Explor Chester Copper Property Update
December 02 2013 - 5:05PM
Marketwired
Explor Chester Copper Property Update
ROUYN-NORANDA, CANADA--(Marketwired - Dec 2, 2013) - Explor
Resources Inc. ("Explor" or the "Corporation")
(TSX-VENTURE:EXS)(OTCQX:EXSFD)(FRANKFURT:E1H1)(BERLIN:E1H1) is
pleased to announce the completion of the Phase 1 2013 Exploration
program on the Chester Copper Property. An extensive ground
exploration program was conducted on the Chester property,
concentrating mainly west side of the Clearwater Stream in an area
that has not been explored since the late 1950's. The purpose was
to explore the possibility of finding additional near surface
mineralized zones similar to the known Chester Copper and VMS zones
since it has already been confirmed (First Narrows 2004 and
Historical drilling in 1967‐68) that the main zone Copper Stringer
deposit exists for 500 to 700 metres west of the calculated
resource as shown on the attached Soil Copper Geochemical Survey
Map (available at the following address:
http://media3.marketwire.com/docs/915267a.pdf).
The 2013 work program consisted of a grass roots exploration
program briefly described as follows:
1) |
Line cutting, or grid establishment. A total of 74.7 kilometers of
lines were cut and chained; |
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2) |
Geological Mapping. The entire grid was walked and mapped in July
and August searching for outcrops, boulders and mineralization.
Stream sediment samples were also taken as required. The objective
was to search for sections of the favorable mineral bearing (or ore
bearing) horizons at surface to the west of the known
mineralization. The objective of the program was to correlate the
underlying rock types with current knowledge and published maps of
the Bathurst Mining Camp. During the mapping program a new zone of
sericitization was discovered coincident with a very strong
lead‐in‐soil anomaly. Following this anomaly along strike well
defined Clearwater Stream rocks, altered and unaltered, were found
south of the soil anomalies on several lines, defining considerable
strike length. The identification of this rock type, which hosts
the known Chester VMS and Copper stringer deposits, is very
important in defining exploration potential of this property; |
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3) |
Ground magnetometer and VLF EM surveys were conducted on the grid
to be used as a mapping tool for later interpretations of the
geological and geochemical results; |
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4) |
A program of soil sampling the "A" & "B" horizons was completed
on the newly established grid. No record of a soil sampling survey
was found in any of the older assessment files, with the exception
of the QPX soil survey of about 8‐10 years ago. |
The soil survey ended up being a 2 phase survey with 1993 soil
samples taken in the first phase. The samples were screened to ‐80
mesh (a standard sieve in the Bathurst Mining Camp) and analyzed by
ICP by Activation Laboratories Limited of Ancaster, Ontario.
Anomalies for copper, lead and zinc were outlined. An additional
1364 samples were taken on the grid and on compass lines in October
to complement as well as to expand on anomalies from the first
phase. A total of 19 stream sediment samples and 10 rock samples
were also taken during the mapping phase and analyzed.
A quick review of the geochemical data indicates that there is
one relatively small soil geochemically anomalous area for copper
where 3 old drill holes dating to about 1958 or 1959 have been
located. Three (3) other anomalous areas for Copper were identified
as shown on the attached Soil Copper Geochemical Survey Map. In the
northwest area of the grid there is a copper anomaly in soils as
well as in local seasonal drainage streams. This anomaly is near
the center of the grid and at the top of a hill. From the top of
the hill it drapes to the west down a west‐dipping slope, and then
trends to the southeast, also down slope and drainage to the east.
To the east it is coincident with a lead anomaly and a zinc
anomaly. Lead, being the least mobile of the 3 metals, follows a
southeast trend for a strike length of more than 700 meters from
west to southeast crossing 5 of the grid lines. This is a possible
strike length of up to 900 meters from NW to SE but it is also
down‐ice direction so it may be stretched out a bit. At the west
end of the anomaly, for 1 line, the drainage is down slope to the
west but in the middle the drainage, and ice direction is to the
southeast. The soil anomaly is also associated with a ground
magnetometer survey anomaly and a ground VLF anomaly. Favourable
volcanic rocks on the south side with basement rocks on the north
side indicating an interpreted major thrust fault. Another
coincident copper and lead anomaly occurs in the central southeast
zone of the gridded area. It is at about the same elevation as the
main anomaly mentioned above but there is a valley between them and
it is slightly in the up‐ice direction. Favorable alterations of
the bedrock have been observed in the area of this anomaly during
mapping and there were several historical shallow drill holes from
1956‐1959 reported in this area with random copper values.
Additional soil sampling has been completed in that area but those
results are not yet available. However, even without the additional
soils data, there is a significant untested soil anomaly, a
scarcity of outcrops, and potentially favorable geology that
warrants a few test drill holes.
Explor plans on conducting additional ground geophysical work
consisting of a Max/Min survey over the main lead and copper
anomalies as well as a few test lines over other soil anomalies,
and possibly a gravity survey over the best Max/Min anomalies. The
phase 1 exploration program has determined numerous near surface,
as well as deep, exploration targets on the Chester claim group
west of Clearwater Stream. This area is an area that has not been
explored by grass roots methods since about 1959. The soil sampling
and modern soil geochemical analytical procedures have proven to be
invaluable in this program so far in defining targets in favorable
geology which can be further tested and refined by the previously
stated geophysical program followed by diamond drilling.
Explor also announces that it has, subject to regulatory
approval, retained Venture Liquidity Providers Inc. (VLP) to
initiate its market-making service to provide assistance in
maintaining an orderly trading market for the common shares of the
Corporation. The market-making service will be undertaken by VLP
through a registered broker, W.D. Latimer Co. Ltd., in compliance
with the applicable policies of the TSX Venture Exchange and other
applicable laws. For its services, Explor has agreed to pay VLP
$5,000 per month for a period of 12 months. After an initial
three-month period, the agreement may be terminated at any time by
the Corporation or VLP. Explor and VLP act at arm's length, and VLP
has no present interest, directly or indirectly, in the Corporation
or its securities. The finances and the shares required for the
market-making service are provided by W.D. Latimer. The fee paid by
Explor to VLP is for services only. VLP is a specialized consulting
firm based in Toronto providing a variety of services focused on
TSX-V-listed issuers.
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.
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.
Christian Dupont, PresidentTel: 888-997-4630 or
819-797-4630819-797-6050webite:
http://www.explorresources.com/Investor Relations:Gary Lindsey,
North America: Ph: 1-720-273-6224Michael Adams, Europe : E-mail:
info@star-ir.com