Explor Intersects 5.10 g/tonne Au Over 4.5 Meters on Timmins Porcupine West
August 13, 2013 (Source: Marketwired) — Explor Resources Inc. (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H)(BERLIN:E1H) is pleased to announce the results of 6 drill holes from the current diamond drilling program on the Timmins Porcupine Property. Holes #13-106, #13-107, #13-110, #13-111, #13-112B, & #13-113 are reported in this press release.
The attached Open Pit Plan view shows the location of three potential Open Pit areas that are located over an 1800 meter strike length. The attached plan view shows the drill target areas “A” and “B”. Current drilling is concentrated in Area “B” in order to increase the near surface resource and connect the eastern portion of the potential open pit areas. Once completed, the current exploration program will move Explor to the next phase which will include a Preliminary Economic Analysis of the potential Open Pit.
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: “We continue to be extremely pleased and encouraged by these excellent drill results. The fact that Explor continues to intersect near surface gold mineralization in Area “B” confirms the existence of a near surface open pit gold resource that extends over a strike length of 1800 meters.”
It is important to note that the strike length of the gold mineralization is greater than 2000 meters at depth. The continuity of mineralization continues to be confirmed, and the structure remains open on strike and at depth. Explor has intersected gold mineralization in 108 out of 113 holes drilled to date and 64 out of 65 wedges. The current diamond drilling has been designed to test the continuity of the near surface gold mineralization as it relates to a potential open pit.
The mineralization on the south limb strikes east northeast and dips to the north at 70 to 80 degrees. The drilling confirms the association of gold mineralization with Quartz feldspar (QFP) and syenite porphyry, found at both the Lakeshore and West Timmins Properties. The larger zones of mineralization display a strong spatial relationship with proximity to syenite intrusive rocks and high Fe-tholeitic volcanic rocks. The 3D Geological Model may be viewed on our website: www.explorresources.com.
Explor is focused on developing a mineable resource based on the drill results that have been obtained to date. The NI 43-101 technical report has been completed by MRB Associates of Val-d’Or, Quebec and P & E Mining Consultants of Brampton, Ontario (Press Releases dated December 05, 2011, June 06, 2012 and April 16, 2013).
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Please note assays are pending.
Assays are conducted on NQ sized half core sections. The diamond drill core is logged and sampled following general industry practices whereby logged and sample marked core is sawn in half, with one-half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Blanks and assay standards are inserted at regular intervals in each sample batch. Assays are conducted using a standard fire assay technique on a 30 gram sample with a gravimetric finish by Laboratoire Expert Inc., of Rouyn-Noranda, Quebec. Routine duplicates are completed by Laboratoire Expert inc. Pulps and rejects are returned and stored in secure containers. Intersections are reported using drilled widths unless specified otherwise, with assay values as simple averages of duplicates and gravimetric results.
The results of Explor’s drilling have been incorporated into the Timmins Porcupine West Exploration Video which is available for viewing on the website. The Timmins Porcupine West Project has as a Target Model “The Hollinger-McIntyre-Coniaurum System.” To date, Explor’s drill program has confirmed the idealized Hollinger-McIntyre-Coniaurum (HMC) isometric model. The HMC system has produced a total of over 30 million oz of gold and is spatially associated with the Pearl Lake Porphyry.
The Timmins Porcupine West Gold Property consists of 185 unpatented mining units and 3 patented claims located in the Bristol and Ogden Townships in the Timmins-Porcupine Mining Camp for a total 3,200 hectares. The property is contiguous with Lakeshore Gold West Timmins Mine. Highway 101 bisects the property and provides access from the city of Timmins located 13 km to the east.
The property has been explored since 1927 by numerous ground geophysical surveys and diamond drilling of up to 111 holes. In 1984, Dome Exploration discovered and delineated a gold mineralized zone that was approximately 350 meters long and 45 meters wide and is open below 350 meters of vertical depth.
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 (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).
This press release was prepared by Explor Resources Inc. Neither the TSX Venture Exchange Inc 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 Company 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 (Press Release dated April 16, 2013) includes the following:
|Open Pit Mineral Resources:|
|Indicated:||74,000 oz (1,248,000 tonnes at 1.85 g/t Au)|
|Inferred:||186,000 oz (2,502,000 tonnes at 2.31 g/t Au)|
|Underground Mineral Resources:|
|Indicated:||224,000 oz (1,758,000 tonnes at 3.96 g/t Au)|
|Inferred:||594,000 oz (6,145,000 tonnes at 3.01 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.
A map is available at the following address: http://media3.marketwire.com/docs/EXS_Pit_location(13-08-2013).pdf.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>