, the Pipestone Project presents Avante with the opportunity to explore on a year-round basis targeting a bulk tonnage "green" nickel deposit within the extensive Newfoundland ophiolitic rocks. Awaruite nickel deposits have been legitimized with significant investments from major industry players in recent years and represent an attractive long-term supply of nickel for responsible miners to produce metals for the green energy transition without high environmental costs."

Disclosure

Adrian Smith, P.Geo., is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

About Avante Mining Corp.

Avante Mining Corp. (TSXV: AVA) (OTC Pink: ACPRF) (FSE: P210) is a mining exploration company focused on developing high-value geographically significant projects including the Voisey's West. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.

The Company's Voisey's West project is located in the same intrusive complex as the world class Voisey's Bay Nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13% nickel, 0.96% copper, 0.13% cobalt, and additional measured and indicated 10.3 million tonnes of 0.87% nickel, 0.65% copper, 0.04% cobalt. It represents one of the most competitive nickel operations globally.

The Pipestone Project represents one of the rare awaruite projects globally which are a focus in the development of large-scale bulk tonnage nickel targets that have low carbon emission profiles and are very attractive to steel produces looking to reduce their carbon output.

AVANTE MINING CORP.

For more information, please call Adrian Smith, CEO, at 1-778-331-3816, email info@avantemining.com, or visit www.avantemining.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188988

FAQ

What is the ticker symbol for Avante Mining Corp.?

Avante Mining Corp.'s ticker symbols are TSXV: AVA, OTC Pink: ACPRF, and FSE: P210.

What is the recently closed agreement with SSAF Collective about?

The recently closed agreement with SSAF Collective allows Avante Mining Corp. to acquire a 100% interest in nine mineral licenses in Newfoundland.

What are the terms of the option agreement?

The option agreement requires Avante Mining Corp. to make cash payments of $380,000, issue 4,000,000 shares, and incur $1,500,000 in expenditures over four years.

What is the Pipestone Project?

The Pipestone Project consists of 161 claims covering 40.25 square kilometers of ground located in Newfoundland.

When will the exploration work at the Pipestone Project begin?

Exploration work at the Pipestone Project will start this fall/winter.

Who is Adrian Smith?

Adrian Smith is the CEO of Avante Mining Corp. and a qualified person as defined by NI 43-101.

What are Adrian Smith's qualifications?

Adrian Smith is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.).