Advance Metals : Expansion of Anderson Creek and commencement of exploration

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EXPANSION OF ANDERSON CREEK & COMMENCEMENT OF

2022 EXPLORATION PROGRAM

HIGHLIGHTS

• Expanded Anderson Creek by +200%

1. Satellite imagery technical interpretation complete

1. Satellite imagery indicate mineralisation was more extensive than previously available data

• 1. Highly prospective zones acquired over areas that indicate mineralisation to the north of the current claim area
• Ground Crews mobilised for exploration
• 1. 550 samples to be collected

• 1. Extensive mapping program
• Aeromagnetic surveys show structure in new claimed areas
• 1. Aeromagnetic surveys have identified areas that warrant further exploration and indicate that structures considered significant, continue to the north

Advance Metals Limited (ASX:AVM) (Advance Metals or the Company) is pleased to announce the Company has completed a staking program to expand the Anderson Creek Gold Project by an additional 83 federal mining claims.

A further geological review identified new target areas warranted further exploration. After the claims were filed, the Company mobilised ground crews to complete an extensive mapping and soils sampling program.

The Company has also completed a satellite imagery survey. The satellite survey identified areas to target for exploration and new areas with potential mineralisation.

When the data from the geological review and the satellite imagery survey had been analysed the Company overlayed the aeromagnetic surveys, which confirmed the potential for the new areas.

Advance Metals Chairman, Geoff Hill on the expansion of the Anderson Creek Project Area:

"The new areas identified for exploration show real potential for the Anderson Creek Project to be an exciting gold project. The teams on the ground will be mapping and taking samples in the newly claimed areas so we can commence the drilling permitting process. We are excited about the potential of the Anderson Creek Gold Project and hope to be able to demonstrate this to the market in the coming months."

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Anderson Creek Clams Expansion

The expanded area of the Anderson Creek Gold Project now totals 2,340 acres(947ha) and solidifies Advance Metals tenement holding in the region. The new areas contain similar geological features to the current area with the advantage of having remained largely underexplored. The Company believes the addition of the new claims allows it to prove up the potential for a deposit.

Figure 1: Anderson Creek Claim Extent

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Geological Review

The technical team completed a further review of the Anderson Creek area and identified several areas that warranted further exploration. The review took a wider interpretation of the project geology that identified geological areas previously not considered connected. These areas have had limited to no exploration on them. The exciting part of the new areas is that the location contains similar geology to the rest of the project area.

Target

Exploration

Zones

Figure 2: Exploration target areas within the Anderson Creek Gold Project area

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2022 Exploration Program

The Anderson Creek Exploration program will consist of an extensive mapping program, a geochemical and soil sampling program as well as rock chip sampling program. The objectives of this activity will be to:

1. Define drill targets,

1. Develop conceptual geological models,

1. Report a maiden JORC Exploration Target, and

1. Create and submit exploration permits to commence a drilling program

A regional geological mapping and rock chip sampling will be carried out across the project area. The objective of the mapping and sampling program is the develop exploration targets and drilling permits.

The soil and rock sampling campaigns will assist in the development of drill targets using machine learning. The extensive mapping campaign will focus on understanding the mineralisation controls and potential extensions of the deposit while also looking for potential drill sites.

This market announcement has been authorised for release to the market by the Board of Advance Metals Limited.

Figure 3: Anderson Creek Sampling Program

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About Advance Metals Limited

Advance Metals Limited (ASX:AVM) is an Australian exploration company with brownfield metals projects in North American. The Company's strategy is to develop a portfolio of projects that support the green economy through the discovery and delivery of commodities that promote electrification and decarbonisation. We seek to maximise shareholder value through the acquisition, discovery, and advancement of high quality precious, base, and strategic metal projects in North America. The Company utilises the expertise of our North American exploration team to identify underexplored and undervalued high-grade metal projects with significant geological potential.

The Company has 100% ownership of the Garnet Creek Copper Project and the Anderson Creek Gold Project. Both assets are located in the state of Idaho, USA. More details are available on

AVM's website www.advancemetals.com.au