SOURCE: Avanti Mining Inc.

Avanti Mining Inc.

September 20, 2011 08:00 ET

Avanti Intersects 598.5 Meters Averaging 0.077% Molybdenum at Kitsault

VANCOUVER, BC--(Marketwire - Sep 20, 2011) - Avanti Mining Inc. (TSX-V: AVT) (PINKSHEETS: AVNMF) ("Avanti" or the "Company") is pleased to announce that it has received assays from the next 14 holes of its 2011 drill program at the Kitsault Mine molybdenum project located in northwest British Colombia. The drilling program has been completed and totaled 32 holes for 9,989 meters at the Kitsault deposit, 11 condemnation holes total 558 meters around Kitsault and 26 holes totaling 2,803 meters at Roundy Creek for a total of 12,350 meters. Including the holes released in this press release, approximately 50% of the results are still in process. Results previously released on August 25, 2011 for the first six holes are restated in the table below after an error was discovered. This results in a moderate downgrade of several of these holes.

Drill highlights include:

  • Hole K11-18 intersected 271.3 meters averaging 0.0.88% molybdenum and 6.8 g/t silver and bottomed in mineralization
  • Hole K11-19 intersected 598.5 meters averaging 0.077% molybdenum and 16.9 g/t silver and bottomed in mineralization - the best hole drilled at Kitsault to date
  • Hole K11-20 intersected 335.8 meters averaging 0.082% molybdenum and 4.1 g/t silver
  • Hole K11-22 intersected 84 meters averaging 0.079% molybdenum and 16.8 g/t silver
  • Hole K11-31 intersected 213.6 meters averaging 0.069% molybdenum and 9.8 g/t silver and bottomed in mineralization
  • Hole K11-34 intersected 171.2 meters averaging 0.066% molybdenum and 14.2 g/t silver
  • Hole RC11-07 intersected 114 meters averaging 0.114% molybdenum and 1.7 g/t silver
  • Hole RC11-08 intersected 44.2 meters averaging 0.164% molybdenum and 1.1 g/t silver and bottomed in mineralization
  • Hole RC11-09 intersected 89 meters averaging 0.054% molybdenum and 1.4 g/t silver
  • Hole RC11-10 intersected 67.7 meters averaging 0.077% molybdenum and 1.2 g/t silver
  • Hole RC11-11 intersected 51 meters averaging 0.057% molybdenum and 2.0 g/t silver
  • Hole RC11-12 intersected 78.1 meters averaging 0.058% molybdenum and 1.6 g/t silver
  • Hole RC11-13 intersected 45 meters averaging 0.064% molybdenum and 1.3 g/t silver

"Results presented in this release complete the drilling along the northwest part of Kitsault and include the best hole drilled on the deposit in 35 years in hole K11-19," said Craig J. Nelsen, President & CEO of Avanti. "This hole ended in ore and was at the limit of the drills capabilities. Roundy Creek continues to reveal high grade holes as we systematically advance toward the western high grade portions of the deposit. We expect the drilling at Kitsault to convert a significant amount of Inferred resource to Indicated and Indicated to Measured."

Drill Results

A map showing the location of these drill holes relative to the previous drilling by all prior operators at Kitsault is available at www.avantimining.com or click the link below to view this map.

Kitsault Drill Hole Map: http://www.avantimining.com/i/pdf/KIT-DDH-2011-PR.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:

2011 KITSAULT DRILL RESULTS
Hole Number EASTING/ NORTHING AZIMUTH/
BEARING
TD (m) From (m) To (m) Length (m) % Mo ppm Ag
K11-18 473,000E/ 180/ 271.3 93.0 271.3 178.3 0.088 6.8
inc (0.05 c/o) 6,142,060N -45 114.0 271.3 157.3 0.097 7.0
inc (0.1 c/o) 156.0 210.0 54.0 0.140 5.8
K11-19 472,950E/ 0/ 606.6 8.0 606.6 598.5 0.077 16.9
inc (0.05 c/o) 6,141,700N -45 12.0 21.0 9.0 0.175 2.8
and
33.0 606.6 573.6 0.077 17.6
inc (0.05 c/o) 342.0 606.6 264.6 0.091 13.9
inc (0.1 c/o) 366.0 486.0 120.0 0.109 3.5
and
inc (0.05 c/o) 69.0 264.0 195.0 0.076 7.0
inc (0.1 c/o) 150.0 177.0 27.0 0.100 3.2
K11-20 473,050E/ vert 457.2 12.2 348.0 335.8 0.082 4.1
inc (0.05 c/o) 6,141,940N 12.2 222.0 209.8 0.107 4.3
inc (0.1 c/o) 12.2 135.0 122.8 0.134 4.0
K11-21 472,950E/ vert 313.9 4.6 33.0 28.4 0.048 5.9
inc (0.05 c/o) 6,141,700N 9.0 18.0 9.0 0.069 6.7
and
51.0 123.0 72.0 0.039 3.9
inc (0.05 c/o) 93.0 108.0 15.0 0.053 3.4
and
138.0 201.0 63.0 0.035 5.8
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
and
inc (0.05 c/o) 153.0 237.0 84.0 0.079 16.8
inc (0.1 c/o) 192.0 201.0 9.0 0.133 21.2
K11-31 473,300E/ 0/ 226.6 12.0 225.6 213.6 0.069 9.8
inc (0.05 c/o) 6,141,490N -65 18.0 225.6 207.6 0.070 10.0
inc (0.1 c/o) 39.0 54.0 15.0 0.088 6.2
and
inc (0.1 c/o) 87.0 114.0 27.0 0.104 3.1
and
inc (0.1 c/o) 189.0 198.0 9.0 0.126 5.7
K11-34 473,300E/ vert 179.5 2.8 174.0 171.2 0.066 14.2
inc (0.05 c/o) 6,141,490N 18.0 117.0 99.0 0.074 11.7
and
inc (0.05 c/o) 132.0 165.0 33.0 0.076 13.9

Roundy Creek Calculated Composite
Hole Number EASTING/ NORTHING AZIMUTH/BEARING TD (m) From (m) To (m) Length (m) % Mo ppm Ag
RC11-01* 468,640E/ 0/ 80.8 6.0 21.0 15.0 0.046 2.0
6,142,284N -60
RC11-02* 468,640E/ 0/ 104.9 27.0 48.0 21.0 0.028 1.5
inc (0.1 c/o) 6,142,260N -60
RC11-03* 468,620E/ 0/ 138.4 6.0 57.0 51.0 0.044 1.5
inc (0.05 c/o) 6,142,253N -60 12.0 27.0 15.0 0.056 1.6
RC11-04* 468,620E/ 0/ 114.9 3.7 54.0 50.3 0.047 2.7
inc (0.05 c/o) 6,142,228N -60 3.7 30.0 26.3 0.062 2.3
RC11-05* 468,600E/ 0/ 20.4 1.8 20.4 18.6 0.054 1.4
inc (0.05 c/o) 6,142,236N -60 12.0 20.4 8.4 0.073 2.2
RC11-05B* 468,600E/ 0/ 121.9 3.0 96.0 93.0 0.061 4.7
inc (0.05 c/o) 6,142,237N -60 12.0 81.0 69.0 0.069 5.6
inc (0.1 c/o) 42.0 57.0 15.0 0.100 2.2
and
114.0 121.9 7.9 0.036 4.4
RC11-06* 468,600E/ 0/ 152.4 3.0 114.0 111.0 0.063 1.9
inc (0.05 c/o) 6,142,207N -60 45.0 114.0 69.0 0.072 2.0
inc (0.1 c/o) 63.0 78.0 15.0 0.109 2.3
and
inc (0.05 c/o) 3.0 15.0 12.0 0.061 0.9
and
inc (0.05 c/o) 27.0 33.0 6.0 0.077 6.9
RC11-07 468,580E/ 0/ 136.8 6.0 120.0 114.0 0.114 1.7
inc (0.05 c/o) 6,142,237N -60 6.0 93.0 87.0 0.133 1.7
inc (0.1 c/o) 27.0 84.0 57.0 0.161 2.0
RC11-08 468,580E/ vert 48.8 4.6 48.8 44.2 0.164 1.1
inc (0.05 c/o) 6,142,253N 4.6 48.8 44.2 0.164 1.1
inc (0.1 c/o) 6.0 48.8 42.8 0.167 1.0
RC11-09 468,580E/ 0/ 121.3 4.0 93.0 89.0 0.054 1.4
inc (0.05 c/o) 6,142,264N -60 9.0 54.0 45.0 0.073 1.0
RC11-10 468,580E/ 238/ 95.1 1.3 69.0 67.7 0.077 1.2
inc (0.05 c/o) 6,142,290N -58 1.3 63.0 61.7 0.082 1.3
RC11-11 468,580E/ vert 54 3.0 54.0 51.0 0.057 2.0
inc (0.05 c/o) 6,142,290N 3.0 42.0 39.0 0.065 1.7
RC11-12 468,580E/ 0/ 108.2 3.0 81.0 78.1 0.058 1.6
inc (0.05 c/o) 6,142,270N -60 6.0 45.0 39.0 0.081 2.4
RC11-13 468,580E/ 0/ 99.1 1.7 24.0 22.3 0.046 3.0
inc (0.05 c/o) 6,142,290N -60 3.0 12.0 9.0 0.056 1.5
and
39.0 84.0 45.0 0.064 1.3
inc (0.05 c/o) 60.0 84.0 24.0 0.084 1.1
(1) Principal composites are calculated at a cut-off grade of 0.027% molybdenum as stated in the 2010 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.
(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.
(5) RC11-01 through RC11-06 (indicated with an *) are restated from results issued earlier on August 25, 2011 after an error was discovered.

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. 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 and the potential conversion of inferred mineral resources to indicated resources and indicated resources to measured resources 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.

Contact Information

  • 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