Explor Resources Inc.
TSX VENTURE : EXS

Explor Resources Inc.

December 31, 2010 13:27 ET

Explor Acquires Sauve Property

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 31, 2010) - Explor Resources Inc.(TSX VENTURE:EXS) is pleased to announce the acquisition of a 34 mineral claims package totalling 1,905 hectares, situated in the northwest corner of Sauvé 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 Sauvé 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 Sauvé 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.
  1. 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.
  1. 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 Sauvé 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 Sauvé 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 Sauvé 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 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