Explor Resources Inc.
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Explor Resources Inc.

November 25, 2014 09:35 ET

Explor Completes an Exploration Program on the Launay Nickel Property

ROUYN-NORANDA, CANADA--(Marketwired - Nov. 25, 2014) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the completion of Phase II of its exploration program on the Launay Nickel Project. The Launay Nickel Project is comprised of 2249.4 hectares and is located 20 kilometers west of Amos, Quebec and 45 kilometers northwest of Val-d'Or, Quebec. Phase I consisted of geophysics that revealed a large magnetic structure on the property. This structure was interpreted as being a continuation of the magnetic structure found on the Royal Nickel property. Phase II consisted of 1,020 meters of diamond drilling on the structure and completed by mid-August 2014.

The Launay Nickel Project is contiguous with and to the northwest of the 4,080 hectare Royal Nickel Property as shown in the attached plan. The Royal Nickel Property covers the entire Dumont Nickel deposit which is cited to contain a measured resource of 372 million tonnes at 0.28% nickel and an indicated resource of 1.29 billion tonnes at 0.26% nickel as stated on the Royal Nickel website. Once in operation, the mine will produce nickel for over 30 years. Construction and operation of the mine and processing facilities will be made easier by the existence of excellent infrastructure, including roads, rail and access to low-cost power.

The same ultramafic geological unit that the mineralization is found on the Royal Nickel Property continues onto the Explor's property as shown on the attached plan. Very little overburden (2 to 4 Meters) on the recently drilled section #78+00E was encountered during the first phase of diamond drilling.

Hole #3 was drilled and intersected 60.1 meters of ultramafic rocks. Hole #3 intersected anomalous nickel values that ranged from 0.08% to 0.19% (800 ppm to 1900 ppm) In the ultramafics, nickel is accompanied by local geochemically anomalous platinum to 33 ppb and palladium to 59 ppb.

Hole # 4, was drilled and intersected 80.8 meters of ultramafics rocks with anomalous nickel values from 0.05% to 0.12% (500 ppm to 1200ppm). The nickel enrichment is accompanied locally by weak geochemically anomalous platinum to 44 ppb and palladium to 31 ppb, with enrichment occurring in the upper portion and particularly near the upper contact.

Hole # 5, is a step back hole drilled behind Hole #3, intersected 132 meters of ultramafic rock. Hole #5 intersected anomalous nickel values from 0.04% to 0.11% (400 ppm to 1100 ppm). Of note in this drill hole is the gold zone that was intersected from 94.5 to 99.0 meters of 1.199 g/tonne over 4.5 meters.

THE PROPERTY

The structure that contains the Dumont nickel deposit is defined by a magnetic high geophysical signature that is bounded by two faults that cross the Royal Nickel property in a northwest to southeast direction. The same two parallel faults and magnetic high continues through Explor's ground to the northwest (Quebec Ministère des Ressources Naturelles website). Excellent access is provided by a logging road that connects the Launay-Guyenne road to the property, approximately 4.5 km from the town of Launay.

The most obvious topographical feature in the area is Lake Doyon, approximately 1.3 km to the west of the property as well as gently rolling hills consisting of outcrops and eskers. Royal Nickel Corporation (RNC), a private company, has completed 174,000 meters of diamond drilling on the property to date. Anomalous platinum and palladium grades have been intersected on the property. Recent drilling by RNC has outlined PGM enrichment (>0.5 g/t) over 5 m within the Central Zone.

The mineralized zones are contained in mafic volcanic rocks. In general, the geological structure is a nickel- bearing dunite unit that is bounded on the north by a gabbro unit and on the south by a peridotite unit. The mineralization includes magnetite bearing dunite, containing olivine with pentlandite, azurite, and millerite as nickel-bearing minerals.

Chris Dupont P.Eng is the qualified person for Explor Resources Inc.

Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) 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, 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 Corporation was continued under the laws of Alberta in 1986 and has had its main office in Québec since 2006.

Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:

Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:

  • Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au)
  • Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au)

Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:

  • Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au)
  • Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au)

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.

A map is available at the following address: http://media3.marketwire.com/docs/980798_Launay_Nickel.pdf.

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