Mar 1 2017
Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQB:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the acquisition of 6 mining claims (16 mineral claim units) situated in the Porcupine mining division, district of Cochrane, in the Ogden Township, Ontario. These claims are located in Ogden Township to the North and East of the Ogden Property. Highway 101 West is north of the property and provided excellent access to the city of Timmins. The claims were acquired because of encouraging results obtained in Explor's past exploration on this property.
Explor Resources Inc. will pay CDN $10,000 and issue 500,000 common shares to acquire a 100% interest in the additional Ogden claims. The optionors have retained a 2% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
With this acquisition, the Ogden property now consists of 21 mining claims (115 mineral claim units) covering 1,844 hectares situated in the Porcupine mining division, district of Cochrane, in the Ogden Township, Ontario. The Ogden property has been previously explored by Hollinger Mines, Tex-Sol Exploration, Inmet Mining Corporation, 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. On the TPW Gold Property significant mineralization was intersected below 300 meters of vertical depth requiring drill holes of 500 to 600 m in length. Explor has completed a drill program on the Ogden Property with the following encouraging results:
Hole #OG-16-02 intersected 2.06 g/t Au over 1.50m from 154.5 to 156.0 meters
Hole #OG-16-05 intersected 1.99 g/t Au over 1.80m from 438.0 to 439.8 meters.
The preliminary exploration program conducted by Explor consisted of six NQ holes for a total of 3,648 meters of diamond drilling. The holes averaged 600 meters in length. The property was found to contained favourable geology to host gold mineralization. The diamond drill program used geophysical targets identified by Explor's ground geophysical surveys conducted by Explor and Knick Exploration. The program was successful in that all IP targets were intersected. The geological environment identified was similar to the Timmins Porcupine West Property. Rock type intersected included Quartz Feldspar Porphyry (QFP), Mafic Volcanics, and Sulfide zones containing fine grain pyrite mineralization.
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.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources invites investors to visit our booth at the following conference:
Booth #2122 at the Investor Exchange of the PDAC 2017 located in the south building of the Metro Toronto Convention Center from March 5 to March 8, 2017.
The management team at Explor Resources Inc. looks forward to having you join us.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQB (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
Source: http://explorresources.com/