(TheNewswire)
TORONTO, Ontario – TheNewswire – February 26, 2024:On January 9, 2024 AFRNuVenture Resources Inc. (“AFR” or the "Company")[TSXV:AFR] announced that it has been granted aMineral Exploration 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 Company wishes to provide an update on itsexploration plans for the Property. The Company is planning tocommence its exploration program in the early summer and to bedrilling in July. The permitting process is underway and involves bothprivate owners and crown lands in Nova Scotia covered by theexploration licence. Based on a company director’s experience theusual time frame for this is 2-3 months. The Company may also beeligible for a shared grant of up to $100,000 under the Nova ScotiaMineral Resources Development Fund. Applications for this grant aresubmitted at the beginning of April and successful applicants arenotified in May.
The planned exploration program benefits greatly fromprevious historic ground geophysical surveys and the records of theprevious 1992 drill holes. The Property is drill ready once a permitis granted. The geologic environment on the new exploration license isvery similar to that of the former Stirling mine and the targetedcopper silver mineralization occurs at a very shallow depth.Initially, short, 100-200m test holes can affectively explore thearea of the mineralized zone and can test an EM anomaly which has yetto be explained at around a 50m vertical depth below the known blindmineralization.
The Property comprising 14 claims, each claim being16ha for a total area of 224ha (560 acres) captured a blindmineralized zone that had been discovered more than 30 years agoduring a drilling program by a prior claim holder. This alteredmineralized zone intersected by two short drill holes is up to 80meters in width and contains very anomalously high silver assays forthe local area, with associated copper and lead. The geologic settingis remarkably similar to that of the former operating Stirling Mine.The Company has decades of in-house experience in the Stirling Beltand its mineral potential, which lead to the recent staking of theProperty.
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, andtalc, 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 glacialtill which ranges from a few metres up to 20m in thickness. Secondly,there is very little outcrop, and the terrain has thus frustrated, fordecades, many prospectors and exploration geologists. An additionalfactor 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 analogue provided by the oredeposits 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.” The Property in notsubject to any option payments, royalties, or other non-governmentalencumbrances.”
A. Doug Hunter, P. Geo., is the qualified personresponsible for approving the technical information contained withinthis 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 website at www.afrnuventure.com .
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
This news release contains "forward-lookinginformation" (within the meaning of applicable Canadiansecurities laws) and "forward-looking statements" (withinthe meaning of the U.S. Private Securities Litigation Reform Act of1995). Such statements or information are identified with words suchas "anticipate", "believe", "expect","plan", "intend", "potential","estimate", "propose", "project","outlook", "foresee" or similar words suggestingfuture outcomes or statements regarding an outlook.
Such statements include, among others, the Company’splanned exploration program and the Company’s possible eligibilityfor a shared grant of up to $100,000 under the Nova Scotia MineralResources Development Fund. Such forward-looking information orstatements are based on a number of risks, uncertainties andassumptions which may cause actual results or other expectations todiffer materially from those anticipated and which may prove to beincorrect. Assumptions have been made regarding, among other things,management's expectations regarding its ability to initiate andcomplete future exploration work as expected and acquire and financeother projects. Actual results could differ materially due to a numberof factors, including, without limitation, operational risks in thecompletion of the Company's future exploration work, technical, safetyor regulatory issues, social and market conditions at a project siteor in the area which may cause a reduction or suspension in operationsand activities which may ultimately affect and delay the explorationtimeline. Although the Company believes that the expectationsreflected in the forward-looking information or statements arereasonable, prospective investors in the Company's securities shouldnot place undue reliance on forward-looking statements because theCompany can provide no assurance that such expectations will prove tobe 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 byla
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