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Explor Resources Inc. (TSX VENTURE:EXS - News) is pleased to announce
the acquisition of a 15 mineral claims package totalling
242.8 hectares, situated in Harker Townships in the
Larder Lake Mining Division, District of Cochrane, Province of Ontario, known
as the Golden Harker Property.
Explor Resources inc.,
will pay a total of $25,000 CDN and issue 400,000 common shares for an Option
to acquire a 100% interest in the Golden Harker
Property. The Optionors have retained a 2.0% NSR in
the property. This acquisition is subject to regulatory approval.
The Golden Harker
Property is located to the south west of the St. Andrew Goldfield's Holt
McDermott Mine Property and 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
Golden Harker Property include the Buffonta, Mattawasaga and East
zone deposits.
The Golden Harker
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 (including the
Ghost Mountain fault) that splay from the Destor-Porcupine
fault zone ("DPFZ"). The DPFZ is a major deformation zone that
crosses to the north of the claims through Harker
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 review of historical work report filed
with the Ministry of Northern Development and Mines indicates that gold has
been intersected in diamond drill holes by previous operators of these claims
with up to 11.930 g/tonne over 0.70 meters having
been intersected.
Explor plans to complete the compilation of
historic work, geological modeling, identification
of high priority targets. Once the initial work is completed, Explor plans on conducting a two phase exploration
program. Phase I will consist of line cutting 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 publicly listed
company trading on the TSX Venture (EXS).
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.
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.
Contact:
Christian Dupont
Explor Resources Inc.
President
888-997-4630 or 819-797-4630
819-797-6050 (FAX)
www.explorresources.com |