Advance United Holdings Inc. Acquires Melba Gold Mine, a Past Producing Gold Property In the Abitibi Greenstone Belt near Kirkland Lake, Ontario, Canada
Toronto, July 26, 2022 - Advance United Holdings Inc. (CSE: AUHI) (FSE: 9I0) (the "Company" or "Advance United") is pleased to announce the acquisition of two adjacent gold properties in the Township of Melba, in the Kirkland Lake Ontario area in the Abitibi Greenstone Belt of Kirkland Lake, Ontario, Canada.
Figure 1: Property map of Melba claims with gold showings
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8072/131833_f2c89004d43ff84c_001full.jpg.
The Melba Mine includes historic reports indicating that there are gold resources of approximately 11,800 oz of gold underground and the former ore dump remains on surface, as no ore was processed or removed from the site.
Gold was first discovered on the property in 1934 and the Melba Mine began development in 1936 but was shut down shortly thereafter with the declaration of World War II. On June 1st, 2020, the claim lease patents were published for public staking as no work or lease payments were current and included the mine workings which are in good standing until 2036.
In 1936 Melba Gold Mines Limited began production and completed a 246 feet inclined shaft and 900 feet of lateral drift work. Over the years, from 1939 to 1988, numerous companies worked the property mapping and grab / bulk sampling and performing ground and airborne geophysics. The property also experienced significant drilling and a compilation of this work indicates significant gold mineralization remains in the old workings.
To date four gold-bearing quartz-calcite veins have been identified and trenched on the property. These include the Rolling Vein, Mike Vein, Blue Vein, and the Contact Vein.
The mineralization at the Melba property is open on strike and to depth, and there are excellent historic work records for additional compilation. The Blue Vein appears to be the most important and the historic underground work was apparently concentrated on this vein.
Twenty (20) diamond drill holes intersected the Blue Vein with visible gold reported in ten (10) of the first eighteen (18) holes. Diamond drillhole No. 18 intersected a second vein north of the Blue Vein that ran 0.293 oz/t (9.7 g/t Au over 0.5 meter). In underground work on the blue Vein, 200 ft (60 m). was reported to have 0.371 oz/t gold over 3 feet (12.7 g/t over 1 meter). The face sampling ran up to 0.385 oz/t gold over 40 inches for 169 ft (13.2 g/t over 1.1 m for 51.1m). Historic sampling (by Teck-Hughes Mines Limited) returned an assay of 0.327 oz/t Au over 4.5 ft (11.2 g/t over 1.4 m) and a bulk sample returned 0.210 oz/t Au over 4.5 ft (7.2 g/t over 1.4m).
Further sampling of drill holes (by Pitchvein Mines Limited) returned values ranging up to 3.5 ounces (120 g/t) over narrow width. Samples from the underground workings returned assays as high as 3.7 ounces per ton (128 g/t). Silver values in DDH S 62-1 returned values up to 0.22 oz/t Ag. Assays returned from the Blue Vein values as high as 0.471 oz/t Au over 3.2 ft. for 170 ft (15.3 g/t over 1.1m for a length of 52 m). The Breccia Vein returned 0.658 oz/t Au over 3.1 ft (22.6 g/t over 1.1 m). Gold values from the 1960 drilling by Pitch Vein Mines Ltd. returned values up to 1.11 oz/t Au over 2.4 ft (37.7 over 0.7 m).; most of the drill holes returned visible gold.
The Ministry of Northern Development and Mines report (ARIS No.42A08SE2005 Gleeson-Ross Mine) indicates that the Melba mine site is similar to the geological signature of the Ross Mine, which is located along the same structure to the NW on strike, in Holtyre, and the Ross Mine ore reserves were estimated at 628,155 tons averaging 5.88 g/ton (1934) and 518,000 tons averaging 4.64 g/ton (1975) according to Mindat.
Jim Atkinson CEO of Advance United states, "The Melba project represents an excellent example of the application of our strategy. This is a former producing gold mine with historical resources and a large amount of data where we believe modern technological advances can be applied to enhance the resource. It is situated in the highly productive and prospective Abitibi Greenstone Belt of Ontario which has produced over 70 million ounces of gold and is on strike from the former producing Ross Mine and the currently producing Black Fox Mine. We are preparing for a field program with will begin immediately to include prospecting, geological mapping, and VLF-EM followed by drilling."
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 Melba Property, particularly with regards to historical sampling, drill results, and technical work provided by Melba Gold Mines Limited, Tech-Hughes Gold Mines Ltd., Pitchvein Mines Limited, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131833
