EGR Exploration Receives Approval for Exclusion of Claims on the Frenchman River Watershed Within the Detour West Property
Vancouver - EGR Exploration Ltd. (TSX-V:EGR) ("EGR" or the "Company") is pleased to announce that it has successfully submitted and received approval for exclusion of select claims on the Detour West Property that cover the Frenchman River Watershed. In the process of communication and engagement with the Moose Cree First Nation regarding the Detour West Property, it became apparent that there is significant importance to the sensitive area of the Frenchman River Watershed. As such, EGR applied for the exclusion and extension on claims held within the watershed in order to help protect them. EGR will continue to apply for exclusions on the area protected from future development. The twenty-seven claims in the exclusion are located on the western third of the Detour West Property (see fig1).
Daniel Rodriguez CEO and Director comments, "From day one, in doing our review of the Detour West Property we realized that the watershed is important not only for the Moose Cree First Nation but to the environment around us. We respect that and will continue to apply for successive exclusions in the future so that these claims remain protected within EGR."
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(Fig 1: Detour West property in red. French River Watershed in light green on western side of property)
Exploration Update
EGR is currently permitting 580 drill holes in order to maximize flexibility in upcoming exploration programs on the Detour West Property (see fig 2). These holes are planned in a modified grid format to cover tighter spaced areas over potential high priority targets while minimizing disturbance by using as much of the existing trail network and existing road access for the planned holes. The planned drilling will aim to collect till samples for gold grain analyses to identify gold dispersal trains in till, which may vector management to high priority targets representing the source of the gold anomalies. In addition, each hole will aim to test the upper few metres of bedrock to help classify lithology, alteration, potential structures and the presence of mineralization.
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(Fig 2: Planned and pending RC drill holes on Detour West property.)
Other Developments
Agnico Eagle Mines (Agnico) recently announced their 2024-2025 exploration plans for Detour Lake area. In addition to infill drilling and resource expansion of their west pit and western extension, Agnico is following up on some exploratory targets within five kilometres towards EGR's Detour West property (see fig 3).
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(Fig 3: Detour West property in blue bordering Agnico in purple. Arrow pointing to red box where Agnico is following up on drill targets 5km from Detour West. (Source: https://s21.q4cdn.com/374334112/files/PressReleaseImagesOnly/Q2-2024/Detour-Lake-Mine-Geology-and-Property-Map.png))
Corporate Update
EGR has submitted an application pending approval, for the Ontario Junior Exploration Program grant (OJEP). If successful, EGR would receive up to $200,000 in matching funds to apply for exploration of the Detour West property. This is a non dilutive transaction and goes into exploration.
"We continue to look at all our options with the Detour West property. Having additional drill holes planned allows us to be ready to react to results or pivot more quickly to an area of interest. With the application of this years OJEP grant we plan to execute on a program this winter to test our high priority target areas. Also, to have Agnico exploring west towards our property is exciting news." Daniel added.
The technical information contained in this news release has been approved by Brian Atkinson, P.Geo. who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend approximately 300 kilometres north of Timmins, Ontario. EGR's 34,681 hectare Detour West gold project is contiguous to Agnico Eagle's property which contains the Detour Lake Gold Mine and is approximately 20 kilometres from the mine, which is also hosted in the Abitibi Greenstone Belt.
For further information contact:
Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com
Forward?Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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