Exploring for gold and base metals in the Abitibi Greenstone Belt
Abitibi has produced more than 180 M ounces of gold and more than 450 Mt of Cu-Zn ore to date
Message: Extends PG 101 Gold Property
| May 14, 2009 |
| Explor Extends PG 101 Gold Property |
| ROUYN-NORANDA, CANADA--(Marketwire - May 14, 2009) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce the acquisition of a 22 mineral claims package (2 claims) totalling 356.1 hectares, situated in Halloway Township in the Larder Lake Mining Division, District of Cochrane, Province of Ontario, contiguous to the PG 101 Gold Property. This will increase the property to 2386.8 hectares. Explor Resources inc., will pay a total of $10,000 CDN and issue 300,000 common shares for an Option to acquire a 100 % interest in the Property. The Optionor has retained a 2.0% NSR in the property. This acquisition is subject to regulatory approval. The shares that will be issued pursuant to this acquisition will be subject to a hold period of 4 months. The PG 101 additional claims are contiguous to the claim group where Explor's intersected 52.01 g/t Au over 3.0 m (Press Release of March 24, 2009) and adjacent to the eastern boundary of St. Andrew Goldfield's former producing Holt Mine Property and only a few kilometers east of their Holloway Mine property. Historic production (1988-2004) from the Holt (McDermott) Mine totals 8.18 millions tons at a grade of 0.162 opt Au(1) (7.42 million tonnes @ 5.6 gpt Au). Measured and indicated resources reported in 2006 for the Holt Mine are 2.99 million tonnes at a grade of 7.3 gpt Au(2). Production at the Holloway Mine to 2004 is reported as 4.73 million tons at a grade of 0.166 opt Au(1) (4.29 million tonnes @ 5.7gpt Au). Measured and indicated resources reported in 2006 for the Holloway Mine are 1.04 million tonnes at a grade of 7.8 gpt Au(2). Several other smaller deposits in the Harker-Holloway gold camp and in the vicinity of the PG 101 Property include the Buffonta, Mattawasaga and East zone deposits. The PG 101 Property is underlain by the same succession of mafic volcanic flows, breccias, and tuffs that host the known gold deposits of the area. These volcanic rocks are cut by ENE trending faults that splay from the Porcupine-Destor fault zone ("PDFZ"). The PDFZ is a major deformation zone that crosses along the north boundary of the PG 101 claims in Marriott Township. Proximity to the PDFZ, the Kirkland-Larder Lake Break and other similar regional faults are characteristic of significant gold deposits of the Eastern Abitibi greenstone belt. Explor plans to continue its exploration program on the PG-101 Property with the integration of this property with the existing property by the compilation of historic work, geological modeling, and the identification of high priority targets. Explor plans to start its spring exploration program on May 20, 2009. Explor plans on drilling near the discovery hole to determine the strike and dip of the mineralization. Once this is determined, the projection to surface will be determined, the overburden stripped and the geological structure mapped. Chris Dupont P.Eng is the qualified person responsible for the information contained in 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 is headquartered in Quebec and was incorporated in Alberta in 1986. Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS). |
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