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Vancouver, British Columbia – July 6, 2023 – Avante Mining Corp. (TSXV: AVA) (“Avante” or the “Company”), is pleased to report results from its sampling program of historical core from the TL Nickel Project (the “Property“) located 50km northwest of the Voisey’s Bay Nickel mine, in Newfoundland and Labrador (see press release dated May 31, 2023). The sample results included high grade values up to 1.85% Nickel (Ni) over 0.9 metres from one of the high-grade intervals with a weighted average of 1.28% Ni over 4.4 metres.
Sampling targeted 1995 and 1996 drilling with the assistance of the Provincial geologist. Avante staff laid out the historic diamond drill holes and compared the original drill logs to the core. Where a minimum of half-core existed, samples were collected through mineralized zones including shoulder samples into the regional sedimentary and mafic gneisses that host the mineralized mafic intrusive zones. Mineralization consisted of disseminated and localized clots of pyrrhotite-chalcopyrite-pentlandite hosted in fine to medium grained gabbroic dykes.
The Company has now verified the grades from these reports and has confidence that the work was done to a high standard adding a more complete image of the different zones of mineralization on the project. The PGE+Au grades are consistent with 2008 drilling conducted by Nortec Ventures Corp in the Long Pond and All-About-It zones which show up to 1.02% Ni, 0.51% Cu, 0.03% Co, and 0.35 g/t PGE+Au over 14 metres (see press release dated May 31, 2023). Strengthened confidence in historic assays highlights approximately 1km of explored strike length of a 2.5km long section of geophysical anomaly located within the Avante claim block including internal pockets of untested ground.
Table 1: New assay results from historic core which confirm high grades of Nickel and Copper.
| Hole | From (m) | to (m) | Int (m) | Au (ppb) | Pt (ppb) | Pd (ppb) | Co % | Cu % | Ni % | |
| C1-2 | 20.0 | 24.0 | 4.0 | 75 | 55 | 141 | 0.02 | 0.44 | 0.66 | |
| C1-2 | incl. | 20.0 | 21.0 | 1.0 | 51 | 102 | 152 | 0.02 | 1.20 | 0.71 |
| C1-2 | and incl. | 22.0 | 23.0 | 1.0 | 136 | 9 | 262 | 0.03 | 0.29 | 1.09 |
| C1-4 | 10.0 | 16.0 | 6.0 | 30 | 24 | 82 | 0.01 | 0.19 | 0.40 | |
| C1-4 | incl. | 12.0 | 14.0 | 2.0 | 40 | 7 | 153 | 0.02 | 0.18 | 0.64 |
| C1-4 | and incl. | 12.0 | 13.0 | 1.0 | 36 | 12 | 184 | 0.02 | 0.24 | 0.77 |
| C1-4 | 34.0 | 40.0 | 6.0 | 67 | 93 | 109 | 0.01 | 0.12 | 0.45 | |
| C1-4 | incl. | 35.0 | 39.0 | 4.0 | 82 | 122 | 127 | 0.02 | 0.14 | 0.51 |
| C1-4 | and incl. | 35.0 | 36.0 | 1.0 | 107 | 95 | 152 | 0.02 | 0.18 | 0.61 |
| C3-2 | 15.5 | 22.0 | 6.5 | 61 | 154 | 190 | 0.03 | 0.27 | 1.02 | |
| C3-2 | incl. | 16.5 | 21.4 | 4.9 | 68 | 63 | 218 | 0.03 | 0.33 | 1.22 |
| C3-2 | and incl. | 16.5 | 20.9 | 4.4 | 42 | 18 | 228 | 0.04 | 0.16 | 1.28 |
| C3-2 | and incl. | 16.5 | 17.4 | 0.9 | 39 | 2 | 374 | 0.05 | 0.25 | 1.85 |
| C3-2 | and incl. | 18.0 | 19.0 | 1.0 | 30 | 10 | 223 | 0.04 | 0.14 | 1.48 |
| C3-2 | and incl. | 19.9 | 20.9 | 1.0 | 29 | 19 | 259 | 0.04 | 0.13 | 1.43 |
| C3-2 | incl. | 21.4 | 22.0 | 0.6 | 27 | 1059 | 39 | 0.01 | 0.05 | 0.22 |
| C3-2 | 35.0 | 37.0 | 2.0 | 37 | 31 | 93 | 0.02 | 0.18 | 0.55 | |
| C3-2 | incl. | 36.0 | 37.0 | 1.0 | 40 | 20 | 132 | 0.02 | 0.20 | 0.70 |
C1-2 (Long Pond Area) originally reported as 0.72% Ni, 0.38% Cu, 0.02% Co, over 3.72m (Consolidated Magna Ventures Ltd. and Consolidated Viscount Resources Ltd.). Re-sampling assays graded 0.66% Ni, 0.44% Cu, 0.02% Co over 4 metres, with individual assays grading 1.2% Copper and 1.09% Nickel.
C1-4 (Long Pond Area) originally reported as 0.63% Ni, 0.35% Cu, 0.02% Co over 3.48m (Consolidated Magna Ventures Ltd. and Consolidated Viscount Resources Ltd.). Re-sampling assays graded 0.45% Ni, 0.12% Cu, 0.01% Co over 6m, with individual assays grading up to 0.77% Ni, 0.24% Cu.
C3-2 (All About It Area) originally reported as 1.15% Ni, 0.42% Cu, 0.04% Co over 5.23m (from 15m downhole) (Consolidated Magna Ventures Ltd. and Consolidated Viscount Resources Ltd.). Re-sampling assays graded 1.22% Ni, 0.33% Cu, 0.3% Co over 4.9 metres with individual assays grading up to 1.84% Copper and 1.85% Nickel.
C3-2 historically reported interval of 23.7 meters was not fully resampled, however, the resampling results confirm the reported grades within the intervals that were resampled and confirms that the sampling procedures at the time were adequate and allows the verification of the reported interval grading 0.47% Ni, 0.16% Cu, 0.02% Co over 23.7 metres. The final 2 metres of this interval from the reported section ended with 0.55% Nickel in the Company’s assays of the historic core which matches well with the historically reported grades.
The presence of nickel-copper-cobalt-PGE sulphide mineralization within structurally controlled mafic intrusive rock suggests a similarity to the Voisey’s Bay and other sulphide-bearing mafic intrusives within the Nain Plutonic Suite. The imminent drilling program at the TL Nickel project aims to help elucidate the nature of this system, its structural controls and source of mineralization.
Project Update
The Company is also pleased to report that is has received permits for exploration and drilling and has begun to mobilize crew to the Property to begin preparations for the upcoming programs.
“The results received from the historical core underscore the potential for economic grades of mineralization on the Property,” said Adrian Smith, CEO of Avante. “These results confirm the historically reported grades, and when paired with the compilation work that the Company has now completed, including the remodelling of all historical data and geophysical surveys, lay a foundation for the next phase of exploration and drilling which is expected to begin in July.”
About the TL Nickel Project
The Property is located 50km northwest from the Voisey’s Bay Nickel mine in the Churchill Province of Labrador and consists predominately of quartz-feldspathic and metasedimentary gneisses derived from plutonic and sedimentary rocks. The rocks are intruded by the multi-phase, Nain Plutonic Suite (NPS) composed primarily of anorthosite, troctolite, diorite and granitoids.
Following the discovery of Voisey’s Bay deposit, enhanced regional prospecting led to the discovery of three pyrrhotite-chalcopyrite-pyrite showings located on the Property, namely, the Long Pond, All About-it, and No Baccy. Initial surface grab samples from the Long Pond and All About-it Showings returned up to 1.36% Ni and 0.58% Cu, and 1.05% Ni and 1.53% Cu respectively. Initial chip sampling at the No Baccy Showing returned up to 0.71% Ni and 0.85% Cu over 2.3 metres (Saunders & Scott, 2003). Work continued on the Property through 1995-1996 and 2001-2008 which resulted in the identification of a primary mineralized corridor occurring over approximately 2.5 kilometres centered on the Property.
Disclosure
32 samples were collected from these three holes and submitted to Eastern Analytical, an ISO 17025 certified lab, accredited and operating independently of Avante, for comprehensive analysis. Each sample was crushed to 80% – 10 mesh after which 250g was pulverized to 95% 150 mesh. 30g subsamples were analyzed by fire assay with ICP-MS finish for gold, platinum, and palladium. All samples were also analysed for 34-element trace geochemistry where 200mg subsamples were totally dissolved in four acids and analysed by ICP-OES. Concentrations exceeding the upper detection limits for Ni, Cu, or PGEs were subjected to a multi-acid digestion and atomic absorption finish.
Some results presented in this release are considered historic in nature. The qualified person for the Company has not verified the historic sample analytical data disclosed within this release. While the Company has obtained all historic records, including analytical data from the previous owners of the Property and from various government databases, the Company has not independently verified all of the results of the historic sampling.
Adrian Smith, PGeo, is a qualified person as defined by NI 43-101 for the Property. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.
About Avante Mining Corp.
Avante Mining Corp. (TSXV: AVA) is a Canadian based exploration company. Avante owns the option for a 100% interest in the TL Nickel Project, which is located 50km from the world class Voisey’s Bay Nickel mine in Labrador, Canada, which includes nickel grades in excess of 1% Nickel. The Company also owns the LMSL Copper Gold & Silver Project in British Columbia, and holds other highly prospective exploration projects in Canada. The Company is focused on creating shareholder value through new discoveries and strategic development of its mineral properties. For further information, please visit http:/avantemining.com/.
The forward-looking statements contained in this press release are made as of the date hereof and Avante Mining Corp. undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Adrian Smith, CEO and Director
Contact 1-778-331-3816
info@avantemining.com
