ROUYN-NORANDA, CANADA -- Explor Resources Inc. (TSX VENTURE: EXS)is pleased to announce the acquisition of a 101 mineral claims package totalling 1626 hectares, situated in Holloway and Mariott Townships in the Larder Lake Mining Division, District of Cochrane, Province of Ontario, known as the PG 101 Gold Property.
Explor Resources inc., will pay a total of $300,000 CDN and issue 1,000,000 common shares over a 3 year period for an Option to acquire an initial 50% interest in the PG 101 Gold Property. Explor has the right at any time to increase its interest to 70% by the payment of $1,000,000 CDN to the Optionor. The Optionor has retained a 2.0% NSR in the property. This acquisition is subject to regulatory approval.
The PG 101 Property is 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 Au1 (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 Au2. 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 Destor-Porcupine fault zone ("DPFZ"). The DPFZ is a major deformation zone that crosses along the north boundary of the PG 101 claims in Marriott Township. Proximity to the DPFZ, the Kirkland-Larder Lake Break and other similar regional faults are characteristic of significant gold deposits of the Eastern Abitibi greenstone belt.
A historic work report indicates that an Induced Polarization (IP) geophysical survey completed in 1988 on the PG 101 Property detected 11 anomalies. One of the anomalies was large and occurred at the western boundary extending and expanding eastward onto the claims. Historic reports also suggest the possibility that this anomaly was a possible extension of the Holt McDermott orebody onto the PG 101 property.
Explor plans to complete the compilation of historic work, geological modeling, identification of high priority targets and commence drilling on the PG 101 Property in 2009.
Once the initial work is completed, Explor plans on conducting a two phase exploration program. Phase I will consist of re-cutting the old lines and confirming geophysics to determine the location of the structural targets. Phase II will consist of diamond drilling the identified target or targets.
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).
This press release was prepared by Explor Resources inc. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 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.
(1) Historic production figures were obtained from the Ontario MNDM website (www.mndm.gov.on.ca). The original imperial tons and ounce per ton (opt) grades are quoted and the equivalent metric tonnes and grams per tonne (gpt) grades indicated in parentheses.
(2) Resources for St. Andrew Goldfield's Holt and Holloway Mines are quoted form St. Andrew Goldfield's website (www.standrewgoldfields.com) and the company's NI 43-101 Compliant Technical Report dated October 2, 2006. Only Measured and Indicated Resources are quoted. Inferred Resources have not been quoted.
Contacts: Explor Resources Inc. Christian Dupont, President 800-388-8668 or 819-797-4630 819-797-6050 (FAX) Explor Timmins Office 877-264-1273 or 705-264-1273 705-264-1717 (FAX) www.explorresources.com
SOURCE: Explor Resources Inc.