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Explor Resources Inc is pleased to announce
the acquisition of a 34 mineral claims package totalling
1,905 hectares, situated in the northwest corner of Sauve
Township, just 6 km east of the old mining town of Joutel,
Quebec and some 50 km southwest of the mining town of Matagami,
Quebec. The property is easily accessible via the paved provincial highway
which links these two localities with the town of Amos to the south and then
by a network of forestry roads and ATV trails.
Explor Resources inc.,
will pay $25,000 CDN and issue 250,000 common shares over a 2 year period for
an Option to acquire a 100% interest in the Sauve
Property. The Optionors have retained a 2.0% NSR in
the property. This acquisition is subject to regulatory approval.
The property overlies a geological
environment which offers potential for gold and base metals. It lies on the
eastern fringe of the Joutel mining camp, where
both gold and base metals were mined in the 1970s to the 1990s. Among the
numerous mineral occurrences of this locality, the more significant orebodies are described below:
1. The Joutel gold mine developed by Agnico-Eagle, comprises the Eagle and
the Telbel deposits. The Joutel Mine is located 10 km northwest of the
Sauve property. From 1974 to 1994, this mine produced one million ounces
of gold from 5 million tons of ore at an average grade of 6.7 g/t Au.
2. The Poirier base metal mine developed by Rio Algom is situated some 8 km
west-northwest of the property. Over a period of nine years, 4,670,000
tons of copper ore grading 2.22% copper and 748,000 tons of zinc ore
grading 5.58% zinc were mined and milled to produce 94,580 tons of
copper, 29,300 tons of zinc and 285,000 ounces of silver.
Reserves reported by Rio Algom to the Quebec MNR at closure were 763,000
tons of copper ore at 2.20% copper and 716,500 tons of zinc ore at
10.44% zinc. In 2005, an independent review on the West and Q Zones
indicated an undiluted mineral inventory of 1,400,863 tons grading 1.24%
Cu and 8.77% Zn. In addition to these reserves, some 300,000 tons at
8.06% Zn are contained in the East Lens and 534,000 tons at 2.5% Cu in
the Main Lens.
3. The Explo-Zinc base metal orebody is situated some 6 km west-northwest
of the property. Published mineral resources vary from 921,000 tons
grading 7% Zn, 0.5% Cu and 3.4 g/t Ag to 1.06 million tons grading 7.13%
Zn, 0.69% Cu and 3.1 g/t Ag; whereas a recent evaluation has resulted in
NI 43-101 compliant measured and indicated mineral resource of 587,961
tonnes grading 7.63% Zn and 0.35% Cu and inferred mineral resources of
273,485 tonnes grading 6.64% Zn and 0.21% Cu.
Government compilation maps indicate
that the Sauve Property is underlain by granitic
rocks of the Maizerets batholith
and felsic to mafic volcanics. According to these maps, the
northwest-southeast striking shear zone which hosts the Joutel
gold deposit, splays into 3 distinct shear zones as it approaches the Maizerets batholith, one
running along its north boundary, the other running along its western
boundary and the third running south westerly across the Sauve
property.
Past exploration efforts in this area
were mostly directed to the first two fault zones, leaving the wide
northwest-southeast striking deformation corridor across the Sauve property relatively unexplored. Past exploration
work consisted mostly of ground geophysical surveys, with very little diamond
drilling. In fact, only 7 short drill holes with very little assaying were
completed during the 1960s on this large property. All but two of these drill
holes were drilled to test inferred north-south trending cross-structures,
leaving most northwest-southeast striking electromagnetic and magnetic
anomalies left untested.
Explor plans to complete the compilation of
historic work, geological modeling, and the 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.
Contact:
Christian Dupont
Explor Resources Inc.
President
888-997-4630 or 819-797-4630
819-797-6050 (FAX)
www.explorresources.com |
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