Explor Resources Inc. ("Explor" or "the Corporation") is pleased to announce the acquisition of 1 mineral claim (1 unit) totalling 16 hectares situated in the Porcupine Mining division, District of Cochrane, Wark Township, Ontario. This additional claim is east of the Glencore Kidd Creek Mine and contiguous to the existing Explor claims.
Explor Resources Inc. will pay $1,000 and issue 50,000 common shares at signature for an Option to acquire a 100% interest in the additional Kidd Township claim. The Optionor has retained a 2.0% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
The Corporation's Kidd Township Group of Properties are located to the North, South, West and East of the Glencore Kidd Creek Mine, located approximately 20 km north of Timmins, Ontario. This additional unit is contiguous to the Kidd Township property, and 600 meters east of the Glencore Kidd Creek Mine. This acquisition increases Explor's land position in the area to 2,611 hectares. The most obvious topographical feature in the area is the Glencore Kidd Creek open pit mine, located in the central portion of Explor's Kidd Township group of Properties.
The property is located in a Greenstone Belt composed mainly of sequences of Meta-Volcanic rocks cut by faults and deformation zones that lie in a NW-SE direction. There are many suites of Mafic Volcanic rocks as well. Excellent access to the property is provided by Hwy 655.
Exploration drilling completed by Explor to date has revealed a Major Fault Structure running to the west of the Glencore Kidd Creek Mine in a NW-SE direction. A thorough review of all existing geophysical data appears to support these findings. Drilling by Falconbridge in 1998 to the southeast of the Glencore Kidd Creek Mine (Hole # K26-01) returned 4.7m in which 4 of the 5 samples returned Zinc values from 4200 - 8900 ppm and Copper values that ranged from 700 - 2280 ppm. The Magnetic Anomaly associated with these results appears to continue onto Explor's property holdings. A series of untested AEM (Airborne Electromagnetic) conductors detected on the Kidd Township Property to the west, south and southeast of the existing Kidd Creek Mine clearly warrant further investigation.
The newly acquired property is approximately 0.6 km to the East of the Glencore Kidd Creek Deposit. Clearly, the newly acquired claim appears to be on the same Syn-volcanic Collapsed Structure as the Glencore Kidd Creek Mine and the Glencore Chance Deposit. Some of the EM (Electromagnetic) targets occur along magnetic boundaries suggestive of Rhyolite/Basalt contacts. The Glencore Kidd Creek Mine located to the South-west of the newly acquired property has produced 152,600,000 tonnes of Base Metal Ore (Cu-Zn-Pb-Ag) since it began production in 1966.
This acquisition is being made in support of Explor's belief in the "Cluster Effect of VMS (Volcanogenic Massive Sulfide) Deposits". Well known examples of the cluster effect of VMS Deposits are the Bathurst Mining Camp where 47 deposits have been found to date, including the Brunswick No.12 and the Brunswick No.6 Mines where more than 130,000,000 tonnes of Base Metal Ore has been produced to date; and the Noranda Mining Camp where 18 deposits have been found to date, with 68,100,000 tons of Base Metal Production from the Horne Mine and Quemont Deposits alone. The presence of Mafic and Felsic rocks on the Kidd Township Properties with anomalous zinc and copper supports the opinion that additional VMS Deposits exist in the immediate vicinity of the Glencore Kidd Creek Mine.
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.