EGR Expands Detour West Property,
Detour-Fenelon Gold Trend, Ontario
Vancouver, BC, February 27, 2023 --
InvestorsHub NewsWire -- EGR Exploration Ltd. (TSX-V:EGR) ("EGR" or the "Company") is pleased to announce that
it has acquired an additional 50 claims in Detour Lake Area
increasing the Company's land holdings to 40,255 ha. The Company
would also like to provide a Detour West property exploration plan
update.
Property Acquisition
The 50 claims
acquired are located within EGR's Detour West property, which
consolidates the entire area (see
Fig.1). EGR's interpretation of the existing magnetics data
over the newly acquired claims shows the potential for
segments of the Sunday Lake Deformation Zone [SDLZ],
Massicotte Deformation Zone [MDZ], and secondary splays from them,
to extend onto the property.
(Fig 1. Indicative location of
the new claims and interpreted deformation zones)
Under the terms of
the acquisition agreement, EGR paid the Vendor $2,450 in cash and
granted a 1.25% Net Smelter Return (NSR) under the terms of a
Royalty Agreement. The Royalty Agreement also contains a provision
that allows for a reduction of the Royalty Interest to 0.75% by
making a payment of $250,000 to the Vendor at any time before the
property reaches commercial production.
Exploration Plan - Detour West Exploration
Plan - Detour West
The geological team
has spent the last two months consolidating and compiling data
regarding the Detour West property and defining work programs for
2023 and 2024.
Spring/Summer
2023
-
Flying high-resolution airborne
magnetics this spring to cover the entire eastern two-thirds of the
property, filling in areas not covered by prior smaller, targeted
airborne magnetics surveys (See Fig.
2). The new data will be
used to refine targets for EGR's current and future drill
plans.
Summer
2023
-
A field program will be
implemented to follow up on a previous Lidar survey, investigate
outcrops identified from the survey, and plan access and drill pad
locations for drilling.
Fall
2023 - Winter 2024
-
Completion of
permitting.
-
EGR will initiate a till sampling
program in mid-December 2023 and is expected to continue through
the winter. The goal will be to test for gold in glacial till and
identify potential gold grain dispersion trains emanating from gold
mineralization associated with the extensions of known deformation
zones.
-
Drilling will also sample bedrock
along the zones to help build a more detailed lithological map for
the property, which is largely covered by glacial till. Specific
targets will be identified upon receipt and interpretation of the
airborne magnetics data; however, preliminary plans are for 75 RC
holes on 750-metre-spaced fences, and each fence will consist of
350-metre hole spacing.
All this
information can be found in the corporate presentation on the EGR
website www.egrexploration.com.
(Fig 2. Current Combined Airborne
Magnetics)
Daniel Rodriguez,
CEO and Director of EGR, noted, "The acquisition of the 50 claims
solidifies our land position in the Detour Lake area. We control
100% of the exploration potential on our property. The creation of
the exploration plan excites me for what is to come. We have
created a plan that gives us the best chance to explore and test
the potential [r1]extensions of the Sunday Lake
Deformation Zone, which is the same structure that hosts the Detour
Lake Mine. I look forward to working with my team and communicating
with shareholders as we move through this process. "
The technical
information contained in this news release has been approved by
Brian Atkinson, P.Geo. who is a Qualified Person as defined in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects.
About EGR Exploration Ltd.
EGR Exploration
Ltd. is exploring for gold in the Detour-Fenelon Gold Trend,
approximately 300 kilometers north of Timmins, Ontario. EGR's
40,255 hectare Detour West gold project is contiguous to Agnico
Eagle's property which contains the Detour Lake Gold Mine and is
approximately 20 kilometers from the mine, which is also hosted in
the Abitibi Greenstone Belt. EGR is targeting gold deposits
associated with the potential extensions of the Detour-Fenelon
trend structures onto the Detour West property.
For further information contact:
Daniel
Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com
Forward-Looking Statement (Safe
Harbor Statement): This press release contains forward-looking
statements within the meaning of applicable securities laws. The
use of any of the words "anticipate", "plan", "continue", "expect",
"estimate", "objective", "may", "will", "project", "should",
"predict", "potential" and similar expressions are intended to
identify forward-looking statements. In particular, this press
release contains forward-looking statements concerning the
Company's exploration plans. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company cannot
give any assurance that they will prove correct. Since
forward-looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of assumptions, factors and risks. These
assumptions and risks include, but are not limited to, assumptions
and risks associated with conditions in the equity financing
markets, and assumptions and risks regarding receipt of regulatory
and shareholder approvals. Management has provided the above
summary of risks and assumptions related to forward-looking
statements in this press release in order to provide readers with a
more comprehensive perspective on the Company's future operations.
The Company's actual results, performance or achievement could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits the Company will derive from them. These forward-looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
