ROUYN-NORANDA, QUEBEC–(Marketwired – July 26, 2016) – Explor Resources Inc. (“Explor” or “the Corporation”) (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the acquisition of 4 mining claims (24 mineral claim units) situated in the Porcupine mining division, district of Cochrane, in the Ogden and Prince Township, Ontario. These claims are continuous to the Ogden Property. With this acquisition, the Ogden property will now consist of 13 mining claims (96 mineral claim units) covering 1,540 hectares situated in the Porcupine mining division, district of Cochrane, in the Ogden and Price Townships.
Explor Resources Inc. will pay $3,000 CDN and issue 300,000 common shares to acquire a 100% interest in the additional claims of the Ogden Property. The optionors have retained a 2% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
The most significant deposits in Timmins are spatially associated with porphyry units that are in proximity to the Porcupine Destor Fault. The deposits appear to be also associated with splay faults that trend off and to the North of the Porcupine Destor fault inside an interpreted splay fault corridor.
The Ogden Property is contiguous on the east side of the Timmins Porcupine West Property. The Timmins Porcupine West Project has as a structural target model, developed by Explor based on the location of “Hollinger-McIntyre-Coniaurum System mineralization”. The Hollinger Mine is located on the south side of the Pearl Lake Porphyry while the McIntyre Mine is located on the North side. The Coniaurum Mine was located on the east end of the Porphyry. Two major faults are located in proximity to the gold mines is this area. The Burrows Benedict fault is located to the east while the Porcupine Destor is located to the south. In the Timmins Porcupine West area, the Mattagami River fault is located to the east while the Porcupine Destor Fault is located to the south. The TPW has the Bristol Porphyry with mineralization located on both the North and South side of the Porphyry. Only the south side of the Porphyry has been significantly explored. It should be noted that the Hollinger-McIntyre-Coniaurum (HMC) System has produced a total of over 30 million oz of gold and is spatially associated with the Pearl Lake Porphyry.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This Press Release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Québec with approximately 33% in Ontario and 67% in Québec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Québec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Limited is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
|Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au)|
|Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au)|
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
|Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au)|
|Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au)|
This document may contain forward-looking statements relating to Explor’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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