Toronto, Ontario – December 1, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Advance United Holdings Inc. (CSE: AUHI) (OTCQB: AUHIF) (FSE: 9I0) (the “Company” or “Advance United”) is pleased to announce overburden stripping and channel sampling completed at Buck Lake Property in the months of August 2022 and September 2022 in attempts to uncover mineralized zones which were prospected earlier in the year in June 2022 and July 2022 and to identify the cause of VLF EM anomalies detected during an earlier survey.
Total consideration consists of 4,168,056 Metalla shares at a deemed price of US$4.7984 per share based on a 25-day volume-weighted average price on the NYSE American Exchange having an aggregate value of approximately US$20.0 million. The consideration will be paid upon Closing of the Transaction.
A total of fourteen (14) areas were stripped of overburden and ten (10) areas were channel sampled (area “A” had two sections).
The areas stripped on the property were labeled alphabetically from South to North “A” to “M”. Four (4) areas “E1”, “H”, “J”, and “L” were stripped and washed but not sampled as no mineralized zones were uncovered in those areas. A total of eighty-nine (89) channel samples were obtained and submitted to Actlabs in Timmins for analyses.
Most areas stripped and sampled were found to contain massive bands of medium grained to coarse grained pyrite +/- pyrrhotite with varying amounts of chalcopyrite and sphalerite in a highly magnetic chloritic mafic host.
The bands of massive sulphide were up to 3 meters thick in Area “C”, see Figure #1 below. The one exception was the northern most stripped area “M” which contained massive fine-grained pyrite and pyrrhotite, and visible disseminated chalcopyrite in different areas of the outcrop in a more “random” distribution. This area “M” was found by the VLF survey undertaken in late July 2022 and is considered an extension of the main zone, approximately 400 m to the north of the main zone.
Stripped Areas at Buck Lake
The following figure shows the areas where stripping was completed and designation of the sampled areas.
A total of 194 m2 of ground was stripped and 85 meters of channel sampling was completed. Most of the channel-cut samples were 1.0 meters in length and averaged 5 to 6 cm in width and 10 cm in depth.
The following summary of the samples was obtained from each area.
- 13 samples Area “A” including 265 ppm Cu and 68 ppm Z
- 8 samples Area “B”
- 11 samples Area “C”
- 7 samples Area “D”
- 10 samples Area “E”
- 10 samples Area “F”
- 11 samples Area “G”
- 4 samples Area “I”
- 15 samples Area “M”
The assay results for the samples obtained are summarized below.
Mr. Jim Atkinson, P.Geo., CEO of Advance United commented, “We are very pleased with the results of the channel sampling program undertaken at Buck Lake and would like to acknowledge the great work by our contractor, Noront Group from Sault-Ste. Marie and our Field Staff Ian Cassidy, Wazir Khan, and Shaun Parent. The program has identified significant copper, lead, and zinc mineralization in the massive sulphide horizons on the property and very interesting gold and silver anomalies associated with some of the massive sulphide zones . I look forward to the results of the recently completed drilling program which was planned to test these sulphide horizons at depth.”
About Advance United Holdings
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 found 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.
James Atkinson, P. Geo., CEO
Email: [email protected]
Phone: (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 all historical information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by Noranda 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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