Avante Mining Provides Field Work Update on Pipestone Project and Announces Option Agreement for Pipestone South Property
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Avante Mining Provides Field Work Update on Pipestone Project and
Announces Option Agreement for Pipestone South Property
Vancouver, BC / January 10, 2024 - Avante Mining Corp. ("Avante" or the "Company") (TSXV: A V A)
(OTCPK: ACPRF) (FSE: P210), a Canadian nickel-focused exploration company, is pleased to provide
an update on field work at the Company’s Pipestone Nickel Project (the “ Pipestone Project”) and to
announce that it has entered into an option agreement dated January 6, 2024 (the “ Option Agreement”)
with Darrin Hicks, an arm’s length party to the Company (the “ Optionor”), whereby the Optionor has
granted the Company the right to acquire a 100% undivided legal and beneficial interest in five (5) mapped
staked claims comprising eighteen (18) cells (the “Pipestone South Property”) adjoining the Pipestone
Project (collectively, the Pipestone Project and the Pipestone South Property being the “ Property”). The
Property is ideally located in central N ewfoundland with road access to the north and south ; it also has
access to a hydroelectric power station 15 kilometers south of the Property.
Adrian Smith, Chief Executive Officer of Avante, commented, “We are pleased to grow our land position
in the prospective nickeliferous pipestone belt on the back of a successful initial winter field program at the
Pipestone Project. This acquisition ties up an additional piece of the plus 30-kilometre-long belt where we
have seen highly elevated nickel, up to 4,242ppm Ni in soils and greater than 50% chromium oxide from
historical sampling. As we continue to build on the Company’s nickel focus, in addition to the high-grade
nickel Voisey’s West project, we are excited by the significant size and scale potential of the targets we are
developing at the Pipestone Project and see similar potential and mineralization styles to FPX Nickel’s
Decar Project and Canada Nickel’s Crawford project.”
Project Highlights:
• Avante is the first company to target awaruite (nickel-iron alloy) in this region since 2012;
• Successful initial winter sampling program confirms year -round access on Property ; Company
geologists collected 96 large representative rock samples from outcrop primarily targeting nickel
bearing ultramafic;
• Increased project size, cover approximately 45 square kilometres of mineralized belt;
• Newly acquired claims cover extension of soil grid on existing Pipestone Property that returned up
to 4242 ppm Ni, with 6 samples being higher than 3000ppm Ni (report 12A/08/1763), including
rock samples returning greater than 50% chromium oxide (Cr2O3);
• Historical drilling in the north Property area re-assayed up to 0.27% Ni and 0.22% Ni over the
entire hole of 87.15 metres and remains open in all directions (NFLD/3284);
• Good infrastructure with existing road access extending onto the Property and a hydroelectric
generating station located approximately 15km south of the Property;
• Avante to accelerate through early-stage exploration on the Property;
To date, the Company has collected 96 large representative samples over an 18.5 kilometre stretch through
the central portion of the Property area. Samples have been sent for detailed analysis and magnetic
separation testing. This program successfully identified ultramafic rocks with alteration known to be
associated with awaruite (a naturally occurring nickel -iron alloy) mineralization as well as aided in
understanding the correlation between field observations and historic geophysics.
Awaruite formation is dependent on the degree of alteration of ultramafic rocks and field observations are
encouraging with this regard. Awaruite mineralization represent an opportunity for a “green” nickel source.
Awaruite deposits such as FPX Nickel’s PFS level Baptiste Project have been validated by investment from
1890 – 1075 West Georgia Street, Vancouver, BC V6E 3C9
Tel: 604-687-2038 Fax: 604-687-3141
the Canadian government, Finish steel producer Outokumpu, Japanese JOGMEC, Toyota Motor Company,
and Panasonic Corporation.
Samples have been catalogued and shipped to Activation Laboratories Ltd. (Actlabs) in Ancaster, ON, an
ISO 17025 accredited laboratory. All samples will undergo Davis Tube testing to separate a magnetic
fraction containing awaruite. The whole rock pulp will be analysed by ICP-OES and the magnetic fraction
by XRF for major oxide and selected traced element chemistry.
Figure 1: Sample location map for initial sampling program over magnetics, hot colors represent high
1890 – 1075 West Georgia Street, Vancouver, BC V6E 3C9
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magnetic intensity and correlate to mafic and ultramafic rock-types. Notable highly prospective areas
occur under cover and will require additional exploration techniques to test properly.
Figure 2: Geologist (Dawn Lamswood ) sampling outcrop as part of the initial work program at the
Pipestone Project.
The Pipestone South Agreement:
To earn a 100% interest in and to the Pipestone South Property, Avante must pay to the Optionor a total of
$55,000 and issue to the Optionor 800,000 common shares (the “Shares”) over a period of three (3) years
in accordance with the following schedule:
1890 – 1075 West Georgia Street, Vancouver, BC V6E 3C9
Tel: 604-687-2038 Fax: 604-687-3141
Milestone Share Consideration Cash Payments
Within 10 business days of approval from the TSX-V
(the “Effective Date”)
150,000 $5,000
On or before the 1st Anniversary of the Effective Date 175,000 $10,000
On or before the 2nd Anniversary of the Effective Date 225,000 $15,000
On or before the 3rd Anniversary of the Effective Date 250,000 $25,000
Total 800,000 $55,000.00
The Pipestone South Property is subject to a 2% NSR royalty. Avante retains the right to buy back half the
royalty equal to 1.5% NSR for $1M at any time prior to the commencement of commercial production at
the Property.
The Option Agreement and proposed Share issuances remain subject to approval by the TSX Venture
Exchange. All security issuances will be subject to a statutory hold period of 4 months and one day from
issuance in accordance with Canadian securities laws. N o finders’ fees were paid on this arm’s length
Option Agreement.
Disclosure
The Company has not independently verified the historic samples reported in this release but has received
data from the previous property owners and from the Government of Newfoundland and Labrador’s online
database.
Adrian Smith, P.Geo., is a qualified person as defined by NI 43-101. The qualified person is a member in
good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and
is a registered professional geoscientist (P .Geo.). Mr. Smith has reviewed and approved the technical
information disclosed herein.
References
https://fpxnickel.com/2023/01/fpx-nickel-commences-preliminary-feasibility-study-on-the-baptiste-
nickel-project-2/
About Avante Mining Corp.
Avante Mining Corp. (TSXV: A V A) (OTCPK: ACPRF) (FSE: P210) is a mining exploration company
focused on developing high-value geographically significant projects including the V oisey’s West and the
Pipestone Project . Avante is paving the way by combining quality projects with proven exploration
strategies and a dedicated team to achieve exceptional outcomes.
The Company’s V oisey’s West project is located in the same intrusive complex as the world class V oisey's
Bay Nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of
2.13% nickel, 0.96% copper, 0.13% cobalt, and additional measured and indicated 10.3 million tonnes of
0.87% nickel, 0.65% copper, 0.04% c obalt. It represents one of the most competitive nickel operations
globally.
The Pipestone Project represents one of the rare awaruite projects globally which are a focus in the
development of large-scale bulk tonnage nickel targets that have low carbon emission profiles and are very
attractive to steel produces looking to reduce their carbon output.
A V ANTE MINING CORP.
For more information, please call Adrian Smith, CEO, at 1-778-331-3816, email [email protected],
or visit www.avantemining.com.
1890 – 1075 West Georgia Street, Vancouver, BC V6E 3C9
Tel: 604-687-2038 Fax: 604-687-3141
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.
Forward-looking statements:
This news release may include "forward -looking information" under applicable Canadian securities
legislation. Such forward-looking information reflects management's current beliefs and are based on a
number of estimates and/or assumptions made by and information currently available to the Company that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that
may cause the actual results and future events to differ materially from those expressed or implied by such
forward-looking information. Readers are cautioned that such forward- looking information are neither
promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not
limited to, general business, economic, comp etitive, political and social uncertainties, uncertain and
volatile equity and capital markets, lack of available capital, actual results of exploration activities,
environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature,
involves many risks, requires substantial expenditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, t he Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such forward -looking statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in suc h
statements.