Advance Metals (ASX:AVM) has completed a technical review of exploration data that revealed a new mineralisation trend at its Garnet Skarn deposit in the US.
The $3.53 million market capitalisation company says the new mineralisation area covers 24% of the current claim area, leaving potential upside with further exploration.
Advance adds that the new trend covers a northwest-southeast contact where the skarn outcropping has been uncovered across the project area.
Due to this new trend, several new exploration targets are being developed by Advance.
As part of its technical review, Advance looked at historical data collected by Anaconda Mining Company, including drillhole data, geochemical samples, mining sections, and historical summary reports.
Advance worked with Anaconda’s data, and the entire geological interpretation was reworked with a new interpretation of the project area.
Commenting on the exploration review, Advance Metals Chief Executive Officer (CEO) Frank Bennett says: “Our fresh-look review of exploration data from the Garnet Skarn Project, combined with existing site data from the Anaconda Mining Company, has produced exciting results.
The new mineralisation zone identifies a much larger area across the site yet covers only 24% of the entire project. This still leaves large areas to be addressed in our next phase of exploration. The 3D model and exploration targets currently being developed look extremely positive and show the growing potential upside to the Garnet Creek Project.”
A 3D model has been developed using the historical and recent exploration data, demonstrating the potential mineralisation.
The company is currently developing prospective new drill targets across the property.
Advance Metals is a copper-focused exploration company with a ‘world-class’ portfolio of copper growth projects in ‘mining-friendly’ jurisdictions of the US.
As of 30 June 2023, the company had $610,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Advance Metals
