Explor Announces Ogden Property Diamond Drilling Results
ROUYN-NORANDA, QUEBEC--(Marketwired - Aug 4, 2016) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the results of the Diamond Drilling Program on the Corporation's Ogden Gold Property. The property is located 12 kilometers southwest of the city of Timmins, Ontario. The property consists of 12 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, Ontario. These claims are contiguous to the east of the Corporation's Timmins Porcupine West Property (the "TPW Property"). This preliminary program consisted of three sets of two holes each. East set was located with an approximate 2 kilometer spacing as shown on the attached plan.
The property has been previously explored by Hollinger Mines, Tex-Sol Exploration, Inmet Mining Corp., Amax Mineral Exploration, Noranda Exploration and Knick Exploration. The majority of the holes drilled by previous operators were less than 100 meters in length. Historically on the Ogden Property, the only hole that hit significant mineralization was a diamond drill hole by Tex-Sol Exploration in 1965 which returned 6.0 g/t Au over 9.1 m at a shallow depth. Typically on the adjacent TPW Gold Property, higher grade mineralization was intersected below 300 meters of vertical depth requiring drill holes of 500 to 600 meters in length.
The most significant deposits in Timmins are spatially associated with porphyry units that are in proximity to the Porcupine Destor Fault. Also 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. Bearing that in mind, the preliminary exploration program consisted of six NQ holes for a total of 3,648 meters of diamond drilling. The holes averaged 600 meters in length. The preliminary goal of this Diamond Drill program was to test the IP Targets and to identify if the property contained favourable geology to host gold mineralization. The diamond drill program used geophysical targets identified by Explor's ground geophysical survey as well as IP work conducted by Inmet and Knick Exploration. The program was successful in that all IP targets were intersected. The geological environment identified is very similar to the Corporation's Timmins Porcupine West Property. As it was the case at TPW property, the rock type intersected included Quartz Feldspar Porphyry (QFP), Mafic Volcanics, and Sulfide zones containing fine grain pyrite mineralization.
The following results were obtained from this first drilling campaign:
Hole #OG-16-02 intersected 2.06 g/t Au over 1.50 meters from 154.5 to 156.0 meters.
Hole #OG-16-05 intersected 1.99 g/t Au over 1.80 meters from 438.0 to 439.8 meters.
Explor plans on analyzing the current results in context with the geological information obtained with this preliminary program and plans an exploration program for the fall/winter drilling season.
Assays are conducted on NQ sized half core sections. The diamond drill core is logged and sampled following general industry practices whereby logged and sample marked core is sawn in half, with one-half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Blanks and assay standards are inserted at regular intervals in each sample batch. Assays are conducted using a standard fire assay technique on a 30 gram sample with a gravimetric finish by Laboratoire Expert Inc., of Rouyn-Noranda, Quebec. Routine duplicates are completed by Laboratoire Expert inc. Pulps and rejects are returned and stored in secure containers. Intersections are reported using drilled widths unless specified otherwise, with assay values as simple averages of duplicates and gravimetric results.
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: "We are extremely pleased and encouraged by these preliminary drill results and the confirmation of the potential of the gold bearing environment. This drilling campaign indicates to us that this large property block could potentially host a major gold deposit, and merits further exploration."
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 Ltd. 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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Contact
Explor Resources Inc.
Christian Dupont
President
888-997-4630 or 819-797-4630
819-797-6050
www.explorresources.com
info@explorresources.com