(TheNewswire)
TORONTO, Ontario – The Newswire - January 9, 2024: AFR NuVenture Resources Inc. (“AFR” or the"Company") [TSXV:AFR] is pleased toannounce that it has been granted a MineralExploration Licence through its director and Qualified Person(“QP"), Doug Hunter, to exercise the right to search andprospect for all minerals saving and excepting coal, uranium andgeothermal resources to extract minerals for test purposes and toapply for a mineral lease for all or part of the area held under theexploration licence, for a period not exceeding 24 months from thedate hereof, within that area of ground situated in Richmond County,Nova Scotia, described as Mary Anns Lake (the “Property”) near thehistoric Stirling (Mindamar) Mine in Cape Breton Island, Nova Scotia.The Property comprising 14 claims, each claim being 16 ha for a totalarea of 224 ha (560 acres) captured a blind mineralized zone that hadbeen discovered more than 30 years ago during a drilling program by aprior claim holder. This altered mineralized zone intersected by twoshort drill holes is up to 80 meters in width and contains veryanomalously high silver assays for the local area, with associatedcopper and lead. The geologic setting is remarkably similar to that ofthe former operating Stirling Mine. AFR has decades of in-houseexperience in the Stirling Belt and its mineral potential, which leadto the recent staking of the property.
The Property lies 1500m southeast of the Stirling mine.The Stirling poly-metallic massive sulphide (VMS) deposit was animportant base and precious metals producer in Nova Scotia. The mineoperated at different times in the 1930s and the 1950s. It is anexample of a volcanogenic deposit setting as the mineralization isassociated with felsic volcanism and volcanic-sedimentary rocks,including an exhalative suite consisting of chert, carbonate and talc,along with tuffaceous mudstone/siltstone.
The deposit consisted of numerous poly-metallic massivesulphide lenses, which taken together, amounted to more than onemillion tonnes of mined ore grading 6.3% Zn, 1.5% Pb, 0.8% Cu, 74g/tAg and 1.1g/t Au. Some of the individual ore bodies were very richwith up to 15-20% combined Cu, Pb, and Zn. The Stirling Mine ceasedoperations in 1956 and, since that time, both the Stirling Mine andthe Stirling volcanic belt have been subjected to sporadic explorationactivity including many airborne geophysical surveys, which led tolittle or no ground follow-up. This is for two reasons. Firstly, theStirling belt is covered by a conductive glacial till which rangesfrom a few metres up to 20m in thickness. Secondly, there is verylittle outcrop, and the terrain has thus frustrated, for decades, manyprospectors and exploration geologists. An additional discouragingfactor is that the known ore deposit at Stirling exhibits weakconductivity, and the ore is known to have a low magneticsusceptibility.
The volcanic-sedimentary setting of the ore horizonitself, occurring in a quartz-carbonate-talc unit, chert andsiltstone/mudstone is remarkably similar to that of other settings,such as the Precambrian aged Errington-Vermillion deposits in theSudbury Basin and another ancient analogueprovided by the ore deposits of the Bergslagen district of Sweden.
As stated by Mr. Hunter, “I have always felt that theStirling Belt was underexplored and now with the hindsight of theexploration efforts since the 1960s, we can see renewed enthusiasm forits potential for a new polymetallic discovery.”
CEO, John O’Donnell, stated, “I am pleased that wehave been able to acquire such a highly prospective property in aneasily accessible location within a superb mining- friendlyjurisdiction where there is the availability for possible governmentgrants for exploration. We are fortunate to have been able to acquirethe Property through the astute and opportunistic actions of ourdirector and QP, Doug Hunter. Thus, the Property in not subject to anyoption payments, royalties or other non-governmentalencumbrances.”
The Company’s exploration program for the Propertywill be disclosed when fully developed, and it is expected that workwill commence when weather and ground conditions permit.
A. Doug Hunter , P. Geo ., is thequalified person responsible for approving the technical informationcontained within this release pertaining to the Property.
On behalf of the Board of Directors,
“John F. O’Donnell”
John F. O’Donnell, Chairman and CEO
For more information on the Company, investors shouldreview the Company's filings on SEDAR+ at www.sedarplus.ca and our websiteat www.afrnuventure.com .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release .
This news release contains"forward-looking information" (within the meaning ofapplicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "expect", "plan","intend", "potential", "estimate","propose", "project", "outlook","foresee" or similar words suggesting future outcomes orstatements regarding an outlook.
Such statements include, amongothers, “ The Company’sexploration program for the Property will be disclosed when fullydeveloped and it is expected that work will commence when weather andground conditions permit.” Such forward-looking information or statements are based on a numberof risks, uncertainties and assumptions which may cause actual resultsor other expectations to differ materially from those anticipated andwhich may prove to be incorrect. Assumptions have been made regarding,among other things, management's expectations regarding its ability toinitiate and complete future exploration work as expected and acquireand finance other projects.Actual results could differ materially due to a number of factors,including, without limitation, operational risks in the completion ofthe Company's future exploration work, technical, safety or regulatoryissues, social and marketconditions at a project site or in the area which may cause areduction or suspension in operations and activities which mayultimately affect and delay the exploration timeline .
Although the Company believes thatthe expectations reflected in the forward-looking information orstatements are reasonable, prospective investors in the Company'ssecurities should not place undue reliance on forward-lookingstatements because the Company can provide no assurance that suchexpectations will prove to be correct. Forward-looking information andstatements contained in this news release are as of the date of thisnews release and the Company assumes no obligation to update or revisethis forward-looking information and statements except as required bylaw.
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