Exploration Confirms High Grade Copper Potential at Augustus Polymetallic Project, Arizona

Advance Metals Limited (ASX:AVM)

ARIZONA, USA, August 3, 2023/EINPresswire.com/ -- Advance Metals Limited (ASX: AVM) is pleased to confirm that the company completed the first phase of exploration at the Augustus polymetallic project in Arizona.

A team of AVM geologists collected rock chip samples, mapped geological features, and planned future drill hole locations. AVM employed a full suite of exploration and analytical tools to help de-risk the project and target areas with potential for copper mineralisation.

The geologists identified and mapped several copper mineralised zones exposed at the surface, observing copper oxide and sulphide mineralisation within AVM claim boundaries.

One copper zone was mapped contiguously for over 274 m (900 ft), and XRF sample results demonstrated copper grades as high as 20.47%. Additional copper zones were found close to historical adits and other evidence of historical mining.

AVM geologists collected 30 rock chip samples and submitted them for geochemical analysis at Paragon Labs in Nevada.

Background
The 100% owned Augustus polymetallic project covers 1,749 contiguous acres. The project resides in the central western part of Arizona, approximately 140 km (87 mi) northwest of Phoenix, AZ. AVM staked 85 federal lode mining claims to acquire the project.

AVM personnel undertook an in-depth technical review of historical documentation to digitise relevant information and develop GIS exploration models utilising historical drilling records. The process involved utilising GIS modelling software, AI programs, satellite remote sensing, and geological and geophysical analysis of the project area.

Analysis of the historic results found strong exploration potential at the Augustus project. The company then completed drone-supported ground surveys, geological field reconnaissance, satellite analysis, and geochemical surveys as the initial geological assessment of the project.

Geological and Surface Sampling Reconnaissance
An aeromagnetic drone survey was conducted over three areas of interest at Augustus, covering approximately 50 km2 of UAV coverage at 100m line spacing. The aeromagnetic survey targeted potential faults, mineralised outcrops, and infrastructure. Surface mapping was completed to understand and confirm the surface conditions of the project area.

AVM geologists observed altered and brecciated rocks as strong indicators of hydrothermal activity within the project. Copper sulphides of bornite and chalcopyrite were observed in outcrops on the AVM property. AVM collected 30 rock chip samples for geochemical analysis based on visible alteration, copper mineralisation, and other mineralogy. The geochemical results from this sampling program are expected in the coming weeks.

In addition to sampling, AVM geologists collected 90 mapping data points containing crucial information such as faults, contacts, veins, historical adits, and drill holes. The team identified historical mine workings and drill hole locations that might be eligible for use as JORC data points in the future.

XRF Sample Results
During the mapping program, AVM evaluated several select rock chip samples with a portable X-Ray Fluorescence (pXRF) unit. The samples exhibited high-grade copper and highlighted the potential of the Augustus project.

Field results of the portable pXRF analysis demonstrated copper concentrations as high as 20.47% Cu. While the pXRF samples show high levels of copper, the results of geochemical assays will provide better indications of copper mineralisation at Augustus.

Commenting on the exploration program, Advance Chief Executive Officer Frank Bennett said:
“Augustus is shaping to be a unique project. Our claims cover over +1,700 acres of highly prospective copper mineralisation along a detachment fault. Our team integrates technology, newly collected data, and historical data to best identify and pursue promising zones within the claims area. Preliminary analysis of this information indicates strong exploration potential across the project. We are excited about the results. This is an important step for the company and its shareholders.”

Next Steps
In the coming weeks, the AVM will receive lab assay results from the geochemical samples at Augustus. AVM will also receive the final results from the aeromagnetic survey, which will be used for modelling potential exploration targets. The combination of the geochemical assays and aeromagnetic surveys should allow the company to establish JORC exploration targets and start the permitting process for future drilling.
This market announcement has been authorised for release to the market by the Board of Advance Metals Limited.

Read the Full Announcement here

For More Information, visit: www.advancemetals.com.au.

Frank Bennett - Chief Executive Officer
Advance Metals Limited
+1 801-243-9660

Forward-Looking Statements
Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices, or potential growth of the company, are or may be forward-looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements. The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high they might be, make no claim for absolute certainty. Any economic decisions which might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk, or conclusions contained in this report will therefore carry an element of risk.

About Us
About Advance Metals Limited
Advance Metals Limited (ASX:AVM) is focused on the discovery of major copper deposits in brownfield mining districts in Arizona and Idaho, as well as other western US states. Our strategy is to develop a portfolio of low-cost, high-grade deposits with a potential +100Mt of copper resources. The company is currently developing its discoveries at the Garnet Skarn Deposit in Western Idaho and the newly acquired Augustus Polymetallic Project in Western Central Arizona. These two high-grade growth projects have the potential to be mid-size producers for the US domestic market.

AVM seeks to maximise shareholder value through the acquisition, discovery, and advancement of high-quality metals projects utilising the latest technology and exploration techniques. The company uses the expertise of our North American exploration teams to identify underexplored and undervalued high-grade copper projects with significant geological potential.

Frank Bennett
Advance Metals Limited
+1 801-243-9660
fbennett@advancemetals.com.au
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