Explor Updated 43-101 Technical Report for the Chester Copper
Property
ROUYN-NORANDA, CANADA--(Marketwired - Apr 10, 2014) - Explor
Resources Inc. ("Explor" or the "Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is
pleased to announce the completion of an updated independent 43-101
Technical Report (the "Technical Report") for the Chester Copper
Property, located in North-central New Brunswick, Canada.
Explor commissioned Robert Sim, P.Geo, in March 2014, to provide
an updated Technical Report for the Chester Copper Property. In
2008, Robert Sim submitted a 43-101 Technical Report dated May 30,
2008 for the Property to First Narrows Corp. ("FNR"), who were the
owners of the property at that time. Since 2008, and the subsequent
change of ownership, there has been essentially no additional work
conducted on the Property, except for some limited prospecting.
This report summarizes the work conducted to date. There has been
no drilling or other work since that time that could affect the
resource estimate and, therefore, the 2008 model remains valid for
the Chester project. The 2008 resource considered only an
underground mining scenario for the project. This updated statement
of mineral resources has been altered to reflect current metal
prices and has been evaluated considering a combination open pit
and underground extraction options. The effective date of the
resource estimate presented in this Technical Report is March 7,
2014.
The Property is located in 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. The Property consists of four claim groups with 114
contiguous mineral claim units covering a total area of
approximately 2,508 hectares.
The Chester deposit was originally discovered in the mid-1950s
and it has undergone numerous exploration and delineation drilling
programs with almost 800 holes drilled on the Property to date. The
Property hosts several small zinc-copper massive sulphide deposits
which are underlain by an extensive copper-bearing Stringer zone.
An underground drift, totaling approximately 470 m, was driven in
1974-75 to evaluate the nature of the mineralization in the
Stringer zone. At that time, a small amount of material was
extracted from this drift and processed at the nearby Nigadoo River
Mine owned by the Sullivan Group out of Val d'Or Quebec. During the
period from 2002 through 2008, FNR drilled a total of 198 holes on
the Property; the primary objective was to delineate the upper
portion of the Stringer zone of the deposit in order that
commercial production could be initiated. This work culminated in
the generation of a mineral resource estimate that was originally
described in the May 20, 2008 Technical Report. There has been no
additional work conducted on the Chester Property that would
influence the 2008 estimate of mineral resources.
The Technical Report includes mineral resource estimates for the
Stringer zone mineralization on the Property. The resource estimate
has been generated using drill hole sample assay results and the
interpretation of a geologic model which relates to the spatial
distribution of copper and minor constituents of zinc and silver.
Interpolation characteristics have been defined based on the
geology, drill hole spacing, and geo-statistical analysis of the
data. The resources have been classified by their proximity to the
sample locations and are reported, as required by NI 43-101,
according to the CIM Definition Standards on Mineral Resources
and Mineral Reserves.
Extensive analysis of the drill sample database shows that it is
sound and reliable for the purposes of resource estimation. The
resource model has been developed in accordance with accepted
industry standards resulting in a mineral resource defined within
the Measured, Indicated, and Inferred categories.
As required under NI 43-101, "reasonable prospects of economic
viability", has been demonstrated assuming a combination of open
pit and underground extraction options. An open pit cut-off grade
of 0.5% copper and an underground cut-off grade of 2% copper are
considered appropriate based on assumptions derived from operations
with similar characteristics, scale and location. It is important
to realize that the mineral resources listed in below table are not
mineral reserves as the economic viability has not been
demonstrated. Note that resources in the Inferred category are
primarily based on older drilling that does not have sufficient
analysis for zinc and silver to support reliable resource grades
for these elements.
MINERAL RESOURCE ESTIMATE - CHESTER DEPOSIT (MARCH 7, 2014)
Class |
Cut-off (Cu%) |
Ktonnes |
Cu (%) |
Zn (%) |
Ag (g/t) |
In-Pit |
Measured |
0.5 |
101 |
1.87 |
0.14 |
6.7 |
Indicated |
0.5 |
1,296 |
1.34 |
0.06 |
3.3 |
Measured and Indicated |
0.5 |
1,397 |
1.38 |
0.06 |
3.5 |
Inferred |
0.5 |
2,060 |
1.25 |
n/a |
n/a |
Below Pit |
Inferred |
2.0 |
29 |
2.33 |
n/a |
n/a |
Combined |
Measured |
0.5 |
101 |
1.87 |
0.14 |
6.7 |
Indicated |
0.5 |
1,299 |
1.34 |
0.06 |
3.3 |
Measured and Indicated |
0.5 |
1,400 |
1.38 |
0.06 |
3.5 |
Inferred |
Variable |
2,089 |
1.26 |
n/a |
n/a |
Note: Inferred resources are based primarily on older drilling
results which do not have sufficient zinc and silver analyses to
generate resource grades for these elements.
Robert Sim, P.Geo, an independent consultant, served as the
Qualified Person responsible for preparing the Technical Report, as
defined in National Instrument 43-101, Standards of Disclosure for
Mineral Projects (NI 43-101), in compliance with Form 43-101F1 (the
Technical Report). Mr. Sim is a Geologist with more than 30 years
of experience primarily in base and precious metals exploration,
operations, resource modeling, and feasibility-level evaluations.
Mr. Sim has worked on similar volcanogenic massive sulphide (VMS)
deposits, including the Winston Lake deposit in Ontario and the
Cayeli deposit in Turkey. Mr. Sim received assistance from
Geo-statistician Bruce Davis, Ph.D., FAusIMM, of BD Resource
Consulting, Inc. Mr. Sim has reviewed and approved the content of
this Press 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.
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.
Christian Dupont, PresidentTel: 888-997-4630 or
819-797-4630819-797-6050webite: www.explorresources.comInvestor
Relations:Gary Lindsey, North AmericaPh: 1-720-273-6224Michael
Adams, EuropeE-mail: info@star-ir.com
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