ABC.V · 2024-02-26 12:00:00

AFR Provides Update on its New Property Near Past Producing S9rling Mine

Corporate Updates

AFR NuVenture Resources Inc.

TORONTO, Ontario – The Newswire – February 26, 2024: On January 9, 2024 AFR NuVenture Resources

Inc. (“AFR” or the "Company") [TSXV:AFR] announced that it has been granted a Mineral ExploraEon

Licence through its director and Qualiﬁed Person (“QP"), Doug Hunter, to exercise the right to search and

prospect for all minerals saving and excepEng coal, uranium and geothermal resources to extract minerals

for test purposes and to apply for a mineral lease for all or part of the area held under the exploraEon

licence, for a period not exceeding 24 months from the date hereof, within that area of ground situated in

Richmond County, Nova ScoEa, described as Mary Anns Lake (the “Property”) near the historic SErling

(Mindamar) Mine in Cape Breton Island, Nova ScoEa.

The Company wishes to provide an update on its exploraEon plans for the Property. The Company is

planning to commence its exploraEon program in the early summer and to be drilling in July. The

permi[ng process is underway and involves both private owners and crown lands in Nova ScoEa covered

by the exploraEon licence. Based on a company director’s experience the usual Eme 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 ScoEa

Mineral Resources Development Fund. ApplicaEons for this grant are submiaed at the beginning of April

and successful applicants are noEﬁed in May.

The planned exploraEon 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 exploraEon license is very similar to that of the former SErling mine and

the targeted copper silver mineralizaEon occurs at a very shallow depth. IniEally, short, 100-200m test

holes can aﬀecEvely explore the area of the mineralized zone and can test an EM anomaly which has yet

to be explained at around a 50m verEcal depth below the known blind mineralizaEon.

The Property comprising 14 claims, each claim being 16ha for a total area of 224ha (560 acres) captured a

blind mineralized zone that had been discovered more than 30 years ago during a drilling program by a

prior claim holder . This altered mineralized zone intersected by two short drill holes is up to 80 meters in

width and contains very anomalously high silver assays for the local area, with associated copper and lead.

The geologic se[ng is remarkably similar to that of the former operaEng SErling Mine. The Company has

decades of in-house experience in the SErling Belt and its mineral potenEal, which lead to the recent

staking of the Property.

The Property lies 1500m southeast of the SErling mine. The SErling poly-metallic massive sulphide (VMS)

deposit was an important base and precious metals producer in Nova ScoEa. The mine operated at

diﬀerent Emes in the 1930s and the 1950s. It is an e xample of a volcanogenic deposit se[ng as the

mineralizaEon is associated with felsic volcanism and volcanic-sedimentary rocks, including an exhalaEve

suite consisEng of chert, carbonate, and talc, along with tuﬀaceous mudstone/siltstone.

The deposit consisted of numerous poly -metallic massive sulphide lenses, which taken together,

amounted to more than one million tonnes of mined ore grading 6.3% Zn, 1.5% Pb, 0.8% Cu, 74g/t Ag and

1.1g/t Au. Some of the individual ore bodies were very rich with up to 15-20% combined Cu, Pb, and Zn.

The SErling Mine ceased operaEons in 1956 and, since that Eme, both the SErling Mine and the SErling

volcanic belt have been subjected to sporadic exploraEon acEvity including many airborne geophysical

surveys, which led to liale or no ground follow-up. This is for two reasons. Firstly, the SErling belt is covered

by a conducEve glacial Ell which ranges from a few metres up to 20m in thickness. Secondly, there is very

liale outcrop, and the terrain has thus frustrated, for decades, many prospectors and exploraEon

geologists. An addiEonal factor is that the known ore deposit at SErling exhibits weak conducEvity, and

the ore is known to have a low magneEc suscepEbility.

The volcanic-sedimentary se[ng of the ore horizon itself, occurring in a quartz-carbonate-talc unit, chert

and siltstone/mudstone is remarkably similar to that of other se[ngs, such as the Precambrian aged

Errington-Vermillion deposits in the Sudbury Basin and another ancient analogue provided by the ore

deposits of the Bergslagen district of Sweden.

As stated by Mr . Hunter, “I have always felt that the SErling Belt was underexplored and now with the

hindsight of the exploraEon eﬀorts since the 1960s, we can see renewed enthusiasm for its potenEal for

a new polymetallic discovery.” The Property in not subject to any opEon payments, royalEes, or other non-

governmental encumbrances.”

A. Doug Hunter, P. G e o., is the qualiﬁed person responsible for approving the technical informaEon

contained within this release pertaining to the Property.

On behalf of the Board of Directors,

“John F. O’Donnell”

John F. O’Donnell, Chairman and CEO

For more informaEon on the Company, investors should review the Company's ﬁlings on SEDAR+ at

www.sedarplus.ca and our website at www.afrnuventure.com .

Neither TSX Venture Exchange nor its RegulaEon 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 informaEon" (within the meaning of applicable Canadian

securiEes laws) and "forward-looking statements" (within the meaning of the U.S. Private SecuriEes

LiEgaEon Reform Act of 1995). Such statements or info rmaEon are idenEﬁed with words such as

"anEcipate", "believe", "expect", "plan", "intend", "potenEal", "esEmate", "propose", "project",

"outlook", "foresee" or similar words suggesEng future outcomes or statements regarding an outlook.

Such statements include, among others, the Company’s planned exploraEon program and the Company’s

possible eligibility for a shared grant of up to $100,000 under the Nova ScoEa Mineral Resources

Development Fund. Such forward-looking informaEon or statements are based on a number of risks,

uncertainEes and assumpEons which may cause actual results or other expectaEons to diﬀer materially

from those anEcipated and which may prove to be incorrect. AssumpEons have been made regarding,

among other things, management's expectaEons regarding its ability to iniEate and complete future

exploraEon work as expected and acquire and ﬁnance other projects. Actual results could diﬀer materially

due to a number of factors, including, without limitaEon, opera Eonal risks in the compleEon of the

Company's future exploraEon work, technical, safety or regulatory issues, social and market condiEons at

a project site or in the area which may cause a reducEon or suspension in operaEons and acEviEes which

may ulEmately aﬀect and delay the exploraEon Emeline. Although the Company believes that the

expectaEons reﬂected in the forward-looking informaEon or statements are reasonable, prospecEve

investors in the Company's securiEes should not place undue reliance on forward -looking statements

because the Company can provide no assurance that such expectaEons will prove to be correct. Forward-

looking informaEon and statements contained in this news release are as of the date of this news release

and the Company assumes no obligaEon to update or revise this forward -looking informaEon and

statements except as required by la

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