Mr. Adrian Smith reports

AVANTE MINING CUTS 9 METRES AT 1.12% NICKEL AND INTERSECTS THE HIGHEST-GRADE NICKEL TO DATE AT THE VOISEY'S WEST PROJECT

Avante Mining Corp.'s new assay results returned the highest-grade intersection of nickel-copper mineralization at the Voisey's West nickel project to date with 2.84 per cent nickel (Ni) and 3.28 per cent nickel equivalent (NiEq) over one metre within a heavily mineralized interval over 18 metres, including nine metres of 1.12 per cent Ni from its maiden drilling program. The project is located within the same sulphur-rich host rocks and intrusive complex as the nearby Voisey's Bay mine and is located 70 kilometres west of the town of Nain, Labrador, Canada.

Highlights:

• High-grade nickel intercepts within hole VW-23-04 include 2.84 per cent Ni and 3.28 per cent NiEq over one metre within nine metres of 1.12 per cent Ni, and separately 1.97 per cent NiEq over three metres as part of a well-mineralized 18-metre interval at 0.99 per cent NiEq;
• High-grade nickel-copper intercepts from hole VW-23-05 include 14.78 metres of 0.86 NiEq, including three metres of 1.20 per cent nickel and 1.75 per cent NiEq with 0.94 per cent copper;
• Successfully identified new zone and expanded on the project's high-grade nickel intercepts 350 metres north of the previously drilled hole with 14 metres at 1.02 per cent Ni, including 2.15 per cent Ni over one metre;
• 2.84 per cent nickel in 50 per cent sulphide represents greater than 5 per cent Ni in a massive sulphide zone. This shows great potential for increased grades and potential for the future expansion of mining activities in the region with one of the world's most prolific nickel mines;
• Voisey's West is host to a magmatic sulphide system beginning at or near surface, the same deposit type that formed the nearby world-class Voisey's Bay mine which is host to 32.4 million tonnes (Mt) of nickel grading 2.13 per cent (proven and probable);
• Confirmed the newly developed project model extending the drilled area and identified new high-grade mineralization with a limited program and budget.

Adrian Smith, chief executive officer of Avante, commented: "We are excited to have drilled the highest grades at Voisey's West to date, this discovery underscores the potential of Voisey's West to host economically important nickel deposits. This high-grade intersection was discovered while testing the north extension of the one-kilometre trend containing greater than 1 per cent nickel in drilling within the overall 2.5-kilometre trend. We believe the new zone is host to continuous mineralization over 250 metres, of which the northern 150 metres remains completely untested. Having such an extensive area of continuous sulphides within the much larger corridor makes this new area a prime location to follow the magmatic nickel system to depth. Future targeting will include down-hole geophysics to aid in tracking the system vertically for the planned phase 2 program which will continue to expand the zone near surface while also testing to depth."

The Voisey's West mineralization shows many similarities to the Voisey's Bay, pyrrhotite-chalcopyrite-pentlandite sulphide mineralization located within feeder systems of the Eastern Deeps and Reid Brook zones where these zones traced well below one-kilometre vertical depth. Proven and probable reserves for underground mining operations (Reid Brook and Eastern Deeps zones) at Voisey's Bay are 23.6 Mt with grades of 2.17 per cent nickel, 0.91 per cent copper and 0.14 per cent cobalt (US-SEC). This highlights the potential for the Voisey's West system to be vertically extensive and remains open across the 2.5 km strike hosted on the project.

Drill core shows the typical density settling characteristics of a magmatic system where the hole VW-23-04 drilled at the steepest angle encounters higher sulfphide concentrations. Due to the vertically zoned nature of the mineralization, there is potential for massive sulphides to exist as pooled accumulations below, with even higher grades as part of a vertically extensive system.

Holes VW-23-04 and VW-23-05 were collared into shallow till cover overtop of a VTEM (versatile time-domain electromagnetic) anomaly and intersected a mottled gabbro intrusive with pervasive sulphides beginning at 3.9 metres and 1.2 metres, respectively, at the bedrock contact. The sulphides occur as fine-grained disseminations to semi-massive net-textured aggregates. Hole VW-23-04 was drilled at 360 degrees and 60-degree dip with the bottom contact of the mineralized interval at 35 degrees to core axis. Hole VW-23-05 was drilled at 360 degrees and 45-degree dip. The true thickness or extent of the zone is not known; additional drilling will aim to better define the orientation and extent. The new zone is visible in areas daylighting through till cover over approximately 250 m length within the overall 2.5-kilometre strike of the mineralized trend.

VW23-04 and VW23-05 are characterized by lightly disseminated to net-textured and semi-massive mineralization. Zones with accumulate semi-massive to massive sulphide veins are also observed throughout the mineralized intervals. VW23-05 contains a noticeable increase in chalcopyrite interspersed through the pyrrhotite. A relatively low abundance of visible pentlandite would suggest that pentlandite occurs as lamellae within pyrrhotite and chalcopyrite rather than eyes at the triple-junction boundary of pyrrhotite grains more common within massive ores. Detailed microscope and mineral chemistry will aid to determine mineralogical relationships.

Mr. Smith continues: "We are excited to continue working on the Voisey's West project, we are in a prime location adjacent to one of the world's most prolific nickel mines. We plan to conduct down-hole geophysics as part of a phase 2 drilling program currently being designed to target the deeper extent of the high-grade nickel mineralization encountered. Our goal with down-hole geophysics is to identify the areas where the sulphides settle into massive sulphide pools or pockets which should be part of the magmatic conduit system already identified at the Voisey's West project. Our team is eager to advance to the next phase of the exploration and to continue working with local communities and stakeholders."

About the Voisey's West project

The Voisey's West is located 50 kilometres from, and within the same intrusive complex and geological setting as, the world-class Voisey's Bay nickel mine.

The project is in the Churchill province of Labrador and underlain predominately by quartz-feldspathic and metasedimentary gneisses derived from plutonic and sedimentary rocks. The rocks are intruded by the multiphase Nain plutonic suite (NPS) composed primarily of anorthosite, troctolite, diorite and granitoids and are known to host nickel-sulphide mineralization.

Following the discovery of Voisey's Bay deposit, enhanced regional prospecting led to the discovery of three pyrrhotite-chalcopyrite-pyrite-pentlandite showings located on the Voisey's West, namely, Long Pond, All-About-It and No Baccy. Initial surface grab samples from the Long Pond and All-About-It showings returned up to 1.36 per cent nickel and 0.58 per cent copper, and 1.05 per cent nickel and 1.53 per cent copper, respectively. Continued work led to the identification of a primary mineralized corridor occurring over approximately 2.5 kilometres and multiple high-grade nickel drill intersections up to 14 metres of 1.02 per cent nickel, 0.51 per cent copper and 0.03 per cent cobalt.

Quality assurance/quality control

The drill core samples were split in two with one-half sent for analysis and the other retained for the company's records. The split samples were submitted to Eastern Analytical, an ISO 17025 certified lab, accredited and operating independently of Avante, for comprehensive analysis. Each sample was crushed to 80 per cent minus 10 mesh after which 250 grams were pulverized to 95 per cent 150 mesh. Thirty-gram subsamples were analyzed by fire assay with inductively coupled plasma mass spectrometry finish for gold, platinum and palladium. All samples were also analyzed for 34-element trace geochemistry where 200-milligram subsamples were totally dissolved in four acids and analyzed by inductively coupled plasma optical emission spectroscopy. Concentrations exceeding the upper detection limits for Ni, Cu or platinum group elements were subjected to a multiacid digestion and atomic absorption finish. In addition to the independent QA/QC procedures preformed at the independent laboratory, the company inserted blanks, field duplicates and standardized samples into the sample sequence.

Disclosure

Some results presented in this release are considered historic in nature. The qualified person for the company has not verified all of the historic sample analytical data disclosed within this release. While the company has obtained all historic records, including analytical data from the previous owners of Voisey's West and from various government databases, the company has not independently verified all of the results of the historic sampling. See news release dated July 6, 2023, for information on confirmation sampling completed by the company.

Mr. Smith, PGeo, is a qualified person as defined by National Instrument 43-101 for the Voisey's West project. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About Avante Mining Corp.

Avante Mining is a mining exploration company focused on developing high-value geographically significant projects, including Voisey's West. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.

Voisey's West is located in the same intrusive complex as the world-class Voisey's Bay nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13 per cent nickel, 0.96 per cent copper, 0.13 per cent cobalt, and additional measured and indicated 10.3 million tonnes of 0.87 per cent nickel, 0.65 per cent copper and 0.04 per cent cobalt. It represents one of the most competitive nickel operations globally.

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