Explor Resources Inc. is pleased to announce the acquisition of a fifteen (15) unit mineral package located in the Duparquet Township, in the Rouyn-Noranda Mining Division, Province of Quebec for a total of 637.86 hectares. The units are contiguous to the East Bay Property. Explor will issue 500,000 shares to acquire a 100% interest in the additional East Bay claims. The vendors have retained a 1% NSR in the property.
This acquisition is in line with the Corporation's strategy of increasing its property along the Porcupine Destor Fault Zone (PDFZ), where several notable gold deposits have been found in the past, including the Timmins mining camp which produced more than 65 million oz of gold. The Corporation now owns 3,841.57 ha of land along this section of the PDFZ. The East Bay Gold Property is located to the west and north of the Consolidated Beattie and Donchester Gold Property and contiguous to the ground on which Clifton Star Resources Inc. continues to intersect wide width of gold mineralization (Press Releases dated June 19 and June 6, 2013).
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: "We are extremely pleased with the recent property acquisition. This makes us the owner of the largest contiguous land package in the Duparquet Mining Camp. We believe that the structure hosting the Beattie-Donchester Mines continues onto the Explor Resources Property. The claims were acquired because of the encouraging results of the exploration program completed on Explor's East Bay Property. We look forward to continuing an exploration program on our property."
Geological Context & Mineralization
The mineralization on the East Bay gold property is similar to the Beattie Island within Duparquet Lake and is hosted within the Destor Theolitic Unit of the Blake River Group. Mineralization is associated with interflow volcanic sediments between andesite flows and dioritic sills. The alteration consists of silicification, carbonization and considerable sulphide enrichment.
Explor would also like to announce that Mr. Rodrigue Tremblay has replaced Mr. Jacques Frigon as Chief Financial Officer of the Corporation, following Mr. Frigon's retirement and resignation. Mr. Tremblay has a Bachelor degree in administration and a master degree in management of small and medium sizes organizations. Mr. Tremblay will be acting as CFO but will not be joining the Board of Directors at the present time. We would like to thank Mr. Frigon for all his years on the Board of Explor and wish him a long and happy retirement.
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 (EXSFD) 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.
Source: http://www.explorresources.com/