ROUYN-NORANDA, QUEBEC–(Marketwired – Oct. 17, 2016) – Explor Resources Inc. (“Explor” or the “Corporation“) (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the start of a 2,000 meters diamond Drill program on the Chester Copper Property. The Chester Copper property is located in the Northumberland County, 70 km southwest of Bathurst, New Brunswick and 50 km west-northwest of Miramichi, New Brunswick, within the Bathurst Mining Camp. This area has an extensive history in base metal production from VMS deposits.
A new and updated geology map produced by Explor personnel as a result of their work on the west side of Clearwater Stream in 2014 indicates a westerly dip to the existing known mineralization. New soil sampling in 2014 indicates wide spread copper and base metal anomalies and favorable stratigraphy associated with the mineralized bedrock areas as well as the potential to discover new mineralization although there are very few outcrops in the area. Explor is planning a 2,000 meters diamond drill program to test the down dip extension of the mineralization outlined in the current 43-101 Technical report, as well as the Time Domain EM Survey conducted by Geotech in 2004 and the technical analysis completed by Condor Geophysical Consultants in June 2005.
A review of the 1996 Extech 2 airborne survey of the Bathurst Mining Camp as well as the Geotech Airborne survey completed by First Narrows in 2004 (Assessment report No 475973) outlines untested geophysical targets that are co-incident with the recent geochemical anomalies. The copper and base metal soil anomalies combined with the geophysical and new geological interpretations indicates there is a westerly down dip component to the stratigraphy as well as a steeply westerly sloping terrain.
There has been very little exploration work in this area of the Bathurst Mining Camp (BMC) since the initial exploration more than 60 years ago. Of significance also is the fact that three (3) age date studies of the rock in the area since 2005 have indicated an age of 469+/- 0.3 ma. All of the main largest VMS deposits in the BMC (including BMS #12 and #6, the Caribou Deposit (currently being developed by Travalli) and the past producing Heath Steele Mines, are associated with this age date for the footwall felsic rocks. That new data in 2007 places Explor’s Chester deposit is in the same time frame as the Brunswick Mining No. 12 and No. 6 deposits located in the BMC.
In 2014, an extensive ground exploration program was conducted on the Chester property, concentrating mainly west side of the Clearwater Stream in an area that has not been explored since the late 1950’s. The purpose was to explore the possibility of finding additional near surface mineralized zones similar to the known Chester Copper and VMS zones since it has already been confirmed (First Narrows 2004 and Historical drilling in 1967‐68) that the main zone Copper Stringer deposit exists for 500 to 700 metres west of the calculated resource. The 2013 exploration program has determined numerous near surface, as well as deep, exploration targets on the Chester claim group west of Clearwater Stream. This area is an area that has not been explored by grass roots methods since about 1959. The soil sampling and modern soil geochemical analytical procedures have proven to be invaluable in defining drill targets.
New Brunswick is the home of the No 12 massive sulphide deposit (The Brunswick Deposit) which was in continuous production from 1964 to its closure in March of 2013 (to Feb 2013, 135,903,168 tonnes milled at 3.44 % Pb, 8.74 % Zn, 0.37 % Cu and 102 g/t Ag). The Brunswick deposits (No 6 and No 12) are situated in the Nepisiguit Falls Group of rocks in the Lower Tetagouche group of the BMC. There are 46 known VMS deposits in the BMC.
The Chester Property is known to contain both a copper deposit and a VMS deposit. The copper deposit has an Open Pit resource with Measured & Indicated resource of 1,400,000 tonnes grading 1.38% Cu, 0.06% Zn & 3.5 g/t Ag and an inferred resource of 2,089,000 tonnes grading 1.26% Cu (assayed for Cu only).
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.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, 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 Québec with approximately 33% in Ontario and 67% in Québec. 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 Corporation was continued under the laws of Alberta in 1986 and has had its main office in Québec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
| Indicated: | 213,000 oz (4,283,000 tonnes at 1.55 g/t Au) | |
| Inferred: | 77,000 oz (1,140,000 tonnes at 2.09 g/t Au) |
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
| Indicated: | 396,000 oz (4,420,000 tonnes at 2.79 g/t Au) | |
| Inferred: | 393,000 oz (5,185,000 tonnes at 2.36 g/t Au) |
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 be 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.
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