Advanced Explorations' Integrated Exploration Program to Evaluate Nickel-Copper Discoveries
TORONTO, ONTARIO -- (Marketwire) -- 03/19/12 -- Advanced Explorations Inc. (TSX VENTURE: AXI)(FRANKFURT: AE6) (the "Company" or "AEI") announces today that it will play a role in advancing Canada's newest and most exciting Nickel-copper district. The discovery of significant Nickel-Copper and Copper-Silver-Gold mineralization on the western side of the Melville Peninsula was announced in late 2011 (See Press Release dated 25 November, 2011). A minimum of five zones of nickel-copper mineralization were identified, with better assay values of 0.86% Ni, 0.59% Cu, 0.04% Co and 0.40% Ni, 0.19% Cu, 0.04% Co, and one zone of high grade copper-silver-gold mineralization returned assays of 1.93% Cu, 33 g/t Ag, 0.35 g/t Au and 1.06% Cu, 18.8 g/t Ag, 0.14 g/t Au.
The copper-nickel mineralization discovered is similar to a high grade (8% Ni) nickel discovery reported by the Geological Survey of Canada at Adamson River and, although at early stages of exploration, importantly highlights the potential discovery of a new nickel province, similar to the Thompson Nickel District, Manitoba, Raglan Belt in northern Quebec, the Abitibi Belt in eastern Ontario/western Quebec or the Kambalda Nickel District in Western Australia.
Advanced Explorations has staked approximately 203,000 acres to include the areas of mineralization discovered by the Company and favourable mafic-ultramafic rocks which typically host magmatic nickel-copper sulphide deposits.
John Gingerich, President & CEO commented:
"Seldom do junior exploration companies have an opportunity to participate in the discovery of a new mineral province; we believe the nickel-copper discoveries on the western Melville Peninsula represent the first significant nickel discovery in Canada since Voisey's Bay and are very excited about the potential to discover world class nickel-copper orebodies. The Company has a significant land position, have an experienced team and are well positioned to pursue this opportunity while maintaining our focus on the development of our iron projects."
The western Melville Peninsula is remote; however, future development of the Company's iron deposits at Roche Bay and Tuktu and establishment of a deep-water port on the eastern side of the Melville Peninsula will provide an excellent logistical base and operational hub for development of any nickel-copper resources delineated.
The Company is planning a two phase integrated exploration program in 2012, comprising an initial program of airborne geophysics, prospecting, geological mapping and sampling followed by phase two hyperspectral airborne mapping and diamond drilling to test high priority targets.
An experienced senior nickel geologist, Dr Ron Scott, has been chosen to lead the "Anik Project", as the Company's nickel-copper properties will now be known. Preparations are nearing completion for a phase 1, 12,000km VTEM airborne geophysical survey to commence early-mid April; this survey will be flown, in part, on a cost sharing basis with one of the world's dominant nickel producers who also has some interests in the area. Recruitment of the geological team who will complete evaluation of the known nickel-copper target areas and new anomalies defined by the airborne geophysical survey is also near completion. It is anticipated that the field crew will mobilize to the project area mid-June and drilling will commence mid-July.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of either iron concentrate or high value iron nugget products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226