ROUYN-NORANDA, CANADA -- (Marketwired) -- 04/10/13 -- Explor Resources Inc. (the "Corporation" or "Explor") (TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H)(BERLIN: E1H) is pleased to announce the acquisition of an additional 39 contiguous mineral units totalling 858 hectares (2119 acres), situated in Northumberland County, province of New Brunswick. This increases the Chester Property by 52% to 2508 hectares. The additional claims are as shown on the attached Chester Property Claim Location Map.
Explor will pay $30,000 CDN and issue 750,000 common shares for an Option to acquire 100% interest in the additional claims of the Chester Property. The Optionors have retained a 2.0% NSR on the property. This acquisition is subject to regulatory approval.
The Chester Property now consists of a total of 114 contiguous mineral Claims units located in the southern edge of the Bathurst Mining Camp (BMC). It is located approximately 50 kilometres WNW of Miramichi City and approximately 70 kilometres 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 to the No. 6 and the No.12 massive sulphide deposits (Brunswick Mines). The latter 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. There are 46 known VMS deposits in the BMC.
The Chester Property is known to contain both a copper deposit and a VMS deposit. There are 3 zones noted in the file to the main copper deposit, the Central Zone, the East Zone and the West or Copper Stringer Zone. Only the West Zone has been used for NI 43-101 resource calculation. The copper deposit has a Measured & Indicated resource of 712,000 tonnes grading 1.94% Cu, 0.09% Zn & 4.9 g/t Ag(1)(2) and an inferred resource of 920,000 tonnes grading 1.76% Cu (assayed for Cu only)(1)(2).
The additional claims are located on both the western and southern boundary of the Chester Property. The new claims located on the western boundary cover the western part of a detailed geological mapping, prospecting and soil sampling program that was conducted in 2011 and 2012. A copper soil geochemical anomaly was defined that covers an area approximately 800 m wide in an east-west direction by 1.2 kilometres long in a north-south direction. Additional prospecting found copper mineralization near surface in float and outcrop.
The new claims located on the southern boundary of the property cover a copper in soil anomaly that straddles the original Chester Claims and the new claims. Recent prospecting (2011 and 2012) in the area has discovered copper in float down slope from the copper in soil anomaly with soil samples up to 240 ppm Cu.
Explor plans on conducting a two phase exploration program. Phase I will consist of studying and compiling the existing information, followed by soil sampling, prospecting, geological mapping and geophysical surveys to determine drill targets. Phase II will consist of Diamond Drilling the targets and resource estimation. There appears to be numerous untested drill targets as shown on the soil geochemical surveys and previous geophysical survey. 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. These two historical diamond drill holes intersected very intersecting values. Hole #S-436 intersected 23.16 meters of 1.53% Cu, 1.55% Pb and 0.94% Zn, and Hole #S-435 intersected 20.85 meters of 1.43% Cu.(3) The holes are approximately 140 meters apart and about 320 m in depth.
(1) Based on 0.5% Cu cut-off grade according to a NI 43-101 compliant technical report (March 2008).(2) Based on a NI 43-101 technical entitled "Technical Report Chester Copper Property New Brunswick Canada" prepared in March 2008 by Robert C. Sim, P. Geo., and Bruce M. Davis, FAus IMM and filed on SEDAR.(3) Source of this information is from the New Brunswick Ministry of Energy and Mines - Mineral and Petroleum's mineral occurrence database Reference No. 71. In 1966, Sullivan Mining Group became owner of the property under the name Chester Mines Limited. Details of Holes #S-1 to S-228 are found in Assessment Report 470750 and details of Hole #S- 228 to S-438 are found in Assessment Report 470747. The Sullivan Mining Group excavated a 500 meter long exploration decline in the early 1970's and prepared mining plans. Mining was abandoned due to low metal prices.
Christian Dupont, P.Eng is the qualified person responsible for the information contained in this press release.
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).
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, 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 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.
The Chester Property Claim Location Map - New Additional Claims is available at the following address: http://media3.marketwire.com/docs/130410_Chester-Property-Claim-new-claims1.pdf.
Christian Dupont, President
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