Edge Exploration Inc. is proudly a joint venture partner with mineral exploration company, AFR NuVenture Resources Inc.. We thought we would share a bit about their cool company and their work with Edge Exploration.
AFR NuVenture is funding exploration programs to investigate known (and inferred) bedrock mineralization containing gold, silver, base metals, tungsten, molybdenum, rare earths, and other traditionally sought elements and green revolution elements. The Properties comprise the following New Brunswick (Edge) mineral claims:
- Claim 9387 Dam Lake encompassing 2,479.5 hectares (“ha”),
- Claim 9590 Wellington Lake (1,386.0 ha),
- Claim 9591 Linton Stream (841.2 ha),
- Claim 9204 Fredericksburg (1,071.1 ha), and
- Claim 8300 Little Mactaquac Stream (3,499.3 ha), for a total of 9,277.1 ha and such other claim held or acquired by purchase or option by either party or non-arms-length parties, or within 5 km of the respective boundaries of the Properties which shall form part of the Properties.
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 Resources Inc., formerly named African Metals Corporation, (“AFR”) was incorporated in British Columbia, Canada, in May 1980, with its focus on the African nation of the Democratic Republic of Congo. However, after the sudden resignation of officers and directors in June 2016, Simeon Tshisangama was left as the only remaining director of the company. In July 2016, John F. O’Donnell and David V. Mason were appointed to fill the board vacancies to comply with legal and stock exchange requirements, and Simeon Tshisangama was appointed as CEO.
After this time, the new officers and directors learned of the dire financial situation of AFR. As a consequence of AFR’s insolvent condition, AFR was unable to meet its continuous disclosure requirements and became the subject of a cease trading order (“CTO”) issued by the British Columbia Securities Commission (“BCSC”). It was also transferred to the NEX board of the TSX Venture Exchange (TSXV), and was subsequently suspended from trading.
AFR’s new leadership resolved the insolvency through the sale of its DRC assets and settling its liabilities, leaving AFR with cash reserves. As a result of these efforts, AFR was returned to financial and corporate health and good standing. Consequently, the CTO was lifted, trading on the TSXV was reinstated, and the TSXV accepted for filing the underlying agreements whereby AFR acquired the option right to acquire an interest in the SBSL mineral exploration project in Montana, U.S.A., and subsequently acquired interest in an emerging gold camp in New Brunswick, Canada. Particulars of the projects can be found elsewhere on this website under the Project section.
John F. O’Donnell has been appointed as Chairman, President and CEO of AFR, and A. Douglas Hunter has been appointed as a director to add professional geological expertise to the Board of Directors.
In November 2021, AFR changed its name to AFR NuVenture Resources Inc. to reflect the new focus of the company.
AFR continues to examine other opportunities.
About New Brunswick Project
Edge has discovered highly anomalous gold and silver in till in an area that is a mirror image geologically to the setting at Clarence Stream where Galway Metals is conducting a major program of diamond drilling. The claims in Edge’s Utopia Project (the “Utopia Claims”) are Dam Lake (#9387), Wellington Lake (#9590) and (Linton Stream (#9591).
At Utopia, highly anomalous gold values in till, up to 4.8 g/t and silver up to 249 g/t in one hole and 1.8 g/t gold in another hole 440 meters along strike, were discovered as a result of an overburden drilling program conducted by Edge in an area extensively covered by glacial deposits, both outwash and 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 Galway Metals. Initial exploration plans include drill testing at least two Edge properties; the Utopia Dam Lake claim, and 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 of Edge show the presence of anomalous gold.
“We are excited by our prospects of working with Edge Exploration. Edge’s work over the last few years has resulted in compelling discoveries of gold prospects in a new, emerging gold mining area. I regard New Brunswick to be one of the best mining jurisdictions for exploration and mining in Canada, perhaps, at this moment, the world. This view, at least for Canada, seems to be shared by other companies, such as Galway Metals and Brunswick Exploration, both of which, have large property holdings and ongoing aggressive gold and polymetallic exploration programs”.Company Director, Douglas Hunter, P.Geo
• A new gold discovery was made here in 2019 in an area where there had been no historic gold occurrences or exploratory drilling.
• Anomalous gold in till up to 5 g/t occurs along a 1 km sampling strike length.
• Geologically, the setting is the mirror image of that of the Galway Metals Clarence Stream gold deposits
• Glacial overburden in places up to 15 meters thick has made prospecting for gold a challenge in the past but has been overcome
• An analysis of available airborne geophysics remote sensing lead to the selection of this property
• Highly anomalous gold in till in several overburden drill holes here points to a close bedrock source of the gold.
• To test for gold in bedrock, a program of diamond drilling will be required to locate the source.
• The project initiated by Edge Exploration began with a new discovery of gold in Little Mactaquac Stream in 2017
• Historically, Clarence Stream was a prospecting discovery lead by anomalous gold in till samples resulting from a regional government sampling program.
• Anomalous gold in soils was known from this project by the work of a major company in the 1980s.
• Exploration at Mactaquac has to date involved a traditional soil sampling program as well as the Mobile
Metal Ion (MMI) technique.
• To date a small program of trenching to expose bedrock was completed.
• Historically anomalous gold and antimony from previous soil sampling done on the claim.
• Recent work included collecting 108 surface samples for MMI geochemical analysis.
• A portion pf the property was covered by an airborne drone magnetic survey.
• Fill in sampling over historic soil sampling anomalies in gold and antimony.
• Possible trenching over anomalous areas where overburden is not too deep.
Terms of Edge Exploration Agreement (New Brunswick)
The Company has an Option to earn initially a 50% interest in the Properties by spending $1,800,000 on exploration expenditures on any of the Edge Exploration properties, making cash payments of $264,000, and making share payments of 300,000 common shares of the Company by February 28, 2025. If the Company earns a 50% interest in the Properties, it shall have the option to earn an additional 25% interest (for a total of 75%) by making additional expenditures of $4,000,000 and paying to Edge an additional 2,000,000 shares of AFR by February 28, 2027.
If the Company earns a 75% interest in the properties, it shall have the option to earn an additional 25% interest (for a total of 100%) by making all additional expenditures required to produce a feasibility study and paying to Edge an additional 2,000,000 common shares of the Company.
Edge will retain a 2% NSR in the Properties (the “Edge Royalty”). If the Company, at its option, earns either a 50% or 75% interest in the Properties, resulting in a joint venture between the parties, and if thereafter either party fails to contribute its share of future expenditures, a standard non-contributor dilution will reduce such party’s interest to a 2% NSR once the minority party falls below a 10% interest (the “Non-
contributor’s Royalty”). One half, of either the Edge Royalty or the Non-Contributor’s Royalty (1% NSR) may be purchased for $1,000,000 at any time by the other party.
John F. O’Donnell, Chairman and C.E.O. stated: “I am very excited and pleased that this opportunity has come to us, and I am looking forward to our team working with Dallas Davis and his professional team at Edge to develop this outstanding prospect”.
New Brunswick Results
On July 19, 2022 – AFR NuVenture Resources Inc. provided 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. 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.