Advanced Gold Exploration Inc. announced the acquisition of an option on the Landrum gold property in South Carolina from Carolina Gold Resources ("CCR"). The Landrum Property is in the Carolina Gold Belt the home of at least five past producing gold mines and one currently producing gold mine. OceanaGold's Gold Haile Mine in this belt has a Proven and Probable resources of 2.45 million ounces of gold and a Measured and Indicated Resource of 2.98 million ounces of gold1. The modern mine has been in production since 2017. The Carolinas have been known to host gold deposits since the early 1800s and were the site of the first Gold Rush in America - before California. The Landrum Project covers two known gold occurrences - Landrum and Faulkner Mountain. Both have known high-grade gold occurrences and unexplored potential, Landrum The Landrum project is situated in Northern Edgefield County South Carolina. The mine was mined in the 1850s and shafting and drifting was carried out prior to the war in the late 1930s. Resampled and explored by Newmont in the mid-1980s including underground sampling, soil sampling and mapping. The Landrum system is comprised of two sub-parallel gold-bearing quartz veins consisting of silicified zones generally made up of 20-50% quartz with admixed sericitized argillite containing 2-10% pyrite with trace chalcopyrite. The veins vary in thickness from less than a meter to 10 meters and occur within a broad sericite-quartz-calcite-pyrite altered shear zone in argillite which strikes roughly N45°E and dip 60-70°NW. Historic Resource (non-43 101 compliant) of 424,000 tonnes at a grade of 4.82 g/t for approximately 67,400 ounces of gold. The principal Main Vein ore shoot is open down dip and down plunge with an indicated ore occurrence of approximately 350 ounces of gold per meter of slope. Resource grade mineralization in the Footwall Vein is generally lower, however, the higher-grade dual intercepts in DH 6 (20.09/2.1m and 6.19/1.9m) in the footwall zone are open up and down plunge. The vein is open along strike to the northeast. The ore-hosting shear zone was traced at surface for 600-700 meters northeast and southwest of the mine area and remains effectively untested away from the Main veins.
Samples collected by the Company's staff on surface during a site visit returned assays between 5.9 g/t and 112.0 g/t gold in grab samples. The Company's qualified person has not completed sufficient work to confirm the historic resource but believes that the methodology and professionalism of the persons calculating the resource was sufficient. The Faulkner Mountain property is located 5 km southwest of Landrum. A number of 1800's-era shallow
prospects with gold mineralization were located by CCR which prior to 2017 were untested by modern exploration. Exploration work by an optionor in 2017, under the direction of CGR, identified a new high-grade zone of gold in veins similar in style to Landrum. A significant intercept of 26.8 g/t Au over 1.5 m (vertical depth of 70 meters) from one of the three drillholes completed. This new discovery has not been followed up and is open in all directions.
James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify all historic information on the Property, particularly with regards to historical sampling, drill results, and technical work provided by Carolina Gold Resources and others. The Qualified Person assumes that sampling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.