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Advance United Holdings Reports Drill Program Results Highlighting over 17.1 g/t Gold at the Melba Mine Property, Kirkland Lake Area, Ontario

06.03.2023  |  Newsfile

Highlights

  • 17.1 g/t over 1.0 meter and 6.6 g/t gold over 3.5 meters in drillhole MEL22-02.
  • Assay values in 5 drillholes over 1.0 g/t Au and anomalous gold (>0.1 g/t) over 1.5 meters in 11 drill holes.
  • Historically, gold was known to be hosted in brecciated quartz-carbonate veins and a new mineralization style was identified with gold in porphyry dykes associated with disseminated pyrite over widths up to 18 meters.
  • Additional assets included significant silver up to 6.4 g/t Ag in the higher-grade gold intersections and copper in the form of chalcopyrite identified in veins.

Toronto, March 6, 2023 - Advance United Holdings Inc. (CSE: AUHI) (OTCQB: AUHIF) (FSE: 9I0) (the "Company" or "Advance United") is pleased to announce the Company has received the results from the drill program at the Melba Property in Kirkland Lake Area in northern Ontario, Canada.

Figure 1: Core box of MEL-22-06 with 17.1 g/t over 1.0 meter and 6.6 g/t over 3.5 meters.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8072/157387_figure1.jpg

The drill program consisted of 12 drill holes totally 1,430 meters of drilling in the former Melba Mine area to explore the known gold-bearing quartz veins and test unexplored areas to the north and south of the known veins. The drilling was completed in November and December and terminated due to adverse road conditions during freeze-up.

The drill program was focused on confirming and extending the quartz vein mineralization and exploring previously unexplored areas of the property.

Gold and silver assays have been received for the 12 drill holes, these results confirm the locations of the known quartz veins and included values up to 17.1 g/t over 1.0 meters in a zone of 3.5 m with 6.2 g/t. This vein intersection is in the known gold shoot.

In addition, there were five additional intersections over 1.0 g/t gold. The higher-grade gold assays also included silver in the range of 3 to 4 g/t with the highest being 6.4 g/t Ag.

11 of the 12 holes had intersections of anomalous gold (i.e. greater then 1.0 g/t Au) over distances of up to 18 meters. These intersections represent a previously unknown style of gold mineralization related to disseminated pyrite in porphyry dykes. This style of mineralization has not been identified previously on the property and points to a new and exciting target.

"We believe there are exciting targets emerging from this drill program and we are pleased with the results so far - we have confirmed the presence of high-grade gold in quartz veins and identified a new model for targeting," states Mr. Jim Atkinson, P.Geo, CEO of Advance United. "The gold mineralization discovered in the porphyry dikes is especially exciting. This style of mineralization has not been identified previously on the property and points to a new and exciting target. We were not focused on this mineralization in our recent program, but this discovery will allow us to pursue a different model of gold mineralization - with different size implications. We are expecting to resume our program once the access road is sufficiently frozen to allow the crews to get into the mine area. The break has allowed us to examine the results obtained so far and refocus our program to better test the new model and follow-up on the high-grade gold we have found. I would like to commend the drilling crew and our field crews for their efforts in very difficult conditions during freeze-up. They did a great job."

Figure A.

To view an enhanced version of Figure A, please visit:
https://images.newsfilecorp.com/files/8072/157387_dae11b5214b78ab0_002full.jpg

Melba Mine Assay Results

Melba Mine Drillholes
Hole Number From To length Gold (Au) Silver (Ag)

meters meters meters gram/tonne gram/tonne
Mel-22-01 63.40 69.50 6.10 0.41 0.34
Including 65.20 67.10 1.90 1.00 0.88
MEL-22.02 68.60 71.90 3.30 6.60 3.46
Including 68.60 69.60 1.00 17.10 6.40
MEL-22-03 19.00 20.40 1.40 0.52 0.60

61.70 63.40 1.70 1.02 0.82

66.15 68.30 2.15 0.41 0.40
MEL-22-04 64.20 67.00 2.80 1.71 5.83
MEL-22-05 6.00 15.50 9.05 0.19 NSV

67.30 72.30 5.00 0.70 1.30
MEL-22-06 4.50 12.50 8.00 0.13 NSV

28.80 47.00 18.20 0.20 NSV

53.00 59.40 6.40 0.38 0.75
MEL-22-07 15.64 17.45 1.81 1.37 0.66

73.20 75.80 2.60 0.43 NSV

83.40 86.25 2.85 0.56 NSV
MEL-22-08 15.00 17.80 2.80 0.90 NSV

75.80 82.80 7.00 0.41 NSV

87.50 92.15 4.65 0.24 NSV
MEL-22-09 20.00 27.85 1.65 2.06 3.25

104.90 106.75 1.85 0.80 1.40

136.05 137.65 1.60 0.21 NSV
MEL-22-10 22.00 23.70 1.70 1.22 1.26

91.90 93.85 1.95 0.55 0.70
MEL-22-11 18.00 19.50 1.50 0.27 NSV

91.25 92.60 1.35 0.35 1.35

103.90 106.90 3.00 0.21 NSV
MEL-22-12


NSV






NSV= No Significant Values




Additional Surface Sampling

With reasonable access established and the known gold veins identified and exposed, stripped, and pitted, prospecting work resulted in a total of 94 samples being collected and submitted to Actlabs in Timmins for analysis.

The resulting assays indicated that the average of all samples collected was over 1.2 g/t gold with six of the samples returning greater than 5 g/t gold including 14.6 g/t, 11.9 g/t and 10.6 g/t. Visible gold was identified in at least one of the samples.

The initial sampling confirms the presence of high-grade gold on the property. Underground sampling in the past determined at least two gold mineralized shoots that averaged 22.5 g/t over a length of 25 meters and 16.22 g/t over a length of 85m in the underground workings.

\

Figure B.

To view an enhanced version of Figure B, please visit:
https://images.newsfilecorp.com/files/8072/157387_dae11b5214b78ab0_003full.jpg

About the Melba Mine

Gold was first discovered on the property in 1934 and the Melba Mine began development in 1936 but was shut down shortly thereafter with the declaration of World War II.

In 1936 Melba Gold Mines Limited began production and completed a 246 foot (75m) inclined shaft and 900 feet (275 m) of lateral drift work. Over the years, from 1939 to 1988, numerous companies worked the property mapping and grab / bulk sampling and performing ground and airborne geophysics. The property also experienced significant drilling and a compilation of this work indicates significant gold mineralization remains in the old workings. All of the material removed form the underground workings remains on site as a potential resource.

In the past four gold-bearing quartz-calcite veins have been identified and trenched on the property. These include the Rolling Vein, Mike Vein, Blue Vein, and the Contact Vein. Our prospecting crews have begun to expose these veins and preliminary sampling has been undertaken. Further detailed sampling will be carried out on the veins in the new year.

Geologically, the Melba Mine is situated on a regional shear that appears to originate at the Destor-Porcupine Fault Zone and extends to the south through the Lynx Deposit of the Black Fox Mine of McEwen Mining and the former producing Ross Mine to the Melba area. See map:

Figure 2: General Geology of the Melba Area.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8072/157387_dae11b5214b78ab0_004full.jpg

The geological setting of the Melba Mine has been compared to the nearby Ross Mine which produced over 1.2 million ounces of gold and 1.5 million ounces of silver over its life.

About Advance United Holdings

Advance United brings an entirely different approach to the mining industry. We don't mine. Rather, we've acquired a portfolio of undervalued gold properties and are increasing their value through the application of modern technology. We have a growing pipeline of similar properties that we are looking to acquire. And now we've launched the Au Marketplace. A first of its kind digital platform that connects owners of mineral commodities and deposits with developers and producers.

We are involved exclusively in the acquisition and advancement of past projects - with no intent to bring them back into production or to mine them ourselves. Our expertise is in identifying and acquiring undervalued properties with significant historical work, which were uneconomic at the time, but we believe have economic value at today's prices.

We fund the development of re-working historic data and applying modern technology to underwrite new qualified reports, document quantifiable resources and reserves to current standards, thereby recognizing the current value.

Our purpose is to bring immediate and long-term value to our partners and shareholders while seeking to eliminate exploration risk, so that we can all advance united in the shortest possible time frame.

For additional information about us, our projects, or to find out how you can list your project in the Au Marketplace, visit www.advanceunited.ca.

Contact Information
James Atkinson, P. Geo., CEO
Email: jim.atkinson@advanceunited.ca
Tel: (647) 278-7502

Qualified Person

James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify all historic information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by others. The Qualified Person assumes that sampling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

Forward-Looking Information and Cautionary Statements

This news release may contain "forward-looking information" within the meaning of applicable securities laws relating to the trading of the Company's securities and the focus of the Company's business. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Forward-looking statements in this news release include statements regarding the Company's ability to increase the value of its current and future mineral exploration properties and, in connection therewith, any long-term shareholder value, the Company's ability to mitigate or eliminate exploration risk, and the Company's intention to develop a portfolio of historic gold properties. Readers are cautioned not to place undue reliance on forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Company will continue its business as described above. Readers are encouraged to refer to the Company's annual and quarterly management's discussion and analysis and other periodic filings made by the Company with the Canadian securities regulatory authorities under the Company's profile on SEDAR at www.sedar.com. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157387


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