Vancouver, British Columbia, September 27, 2023 – Avante Mining Corp. (TSXV: AVA) (OTC Pink: ACPRF) (FSE: P210) (“Avante” or the “Company”), a Canadian nickel-focused exploration company, is pleased to announce that it has received first assay results from its maiden drilling program of five holes at the Voisey’s West nickel project (the “Voisey’s West” or the “Project”). The Project is located in the same intrusive complex as the nearby Voisey’s Bay mine and 70km west of the town of Nain, Labrador, Canada.
Adrian Smith, Chief Executive Officer for Avante, commented, “We are excited to announce initial assay results from our maiden drilling program at Voisey’s West. Drill hole VW-23-03 was our first drill hole testing a new extension and it confirms that our system has the ingredients to potentially host a significant mineralization, as we have seen elsewhere in the region at Voisey’s Bay.” Mr. Smith continued, “With assays still to come from the holes where we observed the greatest concentration of sulphides, we are very pleased with the success of this maiden program thus far. We believe that Voisey’s West is a discovery in the making and the results thus far have validated our belief that Voisey’s West has the potential to host a major nickel discovery.”
Table 1: Assay results from hole VW-23-03 (additional assays pending)
|from (m)||to (m)||Int. (m)||Ni (%)||Cu (%)||Co (%)||Au (g/t)||Pt (g/t)||Pd (g/t)||PGE+ Au (g/t)||NiEq (%)*|
|Individual samples up to 1.90 % Nickel, 0.05 % Cobalt, 0.43 g/t Gold, and 0.35 g/t Palladium over 1m|
*Nickel Equivalents were calculated based on 8.80$/lb Nickel, 3.70$/lb Copper, 15$/lb Cobalt, 1925$/oz Gold, 922$/oz Platinum, 1230$/oz Palladium, and recoveries calculated at 100%.
Figure 1: Drill core from VW-23-03 showing partial section from approximately 1 metre to 4 metres. Interval of visual sulfides including 2.74metres @ 1.45% Nickel, 1.68 NiEq.
The results from VW-23-03 confirm the reported discovery of a new zone previously unidentified containing nickel sulfide mineralization 30 metres north of the furthest north hole at the No Baccy zone. This represents the furthest north intersection containing over 1% Nickel on the property. Evidence also suggests that the mineralization is open and continues to the north and potentially to depth.
Reported grades from drilling with over 1% nickel now occur over a 1-kilometer strike length and remain open. It is highly probable that these areas are associated with a magmatic feeder or conduit system that extends to depth, something that has not yet been tested on the property.
Hole VW23-03 was collared into shallow till cover targeting a VTEM anomaly and intersected a mottled gabbro intrusive with pervasive sulfides beginning at the bedrock contact. The sulfides occur as fine-grained disseminations to semi-massive net-textured aggregates. The hole was drilled at 350 degrees and 45-degree dip with the bottom contact of the mineralized interval at 45 degrees to core axis, however the true thickness or extent of the zone is not known, additional drilling will aim to better define the orientation and extent.
Results are pending for holes VW23-04 and VW23-05 which include additional intersections of disseminated, blebby, net-textured, sulfide-matrix breccia, semi-massive sulfides. The Company’s Geologists have visually identified nickel-sulfide in the form of pentlandite and copper-sulfide as chalcopyrite within pyrrhotite hosted in a gabbroic mafic intrusion within the pending holes.
Figure 2: Core photo from VW-23-04 (dry core) at 21 to 22 metres down hole showing net-texture, sulfide-matrix texture. Assays from VW-23-04 are pending.
Figure 3: Close up of core from hole VW-23-04 at 20 metres down hole showing net to semi-massive (assays pending).
Holes VW-23-04 and VW-23-05 show that the typical density settling characteristics of a magmatic system where the hole VW-23-04 drilled at the steepest angle encounters higher sulfide concentrations where hole VW-23-05 shows higher copper content and greater disseminations and net textures. Due to the vertically zoned nature of the mineralization, there remains great potential for increased accumulations of sulfides at depth.
Figure 4: Hole VW-23-05 from 12.5 to 13 metres and 14.5 to 15 metres downhole showing disseminated and stringy to net-textured and sulfide matrix breccia textures (results pending).
The results further confirm a magmatic sulfide system is hosted on the Voisey’s West, similar to the nearby Voisey’s Bay mine. Typical magmatic sulfide textures from the current drilling can be seen in the additional figures and include type examples of net-texture, semi-massive and sulfide-matrix breccia textures. These are formed as mafic intrusions interact with sulfurous country rock and separate the metals from the magma during emplacement. The sulfurous country rocks at Voisey’s West are the same metamorphosed sediments (paragneiss) as at Voisey’s Bay which have proven themselves to be an ideal source of sulfur to generate large volumes of sulfides. The depth potential of the system is only constrained by the presence of the sulfur-bearing country rocks, which in the case of Voisey’s West appears to be significant.
Figure 5: Drilling update map showing current drill location with previous drilling over total magnetic intensity (hot colors representing high magnetic signal).
Additional drilling will aim to better define the orientation and extent of this new zone, specifically to depth where higher concentration of pooled sulfides may exist, and further north where additional untested anomalies exist. The Company plans to provide further updates on drilling as additional information becomes available.
About the Voisey’s West Project
The Voisey’s West is located 50 km from, and within the same intrusive complex and geological setting as the world class Voisey’s Bay nickel mine.
The Project is in the Churchill Province of Labrador and underlain predominately by 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 and are known to host nickel-sulfide mineralization.
Following the discovery of Voisey’s Bay deposit, enhanced regional prospecting led to the discovery of three pyrrhotite-chalcopyrite-pyrite-pentlandite showings located on the Voisey’s West, 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% Nickel and 0.58% Copper, and 1.05% Nickel and 1.53% Copper respectively. Continued work led to the identification of a primary mineralized corridor occurring over approximately 2.5 kilometres and multiple high-grade nickel drill intersections up to 14 metres of 1.02% Nickel, 0.51% Copper and 0.03% Cobalt.
The drill core samples were split in two with one half sent for analysis and the other retained for the Company’s records. The split samples were 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. In addition to the independent QAQC procedures preformed at the independent laboratory, the Company inserted blanks, field duplicates, and standardized samples into the sample sequence.
Some results presented in this release are considered historic in nature. The qualified person for the Company has not verified all of 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 Voisey’s West and from various government databases, the Company has not independently verified all of the results of the historic sampling. See news release dated July 6, 2023, for information on confirmation sampling completed by the Company.
Adrian Smith, P.Geo., is a qualified person as defined by NI 43-101 for the Voisey’s West project. 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 (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
About Avante Mining Corp.
Avante Mining Corp. (TSXV: AVA) (OTC Pink: ACPRF) (FSE: P210) is a mining exploration company focused on developing high-value geographically significant projects including the Voisey’s West. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.
The Voisey’s West is located in the same intrusive complex as the world class Voisey’s Bay Nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13% Nickel, 0.96% Copper, 0.13% Cobalt, and additional measured and indicated 10.3 million tonnes of 0.87% Nickel, 0.65% Copper, 0.04% Cobalt. It represents one of the most competitive nickel operations globally.
AVANTE MINING CORP.
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 may include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Source: Avante Mining