New program to target high grade extensions to Happy Valley

Advance Metals Limited (“Advance” or “the Company”) is pleased to provide an update on its ongoing exploration program at the Myrtleford Project in the Victorian Goldfields, Australia. Advance recently entered into a binding agreement with Serra Energy Metals Corp. (CSE:SEEM and OTCQB:ESVNF) to acquire an 80% interest via joint venture on the high grade Myrtleford and Beaufort Gold Projects¹.

HIGHLIGHTS:

• Advance’s initial exploration program at Myrtleford is now complete with eight holes drilled for a total of 1,665.4 metres
• Results for the first four holes from the Happy Valley prospect were recently released, with high grade intervals including 8.2 metres at 22.4g/t Au in AMD001², 2.G metres at 6.7g/t Au in AMD002³, 7.5 metres at 47.Gg/t Au in AMD003³ and 1.1 metres at 18.2g/t Au in AMD004⁴
• Results are currently pending for four holes (AMD005-008) drilled in the Twist Creek region at Myrtleford, with final assays expected in June
• Advance’s Board have now approved a significantly expanded, ten-hole follow-up program for the Happy Valley Trend that will comprise:
  • Six additional diamond holes at the Happy Valley Prospect targeting extensions to the known high grade gold mineralisation up and down plunge and along strike (Figure 1)
  • Maiden drilling at Sheard’s Reef (two holes) and Queen of the Hills (two holes), extending drilling over a six-kilometre portion of the Happy Valley Trend
  • Drilling is expected recommence in approximately four weeks, subject to the receipt of requisite approvals
• Additional drilling at regional targets in the Barwidgee and Twist Creek areas is also currently being investigated, with these targets to be finalised upon receipt of the pending drilling results at the latter

Figure 1. Schematic long section looking southwest at Happy Valley showing proposed follow-up drilling locations (yellow crosses), targeting extensions to the known high grade gold mineralisation1-4.

New drilling program to extend high grade zone at Happy Valley

After commencing its maiden drilling campaign in late February 2025, Advance Metals has now completed an eight hole program at the Myrtleford Project in the northeastern Victorian Goldfields. A total of 1,665.4 metres was drilled in the initial program, with impressive high grade gold results recently released for the first four holes completed at the Happy Valley Prospect (Figure 1). This included 8.2 metres at 22.4g/t Au incl. 3.2 metres at 54.7g/t Au in AMD001, 2.G metres at 6.7g/t Au in AMD002, 7.5 metres at 47.Gg/t Au incl. 1.3 metres at 271.6g/t Au in AMD003 and 1.1 metres at 18.2g/t Au in AMD004^2,3,4.

The intersection of high to very high grade gold mineralisation in all four of the initial holes at Happy Valley has given the Company significant confidence in the ongoing potential of the system. The Company’s Board have now approved a significant follow-up drilling program that will target extensions to the known gold mineralisation both up and down plunge and along strike in both directions (Figure 1). The program is currently expected to comprise an additional six holes in the immediate Happy Valley Prospect area, with drilling to recommence at the site in approximately four weeks - subject to the receipt of requisite government approvals.

The proposed program will also feature maiden diamond holes at new prospects in both directions along strike of the Happy Valley Mine, extending drilling to a six-kilometre portion of the broader Happy Valley Trend. Two holes are currently planned for existing historic workings at Sheard’s Reef, located approximately 1.5km to the west-northwest of the current drilling, targeting beneath high grade rock chips of up to 42.5g/t Au⁴. Two holes are also planned at Queens of the Hills 4.5 kilometres to the east-southeast (Figure 2). These holes are currently expected to be completed immediately following the drilling at the Happy Valley Mine.

Figure 2. Plan of the southeastern portion of the Myrtleford Project highlighting previous and new rock chip sampling over the Happy Valley Trend (ASX AVM 17 January & 5 May 2025) along with proposed drilling along a six-kilometre portion of the trend.

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