Explor Resources Inc.

Explor Resources Inc.

May 01, 2012 08:15 ET

Explor Completes Kidd Township Drill Program Analysis

ROUYN-NORANDA, CANADA--(Marketwire - May 1, 2012) - Explor Resources Inc. (TSX VENTURE:EXS)(PINKSHEETS:EXSFF)(FRANKFURT:E1H)(BERLIN:E1H) is pleased to announce the completion of the analysis of the 2011 diamond drill program on the Kidd Township Property. Nine, (9) diamond drill holes were completed for a total of 4,814 meters of diamond drilling on its 100% owned Kidd Township Property. Explor focused on a 500 hectare portion of ground located approximately 2.0 kilometers west of the Kidd Creek open pit. The property is located in the Kidd Township in the Porcupine Mining division, district of Cochrane, Province of Ontario.

The Kidd Township Property is located in the south central part of Kidd Township to the west, south, south-west and north 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 claims have been acquired over a 3 year period. (Feb 19, 2008, May 5, 2008 and September 10, 2009, March 24, 2010), Explor's land position in the area is 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.

The analysis of the current drill results, the MEGATEM survey, the VTEM survey and previous historical drill results has confirmed that a major fault structure crosses the Northeastern corner of claim block 4211459. This fault structure and Explor's claims are shown on the attached plan. The claims are outlined in white and black. Both the Kidd Creek and the Chance deposits are located within this fault structure that crossed the Northern part of the claim block. The drill holes completed by Explor did not detect alteration patterns indicating proximity to hydrothermal venting, however Explor did core sulfide rich flow breccias and coarse pyroclastics, which are indicative of a volcanic mound and nearby venting, favourable area for the deposition of massive sulfides.

Geological modelling for the deposition of marine volcanogenic massive sulphides proposes that hydrothermal venting usually occurs along a deeply rooted fault "growth fault". Hydrothermal venting and sulphide deposition can occur in multiple locations over many kilometres along such faults, resulting in a "string" of massive sulphide deposits (i.e. Noranda and Mattagami mining camps). Assuming that the Kidd Creek and Chance deposits lie along such a growth fault, the projection of this fault crosses the northern portion of claim 4211459 in the area of VTEM anomalies C1 and C2, as well as the isolated MEGATEM anomaly which lies nestled in between.

Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: "We are extremely excited about the confirmation of the major fault structure and our proposed program on our 100% owned Kidd Township Property. VMS deposits tend to cluster in districts (or camps) and locally within districts. The average massive sulphide camp in Canada has about 9 deposits, but ranges from 4 (Manitowage) to 21 (Noranda), however an individual deposit may consist of a number of closely associated lenses ranging from several thousand to several million tons. The largest deposits in this group may be in excess of 100 million tons (example: Kidd Creek, Bathurst No.12)"

A proposed 4,000 meter diamond drill program would test an area 800 meters in length and 300 meters in width that has not yet been drill tested. The area to be tested is approximately 1.0 km to the west of the Chance (Zn-Pb-Ag) deposit as shown on the attached claim map. The area to be drilled appears to be located on the same synvolcanic collapsed structure as the Kidd Mine and the Chance Deposit. The EM targets occur along magnetic boundaries suggestive of a rhyolite/basalt contact.

The Kidd Creek Mine located to the east of the property is known for its Cu-Zn-Pb-Ag production. The Kidd Creek Mine has produced over 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 and felsic rocks with anomalous zinc and copper make this an exploration property of merit.

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

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).

A map is available on the Marketwire Website at the following address: http://media3.marketwire.com/docs/Kidd_Creek_Growth_Fault.pdf

This press release was prepared by Explor Resources Inc.

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.

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.

Contact Information

  • Christian Dupont, President
    888-997-4630 or 819-797-4630
    819-797-6050 (FAX)

    Investor Relations:
    Gary Lindsey
    Stratastar Marketing Group LLC