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EXS Explor Resources Inc

0.03
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Explor Resources Inc TSXV:EXS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.03 0.025 0.03 0 01:00:00

Explor Updated 43-101 Technical Report for the Chester Copper Property

10/04/2014 9:01pm

Marketwired Canada


Explor Resources Inc. ("Explor" or the "Corporation") (TSX
VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce
the completion of an updated independent 43-101 Technical Report (the "Technical
Report") for the Chester Copper Property, located in North-central New
Brunswick, Canada. 


Explor commissioned Robert Sim, P.Geo, in March 2014, to provide an updated
Technical Report for the Chester Copper Property. In 2008, Robert Sim submitted
a 43-101 Technical Report dated May 30, 2008 for the Property to First Narrows
Corp. ("FNR"), who were the owners of the property at that time. Since 2008, and
the subsequent change of ownership, there has been essentially no additional
work conducted on the Property, except for some limited prospecting. This report
summarizes the work conducted to date. There has been no drilling or other work
since that time that could affect the resource estimate and, therefore, the 2008
model remains valid for the Chester project. The 2008 resource considered only
an underground mining scenario for the project. This updated statement of
mineral resources has been altered to reflect current metal prices and has been
evaluated considering a combination open pit and underground extraction options.
The effective date of the resource estimate presented in this Technical Report
is March 7, 2014.


The Property is located in Northumberland County, 70 km southwest of Bathurst,
New Brunswick and 50 km west-northwest of Miramichi, New Brunswick, within the
Bathurst Mining Camp. This area has an extensive history in base metal
production from VMS deposits. The Property consists of four claim groups with
114 contiguous mineral claim units covering a total area of approximately 2,508
hectares.


The Chester deposit was originally discovered in the mid-1950s and it has
undergone numerous exploration and delineation drilling programs with almost 800
holes drilled on the Property to date. The Property hosts several small
zinc-copper massive sulphide deposits which are underlain by an extensive
copper-bearing Stringer zone. An underground drift, totaling approximately 470
m, was driven in 1974-75 to evaluate the nature of the mineralization in the
Stringer zone. At that time, a small amount of material was extracted from this
drift and processed at the nearby Nigadoo River Mine owned by the Sullivan Group
out of Val d'Or Quebec. During the period from 2002 through 2008, FNR drilled a
total of 198 holes on the Property; the primary objective was to delineate the
upper portion of the Stringer zone of the deposit in order that commercial
production could be initiated. This work culminated in the generation of a
mineral resource estimate that was originally described in the May 20, 2008
Technical Report. There has been no additional work conducted on the Chester
Property that would influence the 2008 estimate of mineral resources.


The Technical Report includes mineral resource estimates for the Stringer zone
mineralization on the Property. The resource estimate has been generated using
drill hole sample assay results and the interpretation of a geologic model which
relates to the spatial distribution of copper and minor constituents of zinc and
silver. Interpolation characteristics have been defined based on the geology,
drill hole spacing, and geo-statistical analysis of the data. The resources have
been classified by their proximity to the sample locations and are reported, as
required by NI 43-101, according to the CIM Definition Standards on Mineral
Resources and Mineral Reserves.


Extensive analysis of the drill sample database shows that it is sound and
reliable for the purposes of resource estimation. The resource model has been
developed in accordance with accepted industry standards resulting in a mineral
resource defined within the Measured, Indicated, and Inferred categories.


As required under NI 43-101, "reasonable prospects of economic viability", has
been demonstrated assuming a combination of open pit and underground extraction
options. An open pit cut-off grade of 0.5% copper and an underground cut-off
grade of 2% copper are considered appropriate based on assumptions derived from
operations with similar characteristics, scale and location. It is important to
realize that the mineral resources listed in below table are not mineral
reserves as the economic viability has not been demonstrated. Note that
resources in the Inferred category are primarily based on older drilling that
does not have sufficient analysis for zinc and silver to support reliable
resource grades for these elements. 


MINERAL RESOURCE ESTIMATE - CHESTER DEPOSIT (MARCH 7, 2014)



----------------------------------------------------------------------------
Class                          Cut-off                  Cu       Zn       Ag
                                 (Cu%)    Ktonnes      (%)      (%)    (g/t)
----------------------------------------------------------------------------
                                   In-Pit                                   
----------------------------------------------------------------------------
Measured                           0.5        101     1.87     0.14      6.7
----------------------------------------------------------------------------
Indicated                          0.5      1,296     1.34     0.06      3.3
----------------------------------------------------------------------------
Measured and Indicated             0.5      1,397     1.38     0.06      3.5
----------------------------------------------------------------------------
Inferred                           0.5      2,060     1.25      n/a      n/a
----------------------------------------------------------------------------
                                  Below Pit                                 
----------------------------------------------------------------------------
Inferred                           2.0         29     2.33      n/a      n/a
----------------------------------------------------------------------------
                                  Combined                                  
----------------------------------------------------------------------------
Measured                           0.5        101     1.87     0.14      6.7
----------------------------------------------------------------------------
Indicated                          0.5      1,299     1.34     0.06      3.3
----------------------------------------------------------------------------
Measured and Indicated             0.5      1,400     1.38     0.06      3.5
----------------------------------------------------------------------------
Inferred                      Variable      2,089     1.26      n/a      n/a
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Note: Inferred resources are based primarily on older drilling results which do
not have sufficient zinc and silver analyses to generate resource grades for
these elements.


Robert Sim, P.Geo, an independent consultant, served as the Qualified Person
responsible for preparing the Technical Report, as defined in National
Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), in
compliance with Form 43-101F1 (the Technical Report). Mr. Sim is a Geologist
with more than 30 years of experience primarily in base and precious metals
exploration, operations, resource modeling, and feasibility-level evaluations.
Mr. Sim has worked on similar volcanogenic massive sulphide (VMS) deposits,
including the Winston Lake deposit in Ontario and the Cayeli deposit in Turkey.
Mr. Sim received assistance from Geo-statistician Bruce Davis, Ph.D., FAusIMM,
of BD Resource Consulting, Inc. Mr. Sim has reviewed and approved the content of
this Press 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. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Christian Dupont, President
Tel: 888-997-4630 or 819-797-4630
819-797-6050 (FAX)
webite: www.explorresources.com


Investor Relations:
Gary Lindsey, North America
Ph: 1-720-273-6224


Michael Adams, Europe
E-mail: info@star-ir.com

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