Explor Resources Inc.
TSX VENTURE : EXS

Explor Resources Inc.

December 30, 2010 11:25 ET

Explor Acquires Golden Harker Property

ROUYN-NORANDA, CANADA--(Marketwire - Dec. 30, 2010) - Explor Resources Inc. (TSX VENTURE:EXS) 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 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.

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 Information

  • Explor Resources Inc.
    Christian Dupont
    President
    888-997-4630 or 819-797-4630
    819-797-6050 (FAX)
    www.explorresources.com
    or
    Investor Relations:
    Stratastar Marketing Group LLC
    Gary Lindsey
    1-720-273-6224