ROUYN-NORANDA, CANADA -- (Marketwire) -- 02/28/13 -- Explor Resources Inc. (the "Corporation" or "Explor")(TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H)(BERLIN: E1H) is pleased to announce the acquisition 75 contiguous mineral units totalling 1650 hectares (4150 acres), situated in Northumberland County, province of New Brunswick, known locally as the Chester Property.
Explor will pay $150,000 CDN and issue 6,500,000 common shares over a three year period for an Option to acquire 100% interest in the Chester Property. The Optionee has retained a 1.0% NSR in the property. There is an existing 1%NSR on part of the property in favor of a former owner. This acquisition is subject to regulatory approval.
The Chester Property consists of a total of 75 contiguous mineral Claims units located in the southern edge of the Bathurst Mining Camp (BMC). It is located approximately 50 kilometers WNW of Miramichi City and approximately 70 kilometers SW of the City of Bathurst. The property is easily accessible from Bathurst via Highway 134 to Miramichi and an all-weather paved road to the property.
New Brunswick is the home of the No 12 massive sulphide deposit (The Brunswick Deposit) which has been in continuous production since 1964 (to date, Feb 2013, 135,903,168 tonnes milled at 3.44 % Pb, 8.74 % Zn, 0.37 % Cu and 102 g/t Ag). The Brunswick deposits (No 6 and No 12) are situated in the Nepisiguit Falls Group of rocks in the Lower Tetagouche group of the BMC. They are age dated at 469 +/- 0.3 million years. There are 46 known VMS deposits in the BMC, most of them are in the same time horizon as the Brunswick deposits.
The Chester Property is known to contain a Copper deposit and a Volcanogenic Massive Sulphide (VMS) deposit. These are contained within the Clearwater Stream Formation of the Sheephouse Brook Group. Work in the last ten years has determined the age of the Clearwater Stream Formation at 469+/- 0.3 million years, which is the same time horizon as the Brunswick deposits and other significant deposits in the Bathurst Mining Camp.
Explor plans on conducting a two phase exploration program. Phase I will consist of studying and compiling the existing information. There appears to be numerous untested drill targets as shown on the soil geochemical surveys and previous geophysical survey. Work completed by the prospector in 2011 and 2012, discovered copper-in-soil anomalies and outcrops with copper mineralization to the northwest end of the known deposit. These were found to be within the Clearwater Stream Formation. It is anticipated that this new mineralization may be correlated down dip to the southeast and southwest of the know mineralization found in historical holes S-435 and S-436 located about 2 kilometers to the southeast.
The main copper zone is known to extend 250 meters further west to two historical diamond drill holes, S-436, which intersected 23.16 meters at 1.53% Cu, 1.55% Pb and 0.94% Zn, and S-435 which intersected 20.85 meters at 1.43% Cu. The holes are approximately 140 meters apart and about 320 meters in depth. Additional geophysical surveys will be conducted to confirm the targets prior to drill testing.
Christian Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources invites investors to visit our booth at the following conference:
Booth #2122 at the Investor Exchange of the PDAC 2013 located in the south building of the Metro Toronto Convention Center from March 3 to March 6, 2012.
The management team at Explor Resources Inc. looks forward to having you join us.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, 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 Quebec with approximately 33% in Ontario and 67% in Quebec. 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 Quebec 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 includes: indicated: 212,800 ounces of gold (1,371,000 tonnes at 4.83 g/t Au) and inferred: 814,800 ounces of gold (7,122,000 tonnes at 3.56 g/t Au (Press Release dated June 06, 2012).
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 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.
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.
Christian Dupont, President
888-997-4630 or 819-797-4630
Investor Relations: Gary Lindsey
Stratastar Marketing Group LLC
Most Popular Stories
- Chinese May Have Spotted Malaysia Airlines Debris
- Why Buffett Bets Big on Green Energy
- 3 Shot Dead in Venezuela Unrest
- Banks Buying Little From Minority Firms: Study
- Better Pay Means Bigger Profits: Strategist
- Several Texas Cities Top Job Search List
- First-time Jobless Claims Drop Unexpectedly
- Senate Committee OKs Bill to Sanction Russia
- G7 Presses Russia to Pull Troops Out of Crimea
- Wall Street Rally Heads Off 3rd Day of Decline