Explor Resources Inc.

Explor Resources Inc.

March 08, 2012 09:45 ET

Explor Acquires Central Claim in Golden Harker Property

ROUYN-NORANDA, QUEBEC--(Marketwire - March 8, 2012) - Explor Resources Inc. (TSX VENTURE:EXS) (FRANKFURT:E1H) (PINKSHEETS:EXSFF) is pleased to announce the acquisition of one (1) mineral claim situated in Harker Township in the Larder Lake Mining Division, District of Cochrane, Province of Ontario. This claim is located in the central part of the Golden Harker Property.

Explor Resources inc., will pay $8,000 CDN to acquire a 100% interest in this additional claim in the Golden Harker Property. The Optionor has retained a 2.0% NSR in the additional claim of the property.

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 Au1 (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 Au2. 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 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.

Update on the Property

Explor has completed line cutting, the compilation of historic work, geophysics and has identified three high priority targets on historical intersections. Explor intends to drill these targets during the summer of 2012.

Resignation of a Director

Explor also announces the resignation of Mr. Andrew Malim as a director of the Company, effective February 29, 2012. The Board would like to thank Mr. Malim for his valuable contributions since he became a director in 2010 and wishes him success in his future endeavours.

Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the USA Pink Sheet (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).

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.

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 was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.

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 Information

  • Christian Dupont, President
    888-997-4630 or 819-797-4630

    Investor Relations: Gary Lindsey
    Stratastar Marketing Group LLC