Avanti Gold Corp. Commences 2024 Exploration Program at the 3.1 Million Ounce Misisi Gold Project in the Democratic Republic of Congo
(TheNewswire)
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Vancouver, BC - TheNewswire - September 26, 2024 - Avanti Gold Corp. (CSE: AGC) ("Avanti" or the "Company") is pleased to announce the commencement of the 2024 exploration program at the Misisi Gold Project in the Democratic Republic of Congo (DRC). Avanti geologists are currently overseeing the preparation of diamond drill samples for transportation to Advanced Laboratory Solutions (ALS) assay lab located in Johannesburg, South Africa. These samples are from 2,100 meters (m) of diamond drilling that was completed by the previous owner but were not assayed and are not included in the current 3.1 million ounce Inferred Mineral Resource estimate for the Misisi Project.
The Misisi Project is located approximately 340 kilometers (km) southwest of Bukavu, in the South-Kivu province of the DRC. Misisi is home to the Akyanga gold deposit, which hosts a NI 43-101 compliant Inferred Mineral Resource of 41 million tonnes at an average grade of 2.37 grams per tonne (g/t), containing 3.1 million ounces of gold. Mineralization occurs over a strike length of 2.1 km and remains open along strike to the north and south as well as down dip and at depth. The Misisi Project spans three contiguous 30-year mining leases covering 133 square km along the 55 km long Kibara Gold Belt.
Over $30 million has been invested in exploration at the Misisi Project to date, including 20,000 m of diamond drilling and 500 m of trenching. Comprehensive geochemical and geophysical surveys have been conducted over the entire 55 km belt, identifying a parallel structure and several drill-ready exploration targets.
The 2,100 m of diamond drilling targeted the northwest and high-grade southern sections of the Akyanga mineralized zone. The infill samples being processed have the potential to convert a portion of the Inferred Mineral Resource into the Indicated category. The samples are housed in two storage facilities, one in Bukavu located approximately 1,392 km from Lubumbashi and at the Misisi exploration camp. The Avanti team is currently in Bukavu, preparing 499 samples for shipment by air to the ALS prep lab in Lubumbashi by the end of the week. The team will then travel to Misisi to oversee the next phase of transportation, which will move approximately 1,545 samples from Misisi to the ALS lab over the course of approximately three weeks. Both sets of samples will then be sent to the ALS assay lab in Johannesburg. Strict QA/QC protocols will be applied to all samples to ensure compliance with NI 43-101 standards. Assay results will be announced in stages as they become available.
2025 Exploration Program
Subject to financing, the Company is planning a $2.5 million diamond drill program of 5,000 m in 2025. The program will focus on several key targets. Approximately 2,400 m will test the southern extension of the 3.1 million ounce Akyanga deposit and a deeper intercept of 25 m at 8.14 g/t gold, located approximately 30 m below the pit shell and approximately 220 m from the surface. The Company will also drill 1,400 m on a parallel structure located 500 m east of Akyanga (Akyanga East) to follow up on 1,200 m of diamond drilling, which includes assay results of 7.9 m at 5.3 g/t gold and 5.0 m at 8.5 g/t gold. Approximately 1,200 m will test additional drill-ready targets that have had extensive geochemical and geophysical work as well as good-grade shallow drill results. These targets range between 5 and 20 kilometers south of the main ore body along the 55 km Kibara Gold Belt.
Omnibus Equity Incentive Plan
The Company further announces that is has issued a total of 6,500,000 restricted share units ("RSUs") to certain directors, officers and Consultants of the Company in accordance with the Company's Omnibus Equity Incentive Plan ("OMNIBUS Plan"). The RSUs will be subject to certain vesting provisions. Once vested, each RSU represents the right to receive one common share of the Company or the equivalent cash value thereof, at the Company's discretion.
About Avanti Gold Corp.
Avanti Gold Corp. is a Canadian-based exploration company focused on advancing high-grade gold projects in Africa. The Company benefits from a senior management team with extensive experience in mining, exploration, and resource development. Leveraging this expertise, Avanti is strategically focused on unlocking value through its flagship Misisi Project in the Democratic Republic of Congo.
Qualified Person
Ephraim Masibhera, a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Historical information contained in this news release cannot be relied upon as the Company's Qualified Person, as defined under NI 43-101, has not prepared nor verified the historical information.
AVANTI GOLD CORP.
Ian MacLean, CEO
Email: imaclean@avantigoldcorp.com Mobile: 1 (604) 808-6300
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate," "believe," "estimate," "expect," "target," "plan," "forecast," "may," "schedule," and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance, or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend and does not assume any obligation to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
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