Toronto, Ontario--(Newsfile Corp. - September 26, 2025) - Advanced Gold Exploration Inc. (CSE: AUEX) ("AUEX" or the "Company") is pleased to announce that on September 22, 2025, the Company and Heritage Mining Ltd. (the "Purchaser") entered into an asset purchase agreement (the "Agreement") pursuant to which the Company agreed to sell the Purchaser (the "Proposed Transaction") it's 75% legal and beneficial interest in several mineral claims comprising the Melba property (the "Property").
As consideration for the Property, the Company shall receive: (i) CAD$50,000 payable in cash, for technical services, over a period of 12 months (being equal installments of CAD$4,166.67); and (ii) such number of common shares in the capital of the Purchaser (the "Consideration Shares") equal to CAD$350,000, issuable to the Company in four equal tranches.
Completion of the Proposed Transaction contemplated by the Agreement remains subject to the Purchaser completing due diligence on the Property, the approval of all regulatory and other approvals, including the approval of the Canadian Securities Exchange.
Mr. Jim Atkinson, CEO of AUEX commented, "We are excited to become a large shareholder of Heritage Mining through the sale of our interest in the Property. We are confident that the management of the Purchaser have the funds and the expertise to advance the project. The Purchaser also has large land holdings in Northwestern Ontario with potential for gold mineralization and we are convinced that the Company will benefit from the advancement of these grounds as well as the continued exploration of the Property. The signed agreement gives the Company immediate cash and shares and will also result in future share issuance which can be used in a non-dilutive way to advance the Company."
About the Property
The land package is located on a major geological feature in the Timmins- Kirkland Lake Camp and is on strike with McEwan Gold's Black Fox and the former Ross Mine.
Figure 1 Location of Melba Property NW of Kirkland Lake
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The Melba Mine development commenced in 1936 and ceased on the declaration of World War II. Nordex Explosives funded work on the property and gained ownership of 16 patent claims including the mine site. Nordex Explosives was acquired by EPC Canada a large explosive company from Europe. On the 01 June 2020 the patents were posted for staking as no work or lease payments had been completed except for lease 109680 totaling 5 claims including the mine workings which is in good standing until 2036.The lease was purchased from EPC Canada which includes a 2% NSR which may be purchased in full for $ 500,000.00. Mr. Patrick Culhane presently holds 76 claims on strike, contiguous including the mine site.
The gold mineralization on the Property is open on strike and in depth, there are excellent work records for study. The lease 109680 includes 5 claims and the mine workings and is in good standing until 2036. At least four gold bearing veins are found on surface and diamond drill holes have intersected the veins at depth in previous drilling programs. The deepest diamond drill hole to date is by Melba Mines Ltd., # 37-14, 391.52 feet, 45-degree angle. The report 26 March 1938 over the signature of J.E. Gill recommends sinking the shaft 2 additional levels 300 and 500 feet. The report ministry of northern development and mines 42A08SE2005 Gleeson- Ross Mine page 10 indicates the Melba mine site includes the geological signature similar to the Ross Mine, which is situated to the NW on strike, in Holtyre.
The Property is readily accessible and is situated approximately 25 km north of Kirkland Lake and 15 km from the village of Holtyre and the former Ross mine between Provincial Highways 11 and 101. Former logging roads allow access to the western edge of the Property and a former mine road will allow access to the mine site after some brushing and rehabilitation.
The property consists of 68 claim units and one lease situated in Melba Township.
Melba Property outline - Note abundance of Drill Holes Indicated on adjacent property to the Northeast
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History of Melba Mine
The Melba Mine development commenced in 1936 and ceased on the declaration of World War II. Nordex Explosives funded work on the property and gained ownership of 16 patent claims including the mine site. Nordex Explosives was acquired by EPC Canada a large explosive company from Europe. On the 01 June 2020 the patents were posted for staking as no work or lease payments except for lease 109680 of 5 claims including the mine workings in good standing until 2036.
Summary of Past Work
1934: gold discovered.
1936: Melba Gold Mines Limited - surface sampling, trenching, DD-20-4371 ft diamond drilling, 246 ft. deep inclined shaft excavated; 900 ft. of lateral work.
1939: Teck-Hughes Gold Mines Limited - property optioned, mapping and sampling; 4 ton bulk sample taken over 60 ft.
1954-1957: E. Kittleson - DD-9-871.5 ft., assays 1960: D.F. Hurd - DD-2-326 ft., assays.
1959-1964: Pitchvein Mines Limited - company bulldozed part of the outcrop, dewatered the shaft, mapped the outcrop and underground workings; resampling; DD-28. Surface and underground diamond drilling was completed by Pitchvein Mines.
1977: Rio Tinto Canadian Exploration Limited - ground magnetometer and VLF-EM survey.
1981: Silverpack Resources Limited - property acquisition.
1987: Cameos Minerals (1980) Ltd. - airborne magnetic, VLF-EM survey.
1988: Melba Gold Limited - airborne magnetic and VLF-EM survey.
Mineralization
Four gold-bearing quartz-calcite veins were prospected and trenched on the property. These include Rolling Vein, Mike Vein, Blue Vein and Contact Vein. Of the veins, the Blue Vein is the most important and upon which the underground work was completed. A small wedge of metavolcanics has been faulted into an area of metasediments. The rocks are intruded by a monzonite dike and several hornblende diorite dikes. The Blue Vein occurs in greywacke and runs parallel to the faulted contact between the andesite and greywacke.
The Blue Vein was traced for 600 feet (300 meters); with the best gold showings on the eastern 180 feet (55 meters). All 20 diamond drill holes completed in this area intersected the Blue Vein with visible gold reported in 10 of the first 18 holes. DDH No. 18 intersected a second vein north of the Blue Vein that ran 0.293 oz/t (9.7 g/t Au over 0.5 meter). In underground work on the blue Vein, a 200 ft (60 m) section was reported to have 0.371 oz/t gold over 3 feet ((12.7 g/t over 1 meter). The face sampling ran up to 0.385 oz/t gold over 40 inches for 169 ft (13.2 g/t over 1.1 m for 51.1m). In 1939, sampling by the Teck-Hughes Mines Limited returned an assay of 0.327 oz/t Au over 4.5 ft (11.2 g/t over 1.4 m) and the bulk sample returned 0.210 oz/t Au over 4.5 feet (1.5 m).
Sampling of drill holes by Pitchvein Mines Limited returned values ranging up 3.5 ounces (120 g/t) over narrow width. Samples from the underground workings returned assays as high as 3.7 ounces per ton (128 g/t). Silver values in DDH S 62-1 returned values up to 0.22 oz/t Ag.
Sampling by Pitchvein Mines Limited in 1960 returned assays from the Blue Vein as high as 0.471 oz/t Au over 3.2 ft. for 170 ft (161.5 g/t over 1.1m for a length of 52 m). The Breccia Vein returned 0.658 oz/t Au over 3.1 ft (22.6 g/t over 1.1 m). Gold values from the 1960 drilling by Pitch Vein Mines Ltd. returned values up to 1.11 oz/t Au over 2.4 ft (37.7 over 0.7 m).; most of the drill holes returned visible gold.
Mineralization on the Melba Property is characterized by lode style quartz veins and silicified brittle shear zones. Most of the historical work conducted on the property has been focused on the occurrences that comprise the main veins. The surrounding and on-strike units have never been drilled. Auriferous quartz veins are the most prospective mineralization style and generally are discontinuous, echelon tension veins probably related to offsets of the Regional Porcupine-Destor Fault which occurs to the north.
Recent drilling has exposed a new style of mineralization comprising porphyry dykes with disseminated pyrite. Anomalous gold is seen across the width of the dykes with thickness up to eight meters. This target has never been explored.
QUALIFIED PERSON
James Atkinson M.Sc., P. Geo., a Qualified Person ("QP") as such term is defined in NI 43-101, has reviewed and approved the geological information reported in this news release. The Qualified Person supervised the work completed by AUEX but 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 others. The Qualified Person assumes that past 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.
ABOUT ADVANCED GOLD EXPLORATION INC.
Advanced Gold Exploration (Formerly Advance United Holdings Inc.) is a Canadian mineral exploration company. We've acquired a portfolio of undervalued gold and copper properties and are increasing their value through the application of modern technology, new ideas and systematic exploration. We have a growing pipeline of similar properties that we are looking to acquire. We are involved exclusively in the acquisition and advancement of past projects - with no intent to bring them back into production or to mine them ourselves. Our expertise is in identifying and acquiring undervalued properties with significant historical work, which were uneconomic at the time. We believe we can enhance their economic value at today's prices. We fund the re-working historic data and applying modern technology to underwrite new qualified reports, document quantifiable resources and reserves to current standards, thereby recognizing the current value. Our purpose is to bring immediate and long-term value to our partners and shareholders while seeking to reduce exploration risk, so that we can all advance in the shortest possible time frame.
For additional information about us, our projects, or to find out how we can assist in the advancement of your project contact our CEO.
Contact Information
James Atkinson, M.Sc., P. Geo.,
CEO Advanced Gold Exploration Inc.
Email: jim@advancedgoldexploration.com
Tel: (647) 278-7502
Forward-Looking Information and Cautionary Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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SOURCE: Advanced Gold Exploration Inc.
