TORONTO, Ontario | AFR NuVenture Resources Inc. (the “Company”) [TSXV:AFR] is pleased to provide a preliminary update on the ongoing diamond drilling program on its Utopia (Dam Lake) gold property in southwestern New Brunswick.
A program of approximately 600 meters over several holes is testing a gold in overburden anomaly, which is defined over a 1 km strike length in an area previously surveyed by 34 overburden drill holes. The assay results from the previous overburden holes had values ranging up to 1.8 and 5.5 g/t in basal till.
The significance of these results is that gold in till and soil have largely guided the discovery of gold and the exploration success of neighboring Galway Metals Inc. (TSXV: GWM, OTCQB: GAYMF). The subject area is a mirror image geologically to the setting at Clarence Stream where Galway Metals is conducting a major program of diamond drilling. The current updated resource by Galway Metals is now stated at more than 2 million ounces gold.
There is little to no bedrock exposed at surface in the area of the drilling. The holes are being targeted on interpreted lithologies and structures known from regional geological mapping and historic airborne geophysics. There is no record of previous core drilling for the site.
A number of sections from three current holes are being logged and prepared for sampling. Analytical results are expected later in August.
Initial exploration plans also include drill testing the Mactaquac property where placer gold was discovered in a stream in 2017. Noranda reported up to 405 ppb gold in soils near the Mactaquac location and subsequent MMI and standard soil survey results show the presence of anomalous gold.
The Company wishes to acknowledge and thank the government of New Brunswick for their assistance with these exploration programs. They have awarded the Company and its joint venture partner grants totaling $35,000 under the New Brunswick Junior Mining Assistance Program.
About AFR NuVenture
AFR NuVenture Resources is a Canadian mineral exploration company, listed on the TSX Venture Exchange (TSXV) under the symbol AFR. AFR NuVenture is determined to create a world class mineral exploration company which fosters respect for the environment and surrounding communities through sustainable development, with full transparency, integrity, and good faith.
With extensive experience in the mineral exploration industry, and as a part of our strong dedication to our shareholders, we seek exceptional projects to explore and develop in favourable mineral jurisdictions which have stable political environments and modern, predictable mining legislation.
AFR NuVenture New Brunswick Team
- The New Brunswick gold project is our first Canadian venture and is being overseen by Douglas Hunter, our professional geologist, who is our qualified person within the meaning of NI 43-101.
- Our option and Joint Venture partner, Edge Exploration, and its key personnel are local, established professionals and are managing our operations from our field office near Fredericton, New Brunswick.
Why New Brunswick
- One of Canada’s best mining jurisdictions
- New discovery potential lead by Galway Metals
- Excellent infrastructure near a major centre, Fredericton, the provincial capital city
- Option and Joint Venture Partner company Edge Exploration was founded there and its principals are local and highly experienced
Key Gold Properties in New Brunswick
Historic Mineral Deposits
- This part of the province is an emerging gold mining district in a metallogenic province long known for other metals; namely, antimony, bismuth, molybdenum, tin, tungsten and zinc.
- Gold was first discovered in float by a local prospector in 1998 at a place called Clarence Stream.
- A gold resource here was stated at 390,000 ounces by Galway Metals in 2017.
- The current updated resource by Galway Metals is now stated at more than 2 million ounces gold.
Plan of Exploration
- The identification of highly anomalous gold and silver in till at Utopia has resulted in a high priority exploration target.
- To identify the sources of the gold in bedrock a program of core drilling is planned. This will involve a number of angle holes, which will test structures and lithologies using available geophysical and remote sensing signatures.
- The Mactaquac property where a new gold discovery was made in 2017 is a high priority target.
- Anomalous gold is known here from historic soil geochemical anomalies and also from recent follow-up prospecting and soil sampling.
- Trenching and core drilling for this property are both being considered depending the depth of overburden.
These three combined claim blocks encompass 10,000 ha (25,000 acres).
Find out more about AFR and Edge Exploration at http://edgexploration.com/edge-news-2/
John F. O’Donnell, Chairman and CEO
Douglas Hunter, P.Geo., is the Qualified Person responsible for the technical information contained in this press release.
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.
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding an outlook.
Such statements include, among others, those concerning, the Company’s exploration and reporting plans as well as the anticipated date of receipt of assay results and receipt of funds from the New Brunswick government. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect.
Assumptions have been made regarding, among other things, management’s expectations regarding its ability to initiate and complete future exploration work as expected and acquire and finance other projects.
Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company’s future exploration work, technical, safety or regulatory issues, social and market conditions related to the COVID-19 global pandemic; the worldwide economic and social impact of COVID-19; the duration and extent of COVID-19; changes in general economic conditions; the imposition of government restrictions on business related to COVID-19, any positive cases of COVID-19 at a project site or in the area which may cause a reduction or suspension in operations and activities which may ultimately affect and delay the exploration timeline, and the new potentially worldwide geopolitical and economic uncertainties resulting from the current widely followed crisis in Ukraine.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.