NR expansion in leases Timmins Porcupine
posted on
Sep 27, 2010 08:40AM
Abitibi has produced more than 180 M ounces of gold and more than 450 Mt of Cu-Zn ore to date
ROUYN-NORANDA, CANADA--(Marketwire - Sept. 27, 2010) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce the acquisition of 75 additional mining units (13 claims - approximately 1200 ha) located in the Bristol and Ogden Township in Ontario. The additional claims in the Timmins Porcupine West property are located in the famous Timmins-Porcupine mining camp and contiguous to Explor's existing claims and to Lake Shore Gold Corp's Timmins West Mining Project.
The Timmins Porcupine West property (TPW) will increase in size by 60.2% to consist of 185 unpatented mining units located in the Bristol and Ogden Townships in the Timmins-Porcupine Mining Camp for a total 3,000 hectares. The highway 101 bisects the property and provides access from the city of Timmins located 13 km to the east.
Explor Resources inc., will pay of $100,000 CDN and issue 2,000,000 common shares over a period of two years to acquire a 100% interest in the additional claims of the Timmins Porcupine West Gold Property. The property is subject to 2% NSR in favor of a former owner.
The property has been acquired due to Explor's recent diamond drilling success of 5.38 gms/tonne over 11.15 (Press Release of September 17, 2010) and Lake Shore's continued success as evident by their recent press release (dated August 10, 2010) where they stated 50.8 meters of 13.55 gpt at the Lake Shore's Timmins Mine.
The most significant deposits in Timmins are spatially associated with porphyry units that are in proximity to the Porcupine Destor Fault. The deposits appear to be also associated with splay faults that trend off and to the North of the Porcupine Destor fault inside an interpreted splay fault corridor.
The Timmins Porcupine West Project has as a Target Model "The Hollinger-McIntyre-Coniaurum System." The Hollinger-McIntyre-Coniaurum (HMC) System has produced a total of over 30 million oz of gold is spatially associated with the Pearl Lake Porphyry. The high-grade gold bearing quartz veins which hosted the bulk of the gold at the HMC occurred in the adjacent mafic volcanics, located outboard from the porphyry itself.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.