Advanced Explorations Inc. to Commission Extensive Hyperspectral Survey for Anik Project
TORONTO, ONTARIO -- (Marketwire) -- 05/03/12 -- Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE: AXI)(FRANKFURT: AE6) announced today that it has finalized plans to complete an extensive Airborne Hyperspectral Imaging survey on its Anik Nickel-Copper Project located on the western Melville Peninsula in Nunavut, Canada in July 2012.
Hyperspectral Imaging is an airborne remote sensing technique used in mineral exploration to map a wide range of minerals associated with hydrothermal alteration frequently related to potentially economic mineral deposits. Alteration minerals such as oxides, clays, and carbonates have unique spectral signatures and can be identified and mapped using hyperspectral technology.
Regional geological mapping in arctic terrain is costly and very time consuming. The planned Hyperspectral survey will allow the Company to obtain information on surface geology and mineralogy at a scale and in such detail that would take tens of years to obtain through conventional exploration mapping programs. More importantly, the technology can extract key alteration pathfinders to a broad range of mineral deposits. Accordingly, the survey will be used to rapidly identify the area's nickel and copper prospects, but will also be used to extract information on other commodity targets as well.
John Gingerich, President and CEO commented:
"The emergence of a new Ni-Cu belt extending over 80 km of strike provides a very exciting opportunity to discover multiple near surface deposits; however, the large prospective target area provides challenges for rapidly and cost effectively prioritizing targets. The Noranda Group demonstrated hyperspectral surveying could substantially reduce targeting cost and time. Equally important will be our ability to investigate the outcrop spectral signatures for pathfinders to yet undiscovered iron, base metal (nickel, copper, zinc) and precious metal (gold, silver) prospects".
Hyperspectral remote sensing is a technique for mapping materials present on the earth's surface and draws upon a rich legacy of expertise in chemical spectroscopy. It can uniquely map different materials by measuring differences in how sunlight interacts with, and is affected by, different targets on the earth's surface. Recognized as an industry expert, AEI President & CEO, John Gingerich, pioneered these mineral exploration applications and also directed the very first hyperspectral surveys in the Canadian Arctic environments, including a program on Baffin Island, Nunavut for the Geological Survey of Canada ("GSC") in 2004.
The Company has previously announced that it is conducting an Airborne Electromagnetic (EM) and Magnetic survey over identified target areas. This survey, which measures conductivity and magnetic properties of the underlying rocks, will assist in identifying potential Ni-Cu massive sulphide prospects for follow-up exploration. The airborne survey is expected to be completed in June and the hyperspectral survey on the Anik Project is expected to commence in early July.
Anik Nickel-Copper Project
Advanced Explorations announced the discovery of significant Nickel-Copper and Copper-Silver-Gold mineralization on the western side of the Melville Peninsula in 2011 (See Press Release dated 25 November, 2011).
Five zones of nickel-copper mineralization were identified, with better assay values of 0.86% Ni, 0.59% Cu, 0.04% Co and 0.40% Ni, 0.19% Cu, 0.04% Co, and one zone of high grade copper-silver-gold mineralization returned assays of 1.93% Cu, 33 g/t Ag, 0.35 g/t Au and 1.06% Cu, 18.8 g/t Ag, 0.14 g/t Au.
The mineralization discovered is similar to a high grade (8% Ni) nickel discovery reported by the Geological Survey of Canada at Adamson River and, although at early stages of exploration, importantly highlights the potential discovery of a new nickel province, similar to the Thompson Nickel District, Manitoba, Raglan Belt in northern Quebec, the Abitibi Belt in eastern Ontario/western Quebec or the Kambalda Nickel District in Western Australia.
Advanced Explorations has staked approximately 203,000 acres to include the areas of mineralization discovered by the Company and favourable mafic-ultramafic rocks which typically host magmatic nickel-copper sulphide deposits.
The western Melville Peninsula is remote; however, future development of the Company's iron deposits at Roche Bay and Tuktu and establishment of a deep-water port on the eastern side of the Melville Peninsula will provide an excellent logistical base and operational hub for development of any nickel-copper resources delineated.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing its Roche Bay and Tuktu Iron Ore Projects in one of the world's largest developing iron ore districts, the Melville Peninsula in Nunavut. The Ocean-based Roche Bay Project boasts an NI 43-101 compliant resource estimate of over 500 million tonnes outlined within a small portion of the potential 140 km of banded iron formation. A feasibility study for the project's C-Zone is near completion. To date, the Company has delineated over 1 billion tonnes of iron under NI 43-101 among its Roche Bay and Tuktu deposits and continues to explore other targeted deposits in areas to the north, south and west of Roche Bay. A preliminary economic assessment from the Roche Bay deposit alone indicates a potential net present value of US $1.1 billion, and the potential for rapid advancement into development of iron concentrate products. The management team has extensive technical, exploration and Canadian Arctic mining expertise to effectively develop the high quality iron ore opportunities on the Melville Peninsula.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts:
Advanced Explorations Inc.
(416) 203-0057 x226