AFR NuVenture Resources Inc. Closes its Non-Brokered Private Placement
AFR NuVenture Resources Inc. Closes its Non-Brokered Private Placement
TORONTO, Ontario, April 1 , 202 5 – TheNewswire - AFR NuVenture Resources Inc.
(“AFR” or the “Company”) (TSXV: AFR), is pleased to announce the closing of its non -
brokered private placement (the “Offering”) announced on February 13, 2025, pursuant to
which, 1,171,430 common shares of the Company were issued at a price of $0.035 per share
for gross proceeds of $41,000. No finder’s fees were paid related to the Offering. All of the
proceeds from the sale of the shares w ere used to wards th e initial payment of $40,000
required to complete the initial option payment payable under the Company’s agreement to
acquire the Massey Nickle/Copper property in the historic Timmins Ontario mining camp.
Insiders of the Company acquired all of the shares of the Offering and constitute a “related
party transaction” under Multilateral Instrument 61 -101 – Protection of Minority Security
Holders in Special Transactions (“MI 61 -101”). The Company is relying on the exemption
from the formal valuation requ irement in section 5.5(b) of MI 61 -101 (as a result of its
common shares being listed on the TSXV) and the exemption from the minority approval
requirement in section 5.7(1)(a) of MI 61 -101 (as neither the fair m arket value of the
common shares distributed to, nor the consideration paid by, such directors and officers or
insiders will exceed 25% of the Company’s market capitalization). No new Control Person
was created as a result of this Offering.
All of the shares issuable in connection with the Offering are subject to a hold period expiring
four months and one day after the date of issuance of the securities.
The Company also wishes to announce that its Annual General and Special has been set for
May 21, 2025, with a record date of April 17, 2025, for those entitled to vote at the meeting.
Proxy materials will be mailed in due course.
Now that the Company has signed a definitive agreement and completed the initial annual
payments required pursuant to the Massey Nic kle/Copper agreement, it is in the process of
planning its anticipated summer drilling programs on the Massey property and on the
Company’s Mary Ann’s Lake Copper/Silver project in Cape Breton, Nova Scotia.
MARY ANN’S LAKE COPPER/SILVER PROJECT -SUMMER 2025 PROGRAM
The Company is planning to commence its exploration program in the early summer and to
be drilling in July. The permitting process is underway and involves both private owners and
crown lands in Nova Scotia covered by the exploration licence. Based on a co mpany
director’s experience the usual time frame for this is 2-3 months. The Company may also be
eligible for a shared grant of up to $100,000 under the Nova Scotia Mineral Resources
Development Fund. Applications for this grant are submitted at the beginn ing of April and
successful applicants are notified in May.
The planned exploration program benefits greatly from previous historic ground geophysical
surveys and the records of the previous 1992 drill holes. The property is drill ready once a
permit is granted. The geologic environment on the new exploration licen se is very similar
to that of the former Stirling mine and the targeted copper silver mineralization occurs at a
very shallow depth. Initially, short, 100-200m test holes can effectively explore the area of
the mineralized zone and can test an EM anomaly which has yet to be explained at around a
50m vertical depth below the known blind mineralization
The property (identified as Project 8 on the Critical Mineral Projects in Nova Scotia
published by the Nova Scotia government) lies 1500m southeast of the Stirling mine. The
Stirling poly-metallic massive sulphide (VMS) deposit was an important base and precious
metals producer in Nova Scotia. The mine operated at different times in the 1930s and the
1950s. It is an example of a volcanogenic deposit setting as the mineralization is associated
with felsic volcanism and volcanic -sedimentary rocks, including an exhalative suite
consisting of chert, carbonate and talc, along with tuffaceous mudstone/siltstone.
The volcanic-sedimentary setting of the ore horizon itself, occurring in a quartz -carbonate-
talc unit, chert and siltstone/mudstone is remarkably similar to that of other settings, such as
the Precambrian aged Errington -Vermillion deposits in the Sudbury B asin and another
ancient analogue provided by the ore deposits of the Bergslagen district of Sweden.
Director, Doug Hunter, P . Geo. stated, “I have always felt that the Stirling Belt was
underexplored and now with the hindsight of the exploration efforts since the 1960s, we can
see renewed enthusiasm for its potential for a new polymetallic discovery.”
The property in not subject to any option payments, royalties or other non -governmental
encumbrances.
MASSEY NICKEL/COPPER PROJECT – TIMMINS, ONTARIO
The Company has entered into an option agreement with an arms’ length private company
to option a 100% interest in the mining claims located near Timmins, Ontario known as the
Massey Nickel Project (the “Property”). The Property, which comprises approximately 2000
hectares, is an exceptional exploration project with a data supported exploration plan already
in place. It is situated in the Kamiskotia Complex, host to number of VMS deposits, the
Montcalm nickel-copper mine, and other nickel sulphide zones. The property in the past was
incorrectly interpreted to be underlain by a large granite intrusion. Recent geological
traverses have established extensive gabbro, host rock for nickel sulphide mineralization and
recent prospecting has identified two sulphide occurrences each coincident with VTEM
anomalies. Numerous priority VTEM targets have been identified and modelled for drilling
by Geotech. The project has quality targets and is drill ready; a work permit has been
submitted and approved. Doug Hunter commented: “the setting of multiple VTEM target
anomalies in mineralized gabbro of the Kamiskotia Complex and their relationship to known
surface mineralization is remarkably analogous to that of the Lynn Lake, Manitoba, gabbro
hosted, nickel-copper-cobalt deposits. The Lynn Lake mine was a significant past producer
for 24 years and is now being re-evaluated for new mine development activity.”
A. Douglas Hunter, P . Geo., is the qualified person responsible for approving the technical
information contained within this release pertaining to the Property.
For more information on the Company and its projec ts, investors should review the
Company's filings on SEDAR+ at www.sedarplus.ca and our website at
www.afrnuventure.com .
On behalf of the Board of Directors,
John F. O’Donnell, Chairman and CEO Errol Farr, Chief Financial Officer
[email protected] [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
This news release contains "forward -looking information" (within the meaning of applicable Canadian
securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe",
"expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such statements include, among others, the
Company’s proposed exploration plans on it s two projects. Such forward -looking information or statements
are based on a number of risks, uncertainties and assumptions which may cause actual results or other
expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have
been made regarding, among other things, management's expectations regarding its ability to raise financing
and complete its proposed wo rk programs. Actual results could differ materially due to a number of factors,
including, without limitation, regulatory issues, financing opportunities, and market conditions. Although the
Company believes that the expectations reflected in the forward -looking information or statements are
reasonable, prospective investors in the Company's securities should not place undue reliance on forward -
looking state ments because the Company can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in this news release are as of the date of this
news release and the Company assumes no obligation to update or revise this forward-looking information and
statements except as required by law.
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