Explor Resources Inc. is pleased to announce the acquisition of a 37 mineral claims units package (4 claims) totalling 592 hectares, situated in Holloway and Marriott Townships in the Larder Lake Mining Division, District of Cochrane, Province of Ontario, contiguous to the PG-101 Gold Property.
With this acquisition, the PG-101 property now consists of 110 mining claims (195 mineral claim units) covering 3,122.8 hectares situated in the Larder Lake mining division, district of Cochrane, in the Marriott and Halloway Townships, Ontario.
Explor Resources Inc., will pay a total of $7,000 CDN and issue 300,000 common shares for an Option to acquire a 100 % interest in the Property. The Optionors have retained a 2.0% NSR in the property. This acquisition is subject to the approval of The TSX Venture Exchange.
The PG -101 additional claims are contiguous to the claim group where Explor's intersected 52.01 g/t Au over 3.0 m (Press Release of March 24, 2009) and adjacent to the eastern boundary of Kirkland Lake Gold's former producing Holt Mine Property and only a few kilometers east of their Holloway Mine property. Historic production (1988-2004) from the Holt (McDermott) Mine totals 8.18 million tons at a grade of 0.162 opt Au1(7.42 million tonnes @ 5.6 gpt Au). Measured and indicated resources reported as of Dec. 31, 2016 for the Holt Mine are 6.970 million tonnes at a grade of 4.2 gpt Au2. Production at the Holloway Mine to 2004 is reported as 4.73 million tons at a grade of 0.166 opt Au1 (4.29 million tonnes @ 5.7gpt Au). Measured and indicated resources reported as of Dec. 31, 2016 for the Holloway Mine are 1.370 million tonnes at a grade of 5.3 gpt Au2. Several other smaller deposits in the Harker-Holloway gold camp and in the vicinity of the PG-101 Property include the Buffonta, Mattawasaga and East zone deposits.
The PG-101 Property is underlain by the same succession of mafic volcanic flows, breccias, and tuffs that host the known gold deposits of the area. These volcanic rocks are cut by ENE trending faults that splay from the Porcupine-Destor fault zone ("PDFZ"). The PDFZ is a major deformation zone that crosses along the north boundary of the PG-101 claims in Marriott Township. Proximity to the PDFZ, the Kirkland-Larder Lake Break and other similar regional faults are characteristic of significant gold deposits of the Eastern Abitibi greenstone belt.
Explor plans to continue its exploration program on the PG-101 Property with the integration of this property with the existing property by the compilation of historic work, geological modeling, and the identification of high priority targets. Explor plans to start its exploration program in the spring of 2017. Explor plans on drilling on geophysical targets that were discovered in the fall of 2016.
Christian Dupont P.Eng is the qualified person responsible for the information contained in this press release.