Avanti Mining Inc. (TSX-V: AVT) (PINKSHEETS: AVMNF) ("Avanti" or
the "Company") is pleased to announce that it has received assays
from the next 12 holes of its 2011 drill program at the Kitsault
Mine molybdenum project located in northwest British Colombia. This
release includes the results for five holes drilled south of Patsy
Creek at the Kitsault Mine and seven holes drilled at the Roundy
Creek prospect located about 4 km west of the Kitsault Mine on
Avanti's land holdings. The Company is awaiting the results for the
remaining seven holes at Kitsault and five holes at Roundy Creek
that should be completed and released by the end of November.
Drill highlights include:
Roundy Creek Results:
- Hole RC11-14 intersected 147.8 meters averaging 0.104%
molybdenum and 2.2 g/t silver
- Hole RC11-15 intersected 138 meters averaging 0.068% molybdenum
and 1.8 g/t silver
- Hole RC11-16 intersected 96 meters averaging 0.187% molybdenum
and 1.4 g/t silver that included 39 meters averaging 0.395%
molybdenum and 1.1 g/t silver
- Hole RC11-17 intersected 48.8 meters averaging 0.091%
molybdenum and 1.0 g/t silver but had to be abandoned because of
ground conditions just as it encountered higher grade material. The
azimuth was changed by 5 degrees and the hole redrilled as RC11-17A
described below.
- Hole RC11-17A intersected 85.4 meters averaging 0.378%
molybdenum and 27.8 g/t silver that included 40.4 meters at 0.731%
molybdenum and 55.6 g/t silver within which was 9 meters averaging
2.25% molybdenum. This is a new zone of high grade mineralization
not detected by previous drilling.
- Hole RC11-18 intersected 109.8 meters averaging 0.100%
molybdenum and 1.4 g/t silver
- Hole RC11-19 intersected 69 meters averaging 0.058% molybdenum
and 1.0 g/t silver
Kitsault Results - South of Patsy Creek
- Hole K11-22 intersected four distinct zones including; 89.9
meters averaging 0.062% molybdenum and 5.2 g/t silver, 30 meters
averaging 0.078% molybdenum and 6.3 g/t silver, 225 meters
averaging 0.055% molybdenum and 12.6 g/t Ag and lastly, 140.5
meters averaging 0.078% molybdenum and 17.2 g/t silver. The hole
bottomed in mineralization and except for approximately 57 meters
of below cut-off material was mineralized for its entire 542.6
meter length.
- Hole K11-25 intersected 188.4 meters averaging 0.059%
molybdenum and 6.0 g/t silver and bottomed in mineralization.
- Hole K11-27 intersected two zones but was drilled south of the
deposit to explore untested ground in that direction. The two zones
returned 24 meters averaging 0.032% molybdenum and 6.4 g/t silver
and 21 meters averaging 0.031% molybdenum and 7.5 g/t silver.
- Hole K11-29 intersected 149.4 meters averaging 0.059%
molybdenum and 6.0 g/t silver and bottomed in mineralization.
- Hole K11-36 intersected two distinct zones including; 174
meters averaging 0.071% molybdenum and 6.0 g/t silver and 261
meters averaging 0.079% molybdenum and 6.7 g/t silver and bottomed
in mineralization. Except for a 18 meter section of below cut-off
material, it was mineralized from 72 meters to its end at 524.3
meters.
"Roundy Creek continues to reveal high grade holes as we
systematically advance toward the western high grade portions of
the deposit," said Craig J. Nelsen, President & CEO of Avanti.
"Hole RC11-17A defined another new zone of UST or brain rock that
contains ultra high grades which is one of the intents of this
drill program. The last hole of the season at Roundy Creek
(RC11-24) encountered visual zones of massive sulfide molybdenum
mineralization over several meters for which we anxiously await
assays. Results presented in this release also include the first
five holes drilled on the southern part of Kitsault, south of Patsy
Creek that in the past has only had access by helicopter and as a
result lacked drill density, and contains a significant amount of
Inferred resource within our present reserve pit. These holes will
help define the southern limits of mineralization and generally
confirm and improve our existing interpretations in this area."
Unidirectional solidification texture (UST) is a primary
magmatic texture found at the peripheries of certain felsic
intrusions (e.g. Climax and Henderson where it has been referred to
as brain rock). This feature usually manifests as bands of barren
quartz alternating with parallel bands of quartz + feldspar, with
crystal growth in the direction of the intrusion's centre. In rare
instances, the quartz layers also contain base or precious metals.
At Roundy Creek, this year's drilling has confirmed that the
strongest mineralization is in UST quartz layers containing
molybdenite. This feature results in variably continuous zones,
several to tens of metres thick, of grades in excess of 1% Mo. The
purpose of the 2011 drill program at Roundy Creek is twofold; first
to reproduce and verify results from the historical database of 149
drill holes to allow the calculation of a new 43-101 resource, and
second, to be able to define the geometries of UST zones
encountered in the past in order to constrain their influence on
this new resource. A previous example of this type of
mineralization was encountered during our 2010 drill program
(RC10-02 - drilled some 42 meters north of RC11-17A) that is
repeated in the table below and is geologically very similar to the
zone encountered in RC11-17A.
Drill Results
Maps showing the location of these drill holes relative to the
previous drilling by all prior operators at Kitsault are available
at www.avantimining.com or click the links below to view maps.
Kitsault Drill Hole Map:
http://www.avantimining.com/i/pdf/KIT_ALL_DDH_11-20-11.pdf Roundy
Creek Drill Hole Map:
http://www.avantimining.com/i/pdf/2011-09-19_NRM1.pdf
The detailed drill results for the holes summarized above are
presented below:
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2011 KITSAULT CALCULATED DRILL COMPOSITES
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EASTING/ AZIMUTH/ From Length
Hole Number NORTHING BEARING TD (m) (m) To (m) (m) % Mo ppm Ag
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K11-22 473,350E/ 0/ 542.6 6.2 96.0 89.9 0.062 5.2
inc (0.05 c/o) 6,141,450N -60 12.0 75.0 63.0 0.069 4.4
and
111.0 141.0 30.0 0.078 6.3
inc (0.05 c/o) 111.0 141.0 30.0 0.078 6.3
inc (0.1 c/o) 123.0 141.0 18.0 0.079 7.2
and
153.0 378.0 225.0 0.055 12.6
inc (0.05 c/o) 153.0 243.0 90.0 0.077 18.4
inc (0.1 c/o) 192.0 201.0 9.0 0.133 21.2
and
402.0 542.5 140.5 0.078 17.2
inc (0.05 c/o) 402.0 542.5 140.5 0.078 17.2
inc (0.1 c/o) 465.0 483.0 18.0 0.124 5.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K11-25 473,000E/ 90/ 194.5 6.1 194.5 188.4 0.059 6.0
inc (0.05 c/o) 6,141,600N -45 9.0 159.0 150.0 0.061 6.4
and
inc (0.05 c/o) 177.0 192.0 15.0 0.073 4.3
----------------------------------------------------------------------------
-------------- -------------------------------------------------------------
K11-27 473,350E/ 180/ 149.4 51.0 75.0 24.0 0.032 6.4
and 6,141,450N -50
99.0 120.0 21.0 0.031 7.5
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----------------------------------------------------------------------------
K11-29 473,400E/ 180/ 155.5 6.1 155.5 149.4 0.059 6.0
inc (0.05 c/o) 6,141,500N -75 33.0 129.0 96.0 0.067 3.9
inc (0.1 c/o) 81.0 96.0 15.0 0.105 6.2
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----------------------------------------------------------------------------
K11-36 473,260E/ 0/ 524.3 72.0 246.0 174.0 0.071 6.7
inc (0.05 c/o) 6,141,510N -65 72.0 216.0 144.0 0.076 6.6
inc (0.1 c/o) 159.0 174.0 15.0 0.114 7.9
inc (0.05 c/o) 228.0 243.0 15.0 0.057 9.5
and
261.0 522.0 261.0 0.079 6.7
inc (0.05 c/o) 261.0 276.0 15.0 0.078 19.1
inc (0.05 c/o) 288.0 345.0 57.0 0.072 1.7
inc (0.1 c/o) 288.0 297.0 9.0 0.110 4.7
inc (0.05 c/o) 363.0 510.0 147.0 0.096 8.1
inc (0.1 c/o) 393.0 465.0 72.0 0.136 13.2
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2011 ROUNDY CREEK CALCULATED DRILL COMPOSITES
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EASTING/ AZIMUTH/ From Length ppm
Hole Number NORTHING BEARING TD (m) (m) To (m) (m) % Mo Ag
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-14 468,580E/ 0/ 175.3 2.2 150.0 147.8 0.104 2.2
inc (0.05 c/o) 6,142,208N -60 3.0 117.0 114.0 0.124 2.0
inc (0.1 c/o) 51.0 90.0 39.0 0.209 2.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-15 468,580E/ 0/ 172.1 12.0 150.0 138.0 0.068 1.8
inc (0.05 c/o) 6,142,180N -60 54.0 141.0 87.0 0.091 1.9
inc (0.1 c/o) 72.0 105.0 33.0 0.155 2.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-16 468,560E/ 0/ 165.8 33.0 129.0 96.0 0.187 1.3
inc (0.05 c/o) 6,142,182N -60 75.0 129.0 54.0 0.302 1.2
inc (0.1 c/o) 84.0 123.0 39.0 0.395 1.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-17 468,560E/ 0/ 55.8 7.0 55.8 48.8 0.091 1.0
inc (0.05 c/o) 6,142,211N -60 12.0 55.8 43.8 0.098 1.0
inc (0.1 c/o) 36.0 55.8 19.8 0.141 0.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-17A 468,560E/ 355/ 88.3 3.0 88.4 85.4 0.378 27.8
inc (0.05 c/o) 6,142,211N -60 15.0 88.4 73.4 0.434 32.0
inc (0.1 c/o) 48.0 88.4 40.4 0.731 55.6
inc (1.0% c/o) 78.0 87.0 9.0 2.247 2.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-18 468,560E/ 0/ 134.7 1.2 111.0 109.8 0.100 1.4
inc (0.05 c/o) 6,142,240N -60 1.2 105.0 103.8 0.104 1.4
inc (0.1 c/o) 9.0 66.0 57.0 0.132 1.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC11-19 468,540E/ 180/ 96.6 6.0 75.0 69.0 0.058 1.0
inc (0.05 c/o) 6,142,248N -50 6.0 57.0 51.0 0.067 0.9
----------------------------------------------------------------------------
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2010 ROUNDY CREEK CALCULATED DRILL COMPOSITES (SELECTED)
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EASTING/ AZIMUTH/ From To Length ppm
Hole Number NORTHING BEARING TD (m) (m) (m) (m) % Mo Ag
----------------------------------------------------------------------------
----------------------------------------------------------------------------
RC10-02 468,554E/ vert 328.9 3.0 84.0 81.0 0.383 1.0
inc (0.1 c/o) 6,142,253N 21.0 69.0 48.0 0.611 1.0
inc (1.0% c/o) 48.0 69.0 21.0 1.212 1.4
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1. Principal composites are calculated at a cut-off grade of
0.027% molybdenum as stated in the 2010 Kitsault Mine Feasibility
Study dated December 15, 2010 prepared by AMEC Americas Limited
(the "Kitsault Mine Feasibility Study) and allow inclusion of up to
nine meters of material below that grade. Other cut-offs (internal
to the main 0.027% zones) at 0.05% and 0.10% molybdenum use the
same compositing rules. Multiple intersections in a hole are
separated by the word "and". As Roundy Creek is intended to be a
high-grade satellite feed, cut-offs at 0.05% or 0.10% molybdenum
are more appropriate. Cut-offs at 1.0% are intended to highlight
the ultra high-grade UST zones.
2. Gaps in the Kitsault hole number sequence indicate drilling
conducted elsewhere on the property for condemnation purposes that
do not contain significant mineralization.
3. Approximate horizontal widths at Kitsault can be calculated
by multiplying the drill thickness of a -45 degree inclined hole
times 0.7 and a -60 degree inclined hole by 0.5. Roundy Creek
horizontal widths are unknown at this point as the geologic model
is being developed.
4. Silver results on the above table are included for
informational purposes only. Please consult the Company's recent
Kitsault Mine Feasibility Study for a discussion on the possibility
of silver by-product recovery. No revenues have been assumed for
silver in the Kitsault Feasibility Study but metallurgical test
that may develop a saleable silver by-product are underway.
All of the sawn half core drill samples (dominantly HQ size)
collected by Company personnel are delivered to the ALS Minerals
sample preparation lab in Terrace, B.C. or Anchorage, Alaska where
they are logged into the computer tracking system, crushed, split
and a pulp sample prepared. Various quality control tests for
crushing and labeling accuracy are performed at this lab. The pulp
samples are then sent to the ALS Minerals laboratory in Vancouver,
B.C. for 33-element analysis by Inductively Couple Plasma - Atomic
Emission Spectroscopy. ALS Minerals is an ISO/17025 certified
laboratory. ALS monitors quality control through the introduction
of blanks, standards and duplicate sampling. In addition, Avanti
personnel routinely insert hidden blanks and standards into the
sampling stream. Bruce Davis, FAusIMM, is responsible for analyzing
the QA/QC aspects of this work and Ken Collison, P. Eng., Senior
Vice President Project Development, is responsible for the
technical information in this press release. Both individuals are
Qualified Persons as defined by NI 43-101.
Avanti Mining Inc. is focused on the development of the past
producing Kitsault molybdenum mine located north of Prince Rupert
in British Columbia. In late 2010, Avanti completed the Kitsault
Feasibility Study on the Kitsault Mine Project, dated December 15,
2010, prepared by AMEC Americas Limited that showed Proven and
Probable Reserves of 232.5 million tonnes averaging 0.081%
molybdenum.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements: This news
release contains certain forward-looking information concerning the
business of Avanti Mining Inc. (the "Corporation"). All statements,
other than statements of historical fact, included herein
including, statements about matters related to the classification
of mineral resources and development of the Kitsault molybdenum
mine, the timing of the release of drill results and the content of
any future drill results and the potential to define the resource
at Roundy Creek are forward-looking statements. These
forward-looking statements are based on the opinions of management
at the date the statements are made and are based on assumptions
and subject to a variety of risks and uncertainties and other
factors that could cause actual events to differ materially from
those projected in forward-looking statements. Important factors
that could cause actual results to differ materially from the
Corporation's expectations include fluctuations in commodity prices
and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and
grade of mineral deposits; uncertainty of estimates of capital and
operating costs, recovery rates, production estimates and estimated
economic return; the need for cooperation of government agencies
and native groups in the exploration and development of properties
and the issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs or in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed
in the Corporation's Annual Information Form for the year ended
December 31, 2010, which is available at www.sedar.com. The
Corporation is under no obligation to update forward-looking
statements if circumstances or management's opinions should change,
excepting as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements.
For further information, please visit
www.avantimining.com, or contact: Craig J. Nelsen
Chief Executive Officer 303-565-5491, extension 4471 or A.J. Ali
Chief Financial Officer 303-565-5491, extension 4472
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