Advance Lithium Corp. (TSXV: AALI) has reached an agreement with Wolfden Resources Corporation to acquire 100% of Wolfden’s claims in the Bathurst Mining Camp (BMC) called the Tetagouche Property in New Brunswick, Canada.
This gives the company a large land package in one of the most important VMS mining camps worldwide.
Tetagouche Property Highlights
- Large land package strategically located along key rock packages and structures in the BMC.
- 45 known VMS deposits in the BMC with 7 on the Tetagouche Property.
- Largest known resource (non NI-43-101 compliant) is the Canoe Landing Lake deposit, 22,800,000t grading 1.82% Zn, 0.64% Pb, 0.56% Cu, 32.23g/t Ag and 1.17g/t Au.
- Six additional resources (non NI-43-101 compliant) include; Flat Landing Brook deposit, Orvan Brook deposit, Armstrong A deposit, Armstrong B deposit, Rocky Turn deposit and the McMaster deposit.
- Numerous base-metal occurrences, mainly explored during the 1960’s and 1970’s.
- Most significant silver deposit in the district, California Lake, occurs along an over 35km long trend that has the potential to host large scale silver-rich hydrothermal systems.
- Key claims near Brunswick No.12 which is one of the world’s premier massive sulphide mines.
- The Tetagouche Property can be explored year-round and at reasonable cost given its easy road access and proximity to infrastructure.
- The known deposits were explored many decades ago.
- Numerous massive sulphide boulders containing high grade Pb-Zn-Ag values as well as significant Cu-Au have been found down-ice off and on the Property. No bedrock source of these boulders has been found to date.
- In summary, the known deposits, base-metal occurrences, silver district and claims near Brunswick 6, Heath Steele and Brunswick 12 remain open for modern exploration.
- Transformational acquisition for the company.
“We are excited about the opportunity to acquire a large land package in one of the most important VMS mining camps worldwide, with a group of claims that saw most of the work done many decades ago,” President and CEO, Allan Barry Laboucan, said.
“Many mining camps in Canada are going through resurgence as modern exploration techniques and technology are being applied to make new discoveries including at the Bathurst Mining Camp. With historic resources, a multitude of metal showings and close proximity to producing mines, this package represents a huge opportunity for a major discovery.
“We are pleased to welcome Wolfden as a strategic shareholder, this deal gives them the ability to unlock value from the Tetagouche Property and focus on their key Pickett Mountain project in Maine.
“In addition to being a 19.9% shareholder of Advance, they will retain royalties and a right of first refusal if we have the expected success in the Bathurst Mining Camp. In addition, they have an outstanding team that will continue to be an important resource for us to advance the projects.”
For further information please visit: https://advancelithiumcorp.com/