Explor Resources Inc.

Explor Resources Inc.

August 03, 2011 12:59 ET

Explor Encounters Large Gold System on the Destor Gold Property

ROUYN-NORANDA, CANADA--(Marketwire - Aug. 3, 2011) - Explor Resources Inc. (TSX VENTURE:EXS)(FRANKFURT:E1H)(PINK SHEETS:EXSFF) is pleased to announce that it has encountered a large gold bearing system on its Destor Gold Property located in the famous Duparquet Gold camp. The work commitment to Teck Resources Limited has been fulfilled and the property is now 100% owned by Explor. The vendor has retained a 2% NSR in the property. A total of 7 shallow Diamond Drill holes (DDH) were completed for a total of 2,487 meters on the property. The drill hole locations are as shown on the attached DDH Plan. This preliminary round of diamond drilling was designed to test if a large gold bearing system is present on the property and if the Destor property is a property of merit. The results as discussed below are positive and highly encouraging as they indicate the presence of a large gold bearing system.

The property is located in a greenstone belt approximately 1 km north of the Porcupine Destor Fault Zone, a major structure which is spatially related to several major gold deposits. Numerous faults, shears and other structural features closely related to the main Porcupine Destor Fault Zone occur on the claim group. The two most significant faults on the claim group are the Duquesne and the Lepine Lake Faults.

The Destor Property is located halfway between the former Beattie Gold Mine and the Aiguebelle mine. The southern portion of the Destor Property hosts similar sheared and faulted feldspar porphyries which host the past-producing Duquesne mine located 1,6 km along strike to the east. Explor has completed a VTEM survey on the property and compiled all known public and private geological data.

Chris Dupont, President and Chief Executive Officer of Explor Resources Inc commented: "We are extremely pleased and encouraged by the discovery of a large gold bearing system on our Destor Gold Property as evidenced by the drill results."

Drill holes EXS-D-11-02, 03 and 05 were directed under or within 100 metres of historic holes which had returned encouraging gold intersections. Drill hole EXS-D-11-04 was drilled 200 m along the geological projection of an historic drill hole which had returned anomalous gold mineralization. Drill holes EXS-D-11-01, 06 and 07 were drilled on untested targets.

Drilling was successful in uncovering gold in wide-ranging concentrations from decametre-wide geochemically anomalous zones, to metre-scale intervals of higher grade material. Some of the most encouraging results of the drill program include:

EXS-D-11-01 :

510 ppb (0.51 g/t) over 14.3 m, including 1,131 ppb (1.131 g/t) over 5.0 m, which includes 3,508 ppb (3.5 g/t) over 1.0 m, in a fractured silicified felsic porphyry.

EXS-D-11-03 :

692 ppb (0.692 g/t) over 2.5 m in a fractured, silicified and pyritic zone in a felsic intrusive; and 519 ppb (0.52 g/t) over 5.5m and 1,127 ppb (1.12 g/t) over 1.0 m in a major shear zone at the contact between a felsic porphyry and a gabbro.

EXS-D-11-04 :

2,256 ppb (2.25 g/t) over 1.0 m in a wide shear zone at contact between a felsic porphyry and peridotite; and 8,206 ppb (8.2 g/t) over 1.0 m in an intermittently sheared and silicified gabbro.

EXS-D-11-06 :

585 ppb (0.585 g/t) over 3.75 m including 1384 ppb (1.38 g/t) over 1.0 m in a fractured and silicified andesite, with quartz veinlets and up to 10% pyrite and traces of chalcopyrite; and 250 ppb (0.250 g/t) over 6.3 m, including 359 ppb (0.359 g/t) over 3.2 m in a sheared-silicified contact zone between a felsic porphyry and a gabbro.

EXS-D-11-07 :

scattered anomalous gold to 755 ppb (0.75 g/t) over metre-long intervals in a sheared felsic porphyry; and 1039 ppb (1.04 g/t) over 0.5 m in the same unit.

Though anomalous gold was encountered in all seven drill holes of the program, drill holes EXS-D-11-01, 03, 04 and 06 were particularly enriched. Follow-up drilling will be completed during the 2011-2012 winter drilling season.

As described above, most of the gold zones correlate with deformation-alteration and locally pyritic zones, many at contacts between felsic intrusive and mafic to ultramafic intrusives. Of the four drill holes which displayed stronger gold mineralization, three fall within magnetic high anomalies.

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 Stock Exchange (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 is headquartered in Quebec and was incorporated in Alberta in 1986.

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.

A map is available at the following address: http://media3.marketwire.com/docs/Explor_carte_0803.pdf

Contact Information

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

    Investor Relations:
    Gary Lindsey
    Stratastar Marketing Group LLC