Explor Increases Carnegie Land Positionadmin
Explor Resources Inc. announce the acquisition of 12 mineral units (2) additional mineral claims to the 62 mineral units already owned (total units 74) and situated in Carnegie Township in the Porcupine mining division, district of Cochrane, province of Ontario.
Explor Resources inc., will pay $8,000 and issue 100,000 common shares for an Option to acquire 100% interest in the 12 units. The Optionee has retained a 2.0% NSR in the property but the Company has the right to buy back 50% of the NSR for $1,000,000. This acquisition is subject to regulatory approval.
The Additional Carnegie Claims are located in the central part of Carnegie township approximately 3.5 kilometres north of the Kidd Creek mine site. The property is approximately 20 km north of the city of Timmins, Ontario and near to the Carnegie Property. Excellent access is provided by Hwy 655. The property is approximately 2.0 km off the highway. The additional 12 units mineral claims are strategically located and cover an area of approximately 194.25 hectares. This will increase Explor’s land position to 1186.25 hectares in the area. The most obvious topographical feature in the area is the Kidd Creek open pit.
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. A series of untested airborne anomalies have been observed on the property. The Kidd Creek Mine located to the south of the property is known for cu-zn-pb-Ag production. The Kidd Creek mine has produced 130,000,000 tonnes of base metal ore since it started production in 1966. The presence of Mafic and Felsic rocks with anomalous Zn and copper make this an exploration property of merit. A review of existing data revealed a series of structural anomalies of interest.
Explor plans on conducting a two phase exploration program. Phase I is designed to better determine the location of the structural targets via magnetic and max-min geophysics. Phase II will consist of diamond drilling the identified target or targets.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
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.
Explor Resources Inc. is a public listed company trading on the TSX Venture (EXS).