Explor Resources Inc.

Explor Resources Inc.

March 24, 2010 14:36 ET

Explor Increases Kidd Township Property

ROUYN-NORANDA, CANADA--(Marketwire - March 24, 2010) - Explor Resources Inc. (TSX VENTURE:EXS) is pleased to announce the acquisition of 16 mineral units (4 mining claims) situated in the Kidd Township in the Porcupine Mining division, district of Cochrane, Province of Ontario.

Explor Resources Inc. will pay a total of $20,000 CDN and will issue 200,000 common shares over a period of 2 years for an option to acquire a 100% interest in the additional Kidd Township claims. The Optionor has retained a 2.0% NSR in the property. This acquisition is subject to regulatory approval.

The Kidd Township Property is located in the south central part of Kidd Township to the south-west, south and south east of the Kidd Creek mine site. The property is approximately 20 km north of the city of Timmins, Ontario. Excellent access is provided by Hwy 655. The additional 16 units are in proximity to the previously announced property acquisition (Feb 19, 2008, May 5, 2008 and September 10, 2009), strategically located and cover an area that totals 259 hectares. This will increase Explor's land position in the area to 2,466 hectares. The most obvious topographical feature in the area is the Kidd Creek open pit approximately 1.6 km to the east of the property as well as a series of sand eskers and swamps. 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. Also there are many suites of mafic volcanic rocks.

A series of untested VTEM anomalies have been observed on the property. The newly acquired property is approximately 0,5 km to the west of the Chance (Zn-Pb-Ag) deposit and to the west of Kidd Creek Deposit as shown on the attached claim map. The newly acquired claims may be on the same synvolcanic collapsed structure as the Kidd Mine and the Chance Deposit. Some of the EM targets occur along magnetic boundaries suggestive of a rhyolite/basalt contacts. The Kidd Creek Mine located to the east of the property is known for Cu-Zn-Pb-Ag production. The Kidd Creek Mine has produced 130,000,000 tonnes of base metal ore since it started production in 1966. This acquisition is being made because of Explor's belief in the cluster effect of VMS deposits. The presence of Mafic et Felsic rocks with anomalous zinc and copper make this an exploration property of merit.

Explor's exploration program is two phase. Phase I is designed to better determine the location of the structural targets via Deep IP or DEEPEM geophysical surveys on lines trending NW. 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, Québec, 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 Québec with approximately 33% in Ontario and 67% in Québec. 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 Québec 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. 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.

A map is available at the following address: http://file.marketwire.com/release/exmap.pdf

Contact Information

  • Explor Resources Inc.
    Christian Dupont, President
    800-388-8668 or 819-797-4630
    819-797-6050 (FAX)
    www.explorresources .com
    Investor Relations: Bay Street Connect Inc.
    Michael D'Amico