Advanced Gold Exploration Inc. Acquires Additional Copper Exploration Claims at its Buck Lake Property
Advanced Gold Exploration has acquired 81 additional claims adjacent to its Buck Lake Property in Northern Ontario, expanding the project area by 1,800 hectares to a total of 6,150 hectares. The new claims show signs of altered volcanic rocks and areas of historical drilling with massive sulfide deposits. This acquisition follows a recent Ontario Government report highlighting the potential of these areas. The company plans to integrate these new claims into its ongoing exploration program, focusing on copper and zinc VMS deposits.
- Acquisition of 81 additional claims expands Buck Lake Property by 1,800 hectares, increasing the total area to 6,150 hectares.
- New claims show potential for significant copper and zinc VMS deposits, as indicated by historical drilling and geological surveys.
- Expansion aligns with increasing global demand for copper, particularly in EV development and greenhouse gas emission reduction.
- Integration of new claims could entail increased exploration costs.
- Potential financial strain from the expanded exploration program.
Toronto, Ontario--(Newsfile Corp. - July 11, 2024) - Advanced Gold Exploration Inc. (CSE: AUEX) ("AUEX" or the "Company") has issued the following press release in response to the worldwide interest in copper, a very important metal in EV development and Greenhouse Gas emission reduction. We believe the future of copper lies in projects in friendly jurisdictions - like Ontario and are continuing to develop and expand our very exciting copper project - Buck Lake Property ("Buck Lake" or the "Property"), see May 8, 2024 Press Release for further details.
Highlights:
- Acquired 81 Claims adjacent to Buck Lake Property.
- Approximately 1,800 Hectares (Ha) added to bring total area of Buck Lake to 6,150 Ha.
- New claims host indications of altered volcanic rocks and areas of past drilling where massive sulphides were encountered.
- Other similar areas with geologic potential are present on the newly acquired claims.
- Report by Sault Ste Marie OGS Resident Geologist Barun Maity credited with indicating the potential of the areas acquired in the new claims.
The Company is pleased to announce the addition of 81 Claim Units (approximately 1,800 Hectares or 2,600 Acres) to its Buck Lake Property in the Batchawana Greenstone Belt (BGB) of Northern Ontario. Buck Lake is a Copper/Zinc Volcanic Massive Sulfide (VMS) - Type of Deposit similar to others in the Abitibi-Wawa Greenstone Belt.
The acquisition is in response to a recent Ontario Government report which highlighted the potential of the areas. The report by Sault Ste Marie Resident Geologist Barun Maity titled "Mineral Prospectivity Mapping in the Batchawana Greenstone belt" is in the volume "Recommendations for Exploration 2023-2024" - Reference (Dorland, G and Dorado-Troughton, M 2024. Resident Geologist Program Site Visits in Ontario Geological Survey, Resident Geologist Program, Recommendations for Exploration 2023-24). The study outlined several areas of highly altered volcanic rocks in the vicinity of the Buck Lake Property. Comparing the alteration patterns in the area where AUEX has discovered known VMS-type mineralization to the alteration patterns outlined by the OGS study pointed to other areas of potential.
The additional claims bring the area of opportunity on the Property to over 6,150 Hectares (15,000 Acres) and expands the potential of the Property.
Mr. Jim Atkinson, CEO of AUEX commented "We are grateful for the effort by Barun, using the publicly available OGS Database of rock samples (MRD 250 Haus and Pauk 2010) to evaluate the lithogeochemical characteristics of samples collected by OGS geologists in the Buck Lake area. The work by Barun pointed to several areas of anomalous values and shows the critical part that the OGS Resident Program can play in mineral exploration in Ontario. As part of our focus on VMS Deposits of copper and zinc at Buck Lake we quickly staked the areas indicated as having potential. We are excited about the new areas and the Buck Lake project overall and will expand our upcoming exploration program to include these new claims. We intend to further the identification of altered volcanic rocks using similar lithogeochemical and statistical methodology".
ABOUT BUCK LAKE
The Property is located approximately 62 linear km northeast of Sault Ste. Marie in the Province of Ontario in within the Batchawana Greenstone Belt ("BGB") that comprises a small portion of the Wawa-Abitibi Subprovince. The Property now consists of a total of 260 single-cell mining claims that covers 6,150 hectares located in Lunkie and Gapp Townships.
The BGB is an arcuate-shaped, expansive belt located in the southern-central part of the Wawa-Abitibi Subprovince on the eastern shore of Lake Superior. The BGB is an Archean-aged greenstone belt consisting of a thick succession of supracrustal rocks. The property is situated in the Batchawana Volcanic Domain which hosts prospective sequences of felsic and mafic volcanics with sulphide mineralization.
The Property contains at least 8 areas of VMS potential based on the presence of Base Metal Mineralization identified in historical or recent activities. Including areas of copper and zinc mineralization.
An extensive stripping and channel sampling program over one of the zones in (the Noranda Trend) on the Buck Lake Property in 2022 identified several mineral horizons and provided invaluable clues to the geological environment of Cu-Zn mineralization. Highlights of the channel sampling include
These programs were followed-up by diamond drilling in 2022 consisting of 15 diamond drill holes totaling 2,545 m. The objective of the drilling was to test sulphide mineralization documented on surface at depth and along strike of the Noranda trend. The VLF anomalies outlined along the Noranda trend in 2022 were also tested.
Highlights of the drill program include
The success of this program prompted the expansion of the property to cover known airborne anomalies and other areas of past drilling which had identified base metal mineralization.
Mr. Jim Atkinson CEO of AUEX notes that "The Author of the 43-101 Technical Report has reviewed the available information on the property and has stated in the Report 'that the following salient features of the Buck Lake Property makes this a property of high merit for VMS-type Cu-Zn deposits:
- A greenstone belt hosting supracrustal Archean-aged rocks within the metal endowed Wawa-Abitibi Subprovince.
- A geological environment consistent with other VMS deposits of the Wawa-Abitibi Subprovince which includes felsic to intermediate volcanics, dacitic flows, tuffs and breccias and sediments in an extensional arc environment.
- Confirmed Cu-Zn bearing massive sulphide mineralization in surface channel sampling and diamond drilling.
- Cu-Zn bearing +/- massive pyrite-pyrrhotite mineralization stratigraphically proximal to cherty exhalative horizons.
- Limited modern-day VMS-deposit model exploration.
This is very positive for the project. The author goes on to say. "It is of the Author's opinion that the Property be continued to be explored for VMS-type massive sulphide deposits as indications are favorable for success."
QUALIFIED PERSON
James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined in NI 43-101, has reviewed and approved the geological information reported in this news release. The Qualified Person supervised the work completed by AUEX but 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 others. The Qualified Person assumes that past 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.
ABOUT ADVANCED GOLD EXPLORATION INC.
Advanced Gold Exploration (Formerly Advance United Holdings Inc.) is a Canadian mineral exploration company. We've acquired a portfolio of undervalued gold and copper properties and are increasing their value through the application of modern technology, new ideas and systematic exploration. We have a growing pipeline of similar properties that we are looking to acquire. 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. We believe we can enhance their economic value at today's prices. We fund the 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 reduce exploration risk, so that we can all advance in the shortest possible time frame.
For additional information about us, our projects, or to find out how we can assist in the advancement of your project contact our CEO.
Contact Information
James Atkinson, M.Sc., P. Geo.,
CEO Advanced Gold Exploration Inc.
Email: jim@advancedgoldexploration.com
Tel: (647) 278-7502
Forward-Looking Information and Cautionary Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216274
FAQ
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