Explor Increases East Bay Property
21 March 2014 - 7:30AM
Marketwired
Explor Increases East Bay Property
ROUYN-NORANDA, CANADA--(Marketwired - Mar 20, 2014) - Explor
Resources Inc. ("Explor" or "the Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) 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.
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.
Christian DupontPresident 888-997-4630 or 819-797-4630
819-797-6050 www.explorresources.comInvestor Relations:Gary
LindseyUnited States1-720-273-6224Michael
AdamsEuropeinfo@star-ir.com
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