Explor Completes Update on East Bay Exploration Program
ROUYN-NORANDA, CANADA--(Marketwired - Feb 17, 2014) - Explor
Resources Inc. ("Explor or the "Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is
pleased to announce the results of the East Bay Property
exploration program. The analysis of previous exploration by
Cambior and others has revealed several interesting targets. The
exploration program consisted of a preliminary 1500 meter drill
program.
This program is in line with the Corporation's strategy of
conducting exploration 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 3,203.71 ha of land
along this section of the PDFZ, as shown on the attached plan.
Explor's East Bay property is contiguous and wraps around the
western portion of the Clifton Star's Duparquet property as shown
on the attached plan. The East Bay property is approximately 0.5 km
west of the former Consolidated Beattie and Donchester Gold Mines,
which has produced over 1.0 million oz of gold between 1933 and
1956. Clifton Star has recently announced (Press Release dated June
28, 2013) significant open pit and underground resource on their
property.
The East Bay Gold Property is located to the west 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).
Drilling was aimed at two targets along the prolific fault zone,
respectively in Duparquet and Hébécourt Townships, consisted of 5
drill holes aggregating 1,224.0 metres.
Beattie West Target
Area (Duparquet Twp) consisted of a 1988 drill hole which
had cored sheared-altered rocks hosting a 0.93 metre-long
quartz-rich interval grading 6.4 g/t Au.
The four holes drilled in 2013 on this target (EXS-13-01 to
EXS-13-04) were laid out according to the follow-up drill program
proposed in 1988, through a tighter spacing. With an aggregate
total of 879 metres, all four drill holes encountered a sequence of
highly sheared and altered felsic tuffs and quartz porphyries, with
subordinate felsic and mafic volcanics and ultramafics.
Quartz flooding occurs through each drill hole; with fine pyrite
reaching 1% locally in the first three holes and 1-3% locally in
the fourth hole, the deepest of the drill program.
Weak gold mineralization was cored in drill hole EXS-13-01,
which returned 356 ppb over 1.5 m and in EXS-13-02 which returned
575 ppb over 1.5 m, in a 4.5 metre-long interval grading 301 ppb.
Because of folding, core angle measurements on the tectonic fabric
are quite variable throughout the drill sections, but dips are
commonly at 20-30 degrees, indicating southwestward dip.
Stronger gold mineralization was cored in drill hole EXS-13-04,
which returned 1.68 g/t Au over a 2.0 interval. The host rock is
rhyolite-looking, weakly pyritized (1-3% pyrite) and wedged between
strongly sheared to mylonitic quartz-floored felsic tuffs and
ultramafics.
The Wettring target
Area (Hébécourt Twp) consisted of a cluster of 5 drill holes
completed in 1945, in which numerous metre-long quartz-bearing
intersections returned 1.0 to 4.0 g/t Au. Quartz veining was
reported to be associated with a WNW- trending shear, a possible
low-angle splay fault off the east-west Destor Porcupine fault zone
to the south. The program proposed in 2013 consisted of locating
and testing the proposed WNW-trending gold-bearing splay fault.
The 345.0 meter-long drill hole (EXS-13-05) completed on this
target returned very encouraging results at depth and near the end
of the hole, including two narrow gold-bearing intersections
similar to those reported in 1945 and a very long intersection of
anomalous gold mineralization.
The two narrow intersections consist of 2.61 g/t Au over 1.2 m
in strong silicified, quartz-dolomite (ankerite) tourmaline
flooded, strongly sheared felsic tuffs; and 2.0 g/t Au over 2.0 m
intermittently quartz-dolomite (ankerite) flooded strongly sheared
quartz porphyry marked by strong sericite alteration and 1-10% fine
disseminated pyrite.
The long interval of anomalous gold mineralization was cored
over 19.5 m (64ft), returning assays ranging 122 to 809 ppb (0.12
to 0.81 g/t). This interval included 12.0 m (39.3 ft) grading 540
ppb (0.54 g/t) Au, which in turn included a 7.5 m (24.6 ft)
interval in which gold assays range 515 to 809 ppb (0.51 to 0.81
g/t), averaging 692 ppb (0.69 g/t).
This thick anomalous zone is hosted by strongly sheared and
sericitic quartz porphyry, marked by 10-40% quartz-dolomite
(ankerite) flooding with fuchsite and locally, tourmaline and
epidote; fine disseminated pyrite occurring in traces to 1-2%
locally. Core angle measurements on the tectonic fabric indicate a
vertical to very steep southern dip.
All casings were left in place and capped. Based on the presence
of geochemically anomalous gold down to the end of drill hole
EXS-13-05, deeping on this hole will be required in the future.
Altogether, 672 cores samples were collected and submitted for
analysis for gold during this program.
Assays were conducted on NQ sized half core sections. The
diamond drill core was logged and sampled following general
industry practices whereby logged and sample marked core is sawn in
half, with one-half bagged and tagged for shipment to the assay
laboratory and the remaining half of the sawn core returned to the
core box for storage and future reference. Blanks and assay
standards are inserted at regular intervals in each sample batch.
Assays are conducted using a standard fire assay technique on a 30
gram sample with a gravimetric finish by Laboratoire Expert Inc.,
of Rouyn-Noranda, Quebec. Routine duplicates are completed by
Laboratoire Expert inc. Pulps and rejects are returned and stored
in secure containers. Intersections are reported using drilled
widths unless specified otherwise, with assay values.
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 Rights Offering
Explor also announces that the rights issued pursuant to the
rights offering by prospectus dated December 17, 2014, have expired
on February 7, 2014 at 5:00 p.m. A total of 177,310 rights were
subscribed for an amount of $17,731 and the Corporation issued
177,310 common shares on exercise of these rights.
Explor Resources invites investors to visit our booth at the
following conference:
Booth #2122 at the Investor Exchange of the PDAC 2014 located in
the south building of the Metro Toronto Convention Center from
March 2 to March 5, 2014.
The management team at Explor Resources Inc. looks forward to
having you join us.
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.
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. 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.
To view the map East Bay Property, please visit the following
link: http://media3.marketwire.com/docs/927974_ENG.pdf
Christian Dupont, President888-997-4630 or
819-797-4630819-797-6050www.explorresources.comInvestor
Relations:Gary Lindsey, United States1-720-273-6224Michael Adams,
Europeinfo@star-ir.com
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