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New Listing: Avalon Works Corp. (TSXV:AWB)

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Avalon recently acquired the Elmtree Gold Project, located about 20 kilometres northwest of the City of Bathurst, New Brunswick, at a cost of $7,350,000 which was settled by a cash payment of $350,000 and the issuance of 14 million shares at a deemed cost of $0.50 per share, subject to a 2% NSR.

Additional Information:

Company: Avalon Works Corp.
Stock Symbol: TSXV: AWB
Date Published: Mar 3, 2021
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

Avalon Works Corp. is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “AWB”.

Avalon recently acquired the Elmtree Gold Project, located about 20 kilometres northwest of the City of Bathurst, New Brunswick, at a cost of $7,350,000 which was settled by a cash payment of $350,000 and the issuance of 14 million shares at a deemed cost of $0.50 per share, subject to a 2% NSR.

The Elmtree Gold Property, which consists of two Tenure Blocks, covers a combined area of 1,063.326 hectares.

The property can be accessed by vehicle from Bathurst on all-weather paved Primary and Secondary roads by travelling approximately 28 kilometres.

Numerous private roads, in conjunction with historical drill and trenching access roads, provide excellent access routes throughout the entire property.

Historical exploration work led to the discovery of two gold deposits, the West Gabbro Zone and the Discovery Zone deposits, the Elmtree nickel-zinc polymetalic deposit, and the Elmtree 4 zinc occurrence.

Numerous exploration programs have been conducted at the Elmtree Property since the discovery of the Discovery Zone and West Gabbro Zone mineral deposits in the mid-1980’s.

Avalon has gained access to extensive historical exploration work information that was conducted by the various companies at the Elmtree Gold Project, including two historical resource estimations that were documented by past operators.

Two anomalous trends are evident: a distinct east-northeast trend coincident with the Elmtree Fault that extends through the Discovery Zone deposit, and a smaller tightly spaced cluster of anomalous gold-in-till assays to the south of the main trend.

The most recent documented exploration work at the Elmtree Property included a 2017 geophysical induced polarization and resistivity survey.

The company is well financed having recently raised $1,452,000 from a private placement of 2,640,000 flow-through shares priced at $0.55 per share.

Concurrent with the listing, the company raised an additional $3,588,500 from a private placement of 7,177,000 shares priced at $0.50 per share.

The shares are trading at $0.60.

For more information, please refer to the NI 43-101 Technical Report on Sedar, contact Nick Stajduhar, at 780-701-3216 or email nickstaj24@gmail.com.

I’m Ashton Addison for Investmentpitch Media