Explor Resources Inc.
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Explor Resources Inc.

April 10, 2014 16:01 ET

Explor Updated 43-101 Technical Report for the Chester Copper Property

ROUYN-NORANDA, CANADA--(Marketwired - April 10, 2014) - Explor Resources Inc. ("Explor" or the "Corporation") (TSX VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the completion of an updated independent 43-101 Technical Report (the "Technical Report") for the Chester Copper Property, located in North-central New Brunswick, Canada.

Explor commissioned Robert Sim, P.Geo, in March 2014, to provide an updated Technical Report for the Chester Copper Property. In 2008, Robert Sim submitted a 43-101 Technical Report dated May 30, 2008 for the Property to First Narrows Corp. ("FNR"), who were the owners of the property at that time. Since 2008, and the subsequent change of ownership, there has been essentially no additional work conducted on the Property, except for some limited prospecting. This report summarizes the work conducted to date. There has been no drilling or other work since that time that could affect the resource estimate and, therefore, the 2008 model remains valid for the Chester project. The 2008 resource considered only an underground mining scenario for the project. This updated statement of mineral resources has been altered to reflect current metal prices and has been evaluated considering a combination open pit and underground extraction options. The effective date of the resource estimate presented in this Technical Report is March 7, 2014.

The Property is located in Northumberland County, 70 km southwest of Bathurst, New Brunswick and 50 km west-northwest of Miramichi, New Brunswick, within the Bathurst Mining Camp. This area has an extensive history in base metal production from VMS deposits. The Property consists of four claim groups with 114 contiguous mineral claim units covering a total area of approximately 2,508 hectares.

The Chester deposit was originally discovered in the mid-1950s and it has undergone numerous exploration and delineation drilling programs with almost 800 holes drilled on the Property to date. The Property hosts several small zinc-copper massive sulphide deposits which are underlain by an extensive copper-bearing Stringer zone. An underground drift, totaling approximately 470 m, was driven in 1974-75 to evaluate the nature of the mineralization in the Stringer zone. At that time, a small amount of material was extracted from this drift and processed at the nearby Nigadoo River Mine owned by the Sullivan Group out of Val d'Or Quebec. During the period from 2002 through 2008, FNR drilled a total of 198 holes on the Property; the primary objective was to delineate the upper portion of the Stringer zone of the deposit in order that commercial production could be initiated. This work culminated in the generation of a mineral resource estimate that was originally described in the May 20, 2008 Technical Report. There has been no additional work conducted on the Chester Property that would influence the 2008 estimate of mineral resources.

The Technical Report includes mineral resource estimates for the Stringer zone mineralization on the Property. The resource estimate has been generated using drill hole sample assay results and the interpretation of a geologic model which relates to the spatial distribution of copper and minor constituents of zinc and silver. Interpolation characteristics have been defined based on the geology, drill hole spacing, and geo-statistical analysis of the data. The resources have been classified by their proximity to the sample locations and are reported, as required by NI 43-101, according to the CIM Definition Standards on Mineral Resources and Mineral Reserves.

Extensive analysis of the drill sample database shows that it is sound and reliable for the purposes of resource estimation. The resource model has been developed in accordance with accepted industry standards resulting in a mineral resource defined within the Measured, Indicated, and Inferred categories.

As required under NI 43-101, "reasonable prospects of economic viability", has been demonstrated assuming a combination of open pit and underground extraction options. An open pit cut-off grade of 0.5% copper and an underground cut-off grade of 2% copper are considered appropriate based on assumptions derived from operations with similar characteristics, scale and location. It is important to realize that the mineral resources listed in below table are not mineral reserves as the economic viability has not been demonstrated. Note that resources in the Inferred category are primarily based on older drilling that does not have sufficient analysis for zinc and silver to support reliable resource grades for these elements.

MINERAL RESOURCE ESTIMATE - CHESTER DEPOSIT (MARCH 7, 2014)

Class Cut-off
(Cu%)

Ktonnes
Cu
(%)
Zn
(%)
Ag
(g/t)
In-Pit
Measured 0.5 101 1.87 0.14 6.7
Indicated 0.5 1,296 1.34 0.06 3.3
Measured and Indicated 0.5 1,397 1.38 0.06 3.5
Inferred 0.5 2,060 1.25 n/a n/a
Below Pit
Inferred 2.0 29 2.33 n/a n/a
Combined
Measured 0.5 101 1.87 0.14 6.7
Indicated 0.5 1,299 1.34 0.06 3.3
Measured and Indicated 0.5 1,400 1.38 0.06 3.5
Inferred Variable 2,089 1.26 n/a n/a

Note: Inferred resources are based primarily on older drilling results which do not have sufficient zinc and silver analyses to generate resource grades for these elements.

Robert Sim, P.Geo, an independent consultant, served as the Qualified Person responsible for preparing the Technical Report, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), in compliance with Form 43-101F1 (the Technical Report). Mr. Sim is a Geologist with more than 30 years of experience primarily in base and precious metals exploration, operations, resource modeling, and feasibility-level evaluations. Mr. Sim has worked on similar volcanogenic massive sulphide (VMS) deposits, including the Winston Lake deposit in Ontario and the Cayeli deposit in Turkey. Mr. Sim received assistance from Geo-statistician Bruce Davis, Ph.D., FAusIMM, of BD Resource Consulting, Inc. Mr. Sim has reviewed and approved the content of this Press 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.

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.

Contact Information

  • Christian Dupont, President
    Tel: 888-997-4630 or 819-797-4630
    819-797-6050 (FAX)
    webite: www.explorresources.com

    Investor Relations:
    Gary Lindsey, North America
    Ph: 1-720-273-6224

    Michael Adams, Europe
    E-mail: info@star-ir.com