Advance Lithium (AALI.TSXV) (Advance) is pleased to announce that it has completed its review and compiled data from historical work done by previous operators and past work done by Wolfden Resources (WLF.TSXV) (Wolfden). Advance is in the final stages of seeking regulatory approval for the acquisition of 100% of Wolfden’s Bathurst Mining Camp Project.
Highlights of Bathurst Mining Camp Project;
● Prolific VMS mining camp is considered to be one of the top 3 worldwide.
● Advance’s land package of 170 square kilometers is one of the largest in the district held
by a junior explorer.
● The Project is located within the key rock packages that host many of the mines and VMS
occurrences in the district.
● Includes 7 known historical VMS deposits with some that remain open for expansion.
● The largest known VMS deposit on the Project is the Canoe Landing Lake deposit that
has a historic estimate* of over 20 million tonnes grading 0.64% Pb, 1.82% Zn, 0.56% Cu,
32.23 g/t Ag, and 1.17 g/t Au (see note below).
● Extensive soil sampling that shows distinct mineral trains, with up ice cut-offs, associated
nearby structures, pathfinder minerals as well as precious and base metals, that remain
open for exploration.
● Down ice from soil anomalies are several high-grade boulders that the bedrock sources
have yet to be found
Allan Barry Laboucan, President and CEO stated, “Our Bathurst Mining Camp Project gives us the opportunity to follow a well-established exploration model. By going into a historic mining camp that was tied up by Majors for many decades and now applying modern exploration techniques, we can see a huge possibility for discovery and resource development. The Bathurst district has been a prolific base metal and precious metal mining camp for many decades. Wolfden’s past work has not only documented the historic work but also recent exploration has identified new targets across the land package. Their work enables us to hit the ground running and prepare for upcoming drilling. It is rare that a junior explorer can hold a large land package in an important mining camp that is in a mining friendly jurisdiction such as New Brunswick. We are excited to have the opportunity to be part of this exceptional mining camp.”
Key Target Areas for Immediate Exploration
Advance has identified three high priority areas for immediate exploration work:
Northeast Claims. In the ground to the north and northeast there are a series of known historical VMS deposits, known VMS occurrences, high-grade boulders down ice from areas where extensive soil sampling has been done. The soil sampling grids show distinct mineral trains with coincident pathfinder minerals as well as base and precious metals with up ice cut-offs and key structures in close proximity.
California Lake Claims are in the central area of the project. These claims contain a cluster of epithermal veins drilled by Wolfden and previous operators that included a grade of 6988 g/t silver over 0.20 m. Twenty holes had intersections exceeding 400g/t silver, with thicknesses ranging from under 1m to over 3m. These vein structures remain open for expansion and numerous soil anomalies on the California Lake claims remain untested or unexplained that may be indicative of similar mineralized zones.
Canoe Landing Lake Deposit is located in the southern claims with a historical estimate* over 20 million tonnes grading 1.82%Zn, 0.64%Pb, 0.56%Cu, 32.2 g/tAg and 1.17 g/tAu (see note below). This deposit is believed to be debris flow from a VMS. There are geophysical anomalies and structures on the property that remain to be drilled.
The following map shows the extensive claims at the BMC project with the regional geology and known mineral deposits.
Figure 1: Advance’s Bathurst Camp Claim Package showing claim outlines, mineral showings, mineral deposits and historic mines
*NOTE: (Estimates shown for mineral deposits on Advance’s claims are historic in nature and are not compliant with NI 43-101 guidelines. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Advance is not treating the historical estimate as current mineral resources or mineral reserves. The estimates provide useful information regarding mineralized zone characteristics and on that basis are relevant to future evaluation).
The information in this news release has been reviewed and approved by Arthur Hamilton, P. Geo., geologist for Advance Lithium who is a Qualified Person under National Instrument 43-101.
About Advance Lithium Corp.
Advance Lithium is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, agricultural minerals and battery metals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017,
and the Venaditas project, also in Zacatecas state, in April, 2018. In March, 2021 Advance Gold acquired 13 salars in central Mexico containing potassium, boron and lithium, enabling it to move into agricultural minerals and the exciting lithium space. In June, 2022 Advance Lithium sold its 3% Royalty interest in strategic claims in the Liranda Corridor in Kenya, East Africa, where Shanta Gold Limited is upgrading their resource. The company received from the sale of the Kenya royalty to Orogen Royalties US$120,000 and the Sarape epithermal gold project in Mexico. In March, 2023 Advance Lithium entered into an agreement with Wolfden Resources to acquire a 100% interest in the BMC project.
For further information, please contact:
Allan Barry Laboucan President and CEO Phone 492-238-5282 (Direct-Mexico Cell)
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
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