(TheNewswire)
TORONTO, Ontario – TheNewswire - July 1 9 , 2022 - AFR NuVenture Resources Inc. (the"Company") [TSXV:AFR] is pleased toprovide a preliminary update on the ongoing diamond drilling programon its Utopia (Dam Lake) gold property in southwestern New Brunswick(see press release Feb.2, 2022).
A program of approximately 600 meters over severalholes is testing a gold in overburden anomaly, which is defined over a1 km strike length in an area previously surveyed by 34 overburdendrill holes. The assay results from the previous overburden holes hadvalues ranging up to 1.8 and 5.5 g/t in basal till. The significance of these results is that gold in till andsoil have largely guided the discovery of gold and the explorationsuccess of neighboring Galway Metals Inc. (TSXV: GWM, OTCQB:GAYMF). The subject area is a mirror imagegeologically to the setting at Clarence Stream where Galway Metals isconducting a major program of diamond drilling. The current updatedresource by Galway Metals is now stated at more than 2 million ouncesgold.
There is little to no bedrock exposed at surface in thearea of the drilling. The holes are being targeted on interpretedlithologies and structures known from regional geological mapping andhistoric airborne geophysics. There is no record of previous coredrilling for the site.
A number of sections from three current holes are beinglogged and prepared for sampling. Analytical results are expectedlater in August.
Initial exploration plans also include drill testingthe Mactaquac property where placer gold was discovered in a stream in2017. Noranda reported up to 405 ppb gold in soils near the Mactaquaclocation and subsequent MMI and standard soil survey results show thepresence of anomalous gold.
The Company wishes to acknowledge and thank thegovernment of New Brunswick for their assistance with theseexploration programs. They have awarded the Company and its jointventure partner grants totaling $35,000 under the New Brunswick JuniorMining Assistance Program.
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.sedar.com and our websiteat www.afrnuventure.com .
Douglas Hunter, P.Geo., is theQualified Person responsible for the technical information containedin this press release.
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, those concerning, the Company's exploration and reportingplans as well as the anticipated date of receipt of assay results andreceipt of funds from the New Brunswick government. Suchforward-looking information or statements are based on a number ofrisks, uncertainties and assumptions which may cause actual results orother 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 dueto a number of factors, including, without limitation, operationalrisks in the completion of the Company's future exploration work,technical, safety or regulatory issues, social and market conditions related tothe COVID-19 global pandemic; the worldwide economic and social impactof COVID-19; the duration and extent of COVID-19; changes in generaleconomic conditions; the imposition of government restrictions onbusiness related to COVID-19, any positive cases of COVID-19 at aproject site or in the area which may cause a reduction or suspensionin operations and activities which may ultimately affect and delay theexploration timeline, and the new potentially worldwide geopoliticaland economic uncertainties resulting from the current widely followed crisis in Ukraine.
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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