ROUYN-NORANDA, CANADA--(Marketwired - March 20, 2014) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the acquisition of a fifteen (15) unit mineral package located in the Duparquet Township, in the Rouyn-Noranda Mining Division, Province of Quebec for a total of 637.86 hectares. The units are contiguous to the East Bay Property. Explor will issue 500,000 shares to acquire a 100% interest in the additional East Bay claims. The vendors have retained a 1% NSR in the property.
This acquisition is in line with the Corporation's strategy of increasing its property along the Porcupine Destor Fault Zone (PDFZ), where several notable gold deposits have been found in the past, including the Timmins mining camp which produced more than 65 million oz of gold. The Corporation now owns 3,841.57 ha of land along this section of the PDFZ. The East Bay Gold Property is located to the west and north of the Consolidated Beattie and Donchester Gold Property and contiguous to the ground on which Clifton Star Resources Inc. continues to intersect wide width of gold mineralization (Press Releases dated June 19 and June 6, 2013).
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc. commented: "We are extremely pleased with the recent property acquisition. This makes us the owner of the largest contiguous land package in the Duparquet Mining Camp. We believe that the structure hosting the Beattie-Donchester Mines continues onto the Explor Resources Property. The claims were acquired because of the encouraging results of the exploration program completed on Explor's East Bay Property. We look forward to continuing an exploration program on our property."
Geological Context & Mineralization
The mineralization on the East Bay gold property is similar to the Beattie Island within Duparquet Lake and is hosted within the Destor Theolitic Unit of the Blake River Group. Mineralization is associated with interflow volcanic sediments between andesite flows and dioritic sills. The alteration consists of silicification, carbonization and considerable sulphide enrichment.
Explor would also like to announce that Mr. Rodrigue Tremblay has replaced Mr. Jacques Frigon as Chief Financial Officer of the Corporation, following Mr. Frigon's retirement and resignation. Mr. Tremblay has a Bachelor degree in administration and a master degree in management of small and medium sizes organizations. Mr. Tremblay will be acting as CFO but will not be joining the Board of Directors at the present time. We would like to thank Mr. Frigon for all his years on the Board of Explor and wish him a long and happy retirement.
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 OTCQX (EXSFD) 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.