Explor Resources Inc. Increases Timmins-Porcupine West Property
22.03.2011 | Marketwire
ROUYN-NORANDA, CANADA -- (Marketwire - March 22, 2011) - Explor Resources Inc. (TSX VENTURE: EXS) is pleased to announce the acquisition of 3 patented mining claims located in the Ogden Township in Ontario. The claims added to the Timmins Porcupine West Project are located in the famous Timmins-Porcupine mining camp within proximity to past and existing producers.The Timmins Porcupine West Project will increase in size to consist of 185 unpatented mining units and 3 patented mining claims located in the Bristol and Ogden Townships in the Timmins-Porcupine Mining Camp for a total 3,200 hectares. The highway 101 bisects the property and provides access from the city of Timmins located 13 km to the east.
Explor Resources inc. will pay upon regulatory approval a total of $20,000 CDN and issue 200,000 common shares over a 1 year period to acquire a 100% interest in the additional 3 patented mining claims. The Optionors have retained a 2% NSR in the property.
The acquired property has been previously trenched and a quartz vein has been identified with alteration features and favourable mineralization. Several airborne geophysical anomalies are located on the property and have yet to be evaluated.
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 Timmins Porcupine West Project has as a Target Model "The Hollinger-McIntyre-Coniaurum System." The Hollinger-McIntyre-Coniaurum (HMC) System has produced a total of over 30 million oz of gold is spatially associated with the Pearl Lake Porphyry. The high-grade gold bearing quartz veins which hosted the bulk of the gold at the HMC occurred in the adjacent mafic volcanics, located outboard from the porphyry itself.
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).
This press release was prepared by Explor Resources Inc. Neither the TSX Venture Exchange Inc 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, Quebec, 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 Quebec with approximately 33% in Ontario and 67% in Quebec. 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 Company is headquartered in Quebec and was incorporated in Alberta in 1986.
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 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.
Contact Information
Explor Resources Inc.
Christian Dupont
President
888-997-4630 or 819-797-4630
819-797-6050 (FAX)
www.explorresources.com
Stratastar Marketing Group LLC
Investor Relations
Gary Lindsey
1-720-273-6224