Sep 21, 2010 06:21 ETAdvanced Explorations Stakes 22,000 Highly Prospective Acres on Melville Peninsula for Precious and Base Metal Exploration
TORONTO, ONTARIO--(Marketwire - Sept. 21, 2010) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce the Company has recently staked a number of key precious and base metal prospects on the Melville Peninsula, Nunavut, Canada. The focus of the recent field program was to assess previous work and acquire the high potential targets. Fourteen claims totaling over 22,000 acres were staked for gold , silver, copper, molybdenum and iron ore (Fe results previously released September 14th, 2010). These targets were last worked over 30 years ago and the full exploration potential has been overlooked especially in light of current commodity prices.
Three claims ("MM", "SK" & "RH" claims) were staked by AEI on the western portion of the Melville Peninsula. The claims cover ground that was explored by Noranda Exploration Company Limited in 1980 as the BETS 1-6 claim group.
The highlights of Noranda's exploration efforts include gold values of up to 0.14 ounces per ton Au, copper values of 2.48% Cu and molybdenum values of 11.56% Mo. Assessment report 81271 indicates the size of the molybdenum showing to be approximately 600 metres by 300 metres and included a one metre chip sample grading 4.44% Mo and second grab sample grading 7.00% Mo.
Just south of AEI's Tuktu iron deposit the company also staked a single claim, coined "JP", atop the historical "BIL" showing that was worked by Aquitaine Company of Canada Limited in the early 1970's for nickel and copper. In 1973, approximately 2000 feet of core was drilled but no results were released. In 2009, the Geological Survey of Canada (GSC) reported 0.58% Ni, 0.15% Cu confirming significant nickel and copper mineralization.
The company also located the 2009 GSC native silver-copper showing, which reported (1956 ppm Ag, 0.37% Cu). Prospecting permit 7811 acquired in December 2009 adequately covers this high priority silver target area and thus no additional staking was required.
These and other identified targets have excellent grades in the context of today's metal prices. In all cases the mineralization is well exposed on surface providing the potential to discover open pit resources. Each of these targets has clearly identified economic potential that could significantly add shareholder value.
John Gingerich, President & CEO, commented:
"Clearly, we have staked new ground that has potential for high grade results. The unique challenge AEI now faces is to effectively manage all the exploration opportunities without losing focus on our flagship iron ore project at Roche Bay. Therefore, we are discussing different restructuring scenarios with the core assets being managed through the strategic partnership with XinXing Pipes Group. Appropriate structures (joint venture, spin out via plan of arrangement, etc) from which to advance and pursue the other mineral opportunities without further dilution are currently being evaluated."
Gary Williams, P. Geo and VP of Advanced Explorations Inc. is the QP within the meaning of NI 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO |
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