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Explor Kidd Township Strategic Property Acquisition
|By Marketwired .
|July 14, 2014 02:52 PM EDT
ROUYN-NORANDA, CANADA -- (Marketwired) -- 07/14/14 -- Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE: EXS)(OTCQX: EXSFD)(FRANKFURT: E1H1)(BERLIN: E1H1) is pleased to announce the acquisition of 4 significant mineral claim units totalling 64 hectares situated in the Porcupine Mining division, District of Cochrane, Kidd Township, Ontario. These additional claims are west of the Xstrata Kidd Creek Mine and contiguous to the existing Explor claims to the north of the Glencore Xstrata Chance deposit.
Explor Resources Inc. will issue 200,000 common shares at signature for an Option to acquire a 100% interest in the additional Kidd Township claims. The Optionors have retained a 2.0% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
The Company's Kidd Township Group of Properties are located to the west, south and south east of the Xstrata Kidd Creek Mine as shown on the attachment, approximately 20 km north of Timmins, Ontario. These additional 4 units are contiguous to the Kidd Township property, and northwest of the Xstrata Kidd Creek Mine. This acquisition increases Explor's land position in the area to 2,530 hectares. The most obvious topographical feature in the area is the Xstrata Kidd Creek open pit mine, approximately 1.6 km to the east of the property.
The property is located in a Greenstone Belt composed mainly of sequences of Meta-Volcanic rocks cut by faults and deformation zones that lie in a NW-SE direction. There are many suites of Mafic Volcanic rocks as well. Excellent access to the property is provided by Hwy 655.
Exploration drilling completed by Explor to date has revealed a Major Fault Structure running to the west of the Xstrata Kidd Creek Mine in a NW-SE direction. A thorough review of all existing geophysical data appears to support these findings. Drilling by Falconbridge in 1998 to the southeast of the Xstrata Kidd Creek Mine (Hole # K26-01) returned 4.7m in which 4 of the 5 samples returned Zinc values from 4200 - 8900 ppm and Copper values that ranged from 700 - 2280 ppm. The Magnetic Anomaly associated with these results appears to continue onto Explor's property holdings. A series of untested AEM (Airborne Electromagnetic) conductors detected on the Kidd Township Property to the west, south and southeast of the existing Kidd Creek Mine clearly warrant further investigation.
The newly acquired property is approximately 0.5 km to the North of the Glencore Xstrata Chance Deposit (Zn-Pb-Ag) and to the Northwest of the Xstrata Kidd Creek Deposit as detailed on the attachment. Clearly, the newly acquired claims appear to be on the same Synvolcanic Collapsed Structure as the Xstrata Kidd Creek Mine and the Xstrata Chance Deposit. Some of the EM (Electromagnetic) targets occur along magnetic boundaries suggestive of Rhyolite/Basalt contacts. The Xstrata Kidd Creek Mine located to the east of the property has produced 152,600,000 tonnes of Base Metal Ore (Cu-Zn-Pb-Ag) since it began production in 1966.
This acquisition is being made in support of Explor's belief in the "Cluster Effect of VMS (Volcanogenic Massive Sulfide) Deposits". Well known examples of the cluster effect of VMS Deposits are the Bathurst Mining Camp where 47 deposits have been found to date, including the Brunswick No.12 and the Brunswick No.6 Mines where more than 130,000,000 tonnes of Base Metal Ore has been produced to date; and the Noranda Mining Camp where 18 deposits have been found to date, with 68,100,000 tons of Base Metal Production from the Horne Mine and Quemont Deposits alone. The presence of Mafic and Felsic rocks on the Kidd Township Properties with anomalous zinc and copper supports the opinion that additional VMS Deposits exist in the immediate vicinity of the Xstrata Kidd Creek Mine.
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 (EXSFD) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
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 (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
-- Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au)
-- Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au)
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
-- Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au)
-- Inferred: 393,000 oz (5,185,000 tonnes at 2.36 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 link: http://media3.marketwire.com/docs/956878a_Fig.pdf.
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