Explor Resources Inc.
TSX VENTURE : EXS
FRANKFURT : E1H
PINK SHEETS : EXSFF

Explor Resources Inc.

January 31, 2012 09:10 ET

Explor Intersects 114.8 g/tonne Au Over 7.8 Meters on Timmins Porcupine West

ROUYN-NORANDA, CANADA--(Marketwire - Jan. 31, 2012) - Explor Resources Inc. (TSX VENTURE:EXS)(PINKSHEETS:EXSFF)(FRANKFURT:E1H) is pleased to announce the results of 9 Drill holes being the next series of holes on the diamond drilling program. Holes #11-56W1, 11-57W1, 11-57W2, 11-57W3, 11-57W4, 11-58, 11-59, 11-60 and 11-60W1 are reported in this press release. It should be noted that more than 50% of the grades reported in this press release are greater than 2.20 g/tonne.

Chris Dupont, President and Chief Executive Officer of Explor Resources Inc commented: "We continue to be extremely pleased and encouraged by these excellent drill results. The continuity of the mineralization from hole to hole as well as the grade encountered to date with the increasing width as we go to depth are very significant in terms of establishing a large potentially mineable gold resource."

The "A" Zone identified through modelling strikes east northeast and dips to the north at 70 to 80 degrees. The drilling confirms the association of gold mineralization with Quartz feldspar (QFP) and syenite porphyry, found at both the Lakeshore and West Timmins Properties. Five mineralized zones designated "A" thru "E" have been identified. The larger zones of mineralization display a strong spatial relationship with proximity to syenite intrusive rocks and high Fe-tholeitic volcanic rocks. The 3D Geological Model may be viewed on our website: www.explorresources.com.

It is important to note that the strike length of the gold mineralization is greater than 2000 meters. The structure is still open on strike and at depth. The first phase of drilling was concentrated on mineralized Zone "A" located on the south limb of the geo-syncline. The program will continue to test the discovery zone along strike and at depth. The Company is encouraged by that the fact that on the "A" Zone, 78 out of 79 holes and all the wedges drilled from the main holes have intersected gold mineralization and that the grades encountered would in theory, support a profitable future underground mining operation at current gold prices.

All the Diamond Drill Hole reported in this press release were designed to test the continuity of the mineralization as we proceed out from the discovery Hole #10-30 (previously reported in press release dated November 23, 2010) and were designed to determine the depth continuity of the high grade mineralization encountered in Hole #10-30. The continuity of mineralization continues to be confirmed, and the structure remains open on strike and at depth.

Explor is focused on developing a mineable resource based on the drill results that have been obtained to date. The NI 43-101 technical report has been completed by MRB Associates of Val-d'Or, Quebec and P & E Mining Consultants of Brampton, Ontario (Press Release dated December 05, 2011).

The Mineral Resources at a 2.20 g/t cut-off grade have been determined to be:

  • Indicated of 127,000 oz (770,000 tonnes at 5.13 g/t Au)
  • Inferred of 704,000 oz (5,523,000 tonnes at 3.97 g/t Au)

It should be noted that the holes reported below have not yet been included in the above resource calculations.

Hole # From To Interval Gold
(m) (m) (m) (ft) (g/tonne) (oz/ton)
Hole #56W1 420.5 421.5 1.00 3.28 2.370 0.069
874.5 876.0 1.50 4.92 1.470 0.043
1031.5 1033.0 1.50 4.92 1.510 0.044
1041.0 1042.5 1.50 4.92 1.780 0.052
1062.1 1063.1 1.00 3.28 1.750 0.051
Hole #57W1 786.0 787.0 1.00 3.28 3.360 0.098
1027.0 1032.0 5.00 16.41 2.307 0.067
Hole #57W2 999.6 1003.5 3.90 12.79 2.261 0.066
1131.5 1132.5 1.00 3.28 1.540 0.045
Hole #57W3 948.0 949.5 1.50 4.92 1.200 0.035
1010.9 1013.2 2.30 7.55 3.182 0.093
1014.2 1015.2 1.00 3.28 1.270 0.037
Hole #57W4 972.3 978.0 5.70 18.70 5.118 0.149
982.5 985.1 2.60 8.53 2.703 0.079
997.5 999.0 1.50 4.92 1.650 0.048
Hole #58 508.5 510.0 1.50 4.92 1.370 0.040
526.5 528.0 1.50 4.92 2.060 0.060
1057.9 1061.5 3.60 11.81 2.201 0.064
1182.0 1183.5 1.50 4.92 1.100 0.032
Hole #59 516.0 517.5 1.50 4.92 5.350 0.156
541.5 546.0 4.50 14.76 6.201 0.181
614.7 616.5 1.80 5.90 2.810 0.082
Hole #60 333.4 341.2 7.80 25.60 114.76 3.348
Hole #60W1 735.1 738.0 2.90 9.52 3.814 0.111
762.0 764.0 2.00 6.56 1.920 0.056
1026.0 1027.5 1.50 4.92 5.930 0.173
1037.0 1038.9 1.90 6.23 1.853 0.054

The NI 43-101 technical report is available on SEDAR and on the Company Website. The results of Explor's drilling have been incorporated into the Timmins Porcupine West Exploration Video which is available for viewing on the website. The Timmins Porcupine West Project has as a Target Model "The Hollinger-McIntyre-Coniaurum System." To date, Explor's drill program has confirmed the idealised Hollinger-McIntyre-Coniaurum (HMC) isometric model. The HMC system has produced a total of over 30 million oz of gold and is spatially associated with the Pearl Lake Porphyry.

The Timmins Porcupine West Gold Property consists of 185 unpatented mining units and 3 patented claims located in the Bristol and Ogden Townships in the Timmins-Porcupine Mining Camp for a total 3,200 hectares. The property is contiguous with Lakeshore Gold West Timmins Mine. The highway 101 bisects the property and provides access from the city of Timmins located 13 km to the east.

The property has been explored since 1927 by numerous ground geophysical surveys and diamond drilling of up to 111 holes. In 1984, Dome Exploration discovered and delineated a gold mineralized zone that was approximately 350 meters long and 45 meters wide and is open below 350 meters of vertical depth. The drill program on the Timmins Porcupine West Property is ongoing and assay results are pending.

Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.

Explor Resources invites investors to visit our booth at the following conference:

Booth #2122 at the Investor Exchange of the PDAC 2012 located in the south building of the Metro Toronto Convention Center from March 4 to March 7, 2012.

The management team at Explor Resources Inc. looks forward to having you join us.

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).

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.

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.

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.

Contact Information

  • Explor Resources Inc.
    Christian Dupont
    President
    888-997-4630 or 819-797-4630
    819-797-6050 (FAX)
    www.explorresources.com

    Investor Relations:
    Gary Lindsey
    Stratastar Marketing Group LLC
    720-273-6224