ROUYN-NORANDA, Quebec, April 20, 2018 (GLOBE NEWSWIRE) -- Explor Resources Inc. (“Explor” or “the Corporation”) (TSX-V:EXS)(OTCQB:EXSFF)(FSE:E1H1)(BE:E1H1) is pleased to announce the acquisition of 4 mineral claims located in the Hébécourt Township, in the Lac Duparquet and Rapide-Danseur Municipalities, in the Rouyn-Noranda Mining Division, Province of Quebec for a total of 149.86 hectares. These claims are contiguous to the East Bay Property. Explor will pay $2,000 cash and issue 100,000 shares to acquire a 100% interest in the additional East Bay claims. The Optionor has retained a 2% NSR in these claims.
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 80 million oz of gold. The Corporation now owns 11,548.06 ha of land along this section of the PDFZ. Explor’s East Bay property is contiguous and wraps around the western portion of the former Clifton Star’s Duparquet property. The East Bay property is approximately 0.5 km west of the former Consolidated Beattie and Donchester Gold Mines.The former Consolidated Beattie and Donchester Gold Mines, produced over 1.0 million oz of gold between 1933 and 1956. The former Clifton Star in a previous press release announced (Press Release dated April 09, 2014) significant proven and probable reserves of 1,895,530 oz at 1.50 g/t Au and a measured and indicated resource of 1,127,972 oz at 1.48 g/t Au 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 the former Clifton Star Resources Inc. intersected wide width of gold mineralization (Press Releases dated June 19 and June 6, 2013).
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 OTCQB (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. 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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