AFR NuVenture New Brunswick Team
- The New Brunswick gold project is our first Canadian venture and is being overseen by Douglas Hunter, our professional geologist, who is our qualified person within the meaning of NI 43-101.
- Our option and Joint Venture partner, Edge Exploration, and its key personnel are local, established professionals and are managing our operations from our field office near Fredericton, New Brunswick.
Why New Brunswick
- One of Canada’s best mining jurisdictions
- New discovery potential lead by Galway Metals
- Excellent infrastructure near a major centre, Fredericton, the provincial capital city
- Option and Joint Venture Partner company Edge Exploration was founded there and its principals are local and highly experienced
Key Gold Properties in New Brunswick
These three combined claim blocks encompass 10,000 ha (25,000 acres).
Historic Mineral Deposits
- This part of the province is an emerging gold mining district in a metallogenic province long known for other metals; namely, antimony, bismuth, molybdenum, tin, tungsten and zinc.
- Gold was first discovered in float by a local prospector in 1998 at a place called Clarence Stream.
- A gold resource here was stated at 390,000 ounces by Galway Metals in 2017.
- The current updated resource by Galway Metals is now stated at more than 2 million ounces gold.
Plan of Exploration
- The identification of highly anomalous gold and silver in till at Utopia has resulted in a high priority exploration target.
- To identify the sources of the gold in bedrock a program of core drilling is planned. This will involve a number of angle holes, which will test structures and lithologies using available geophysical and remote sensing signatures.
- The Mactaquac property where a new gold discovery was made in 2017 is a high priority target.
- Anomalous gold is known here from historic soil geochemical anomalies and also from recent follow-up prospecting and soil sampling.
- Trenching and core drilling for this property are both being considered depending the depth of overburden.
- A new gold discovery was made here in 2019 in an area where there had been no historic gold occurrences or exploratory drilling.
- Anomalous gold in till up to 5 g/t occurs along a 1 km sampling strike length.
- Geologically, the setting is the mirror image of that of the Galway Metals Clarence Stream gold deposits
- Glacial overburden in places up to 15 meters thick has made prospecting for gold a challenge in the past but has been overcome
- An analysis of available airborne geophysics remote sensing lead to the selection of this property
- Highly anomalous gold in till in several overburden drill holes here points to a close bedrock source of the gold.
- To test for gold in bedrock, a program of diamond drilling will be required to locate the source.
Overburden Drilling Composit Section
Overburden Drilling Results
Significant results from 34 holes drilled:
- DH15 1.0 m 4,48 g/t Au, 46.8 g/t Ag
- DH16 1.3 m 1,83 g/t Au 49.0 g/t Ag
Utopia Project Anomalous Gold Trend on Adjoining Properties
Status of the Exploration Program
- The program of diamond drilling is currently underway on the Utopia Property and the results will be announced when available. Also, additional soil sampling will begin shortly.
- The project initiated by Edge Exploration began with a new discovery of gold in Little Mactaquac Stream in 2017
- Historically, Clarence Stream was a prospecting discovery lead by anomalous gold in till samples resulting from a regional government sampling program.
- Anomalous gold in soils was known from this project by the work of a major company in the 1980s.
- Exploration at Mactaquac has to date involved a traditional soil sampling program as well as the Mobile Metal Ion (MMI) technique.
- To date a small program of trenching to expose bedrock was completed.
- Historically anomalous gold and antimony from previous soil sampling done on the claim.
- Recent work included collecting 108 surface samples for MMI geochemical analysis.
- A portion pf the property was covered by an airborne drone magnetic survey.
- Fill in sampling over historic soil sampling anomalies in gold and antimony.
- Possible trenching over anomalous areas where overburden is not too deep.
Terms of the New Brunswick Agreement
The Company has an Option to earn initially a 50% interest in the Properties by spending $1,800,000 on exploration expenditures on any of the Edge Exploration properties, making cash payments of $264,000, and making share payments of 300,000 common shares of the Company by February 28, 2025.
If the Company earns a 50% interest in the Properties, it shall have the option to earn an additional 25% interest (for a total of 75%) by making additional expenditures of $4,000,000 and paying to Edge an additional 2,000,000 shares of AFR by February 28, 2027.
If the Company earns a 75% interest in the properties, it shall have the option to earn an additional 25% interest (for a total of 100%) by making all additional expenditures required to produce a feasibility study and paying to Edge an additional 2,000,000 common shares of the Company.
Edge will retain a 2% NSR in the Properties (the “Edge Royalty”). If the Company, at its option, earns either a 50% or 75% interest in the Properties, resulting in a joint venture between the parties, and if thereafter either party fails to contribute its share of future expenditures, a standard non-contributor dilution will reduce such party’s interest to a 2% NSR once the minority party falls below a 10% interest (the “Non- contributor’s Royalty”). One half, of either the Edge Royalty or the Non-Contributor’s Royalty (1% NSR) may be purchased for $1,000,000 at any time by the other party.