CORRECTION FROM SOURCE: Explor Intersects 6.14 g/tonne Au Over 4.50 Meters on Timmins Porcupine West
ROUYN-NORANDA, CANADA -- (Marketwire) -- 10/25/12 -- This document corrects and replaces the press release that was sent today at 08:15 ET.
Explor Resources Inc. (TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H)(BERLIN: E1H) is pleased to announce the results of 8 drill holes being the next series of holes on the diamond drilling program. Holes #12-74, 12-75, 12-76, 12-77, 12-78, 12-79, 12-80, and 12-81A are reported in this press release.
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 potentially large mineable gold resource."
It is important to note that the strike length of the gold mineralization is greater than 2000 meters. The continuity of mineralization continues to be confirmed, and the structure remains open on strike and at depth. All the Diamond Drill Hole reported in this press release were designed to test the continuity of the mineralization. Explor has intersected gold mineralization on 97 out of 98 holes drilled to date.
The mineralization on the south limb 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. 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.
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 Releases dated December 05, 2011 and June 2012). This fall, Explor expects to release a new NI-43-101 technical report that will significantly increase the known resource.
Hole # From To Interval Gold
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(m) (m) (m) (ft) (g/tonne) (oz/ton)
Hole #74 656.4 657.2 0.80 2.62 4.409 0.129
Hole #75 264.0 265.5 1.50 4.92 1.542 0.045
408.0 409.5 1.50 4.92 1.368 0.040
436.5 439.7 3.20 10.50 6.206 0.181
473.2 474.0 0.80 2.62 2.061 0.060
480.0 481.5 1.50 4.59 1.005 0.029
Hole #76 301.5 306.0 4.50 14.76 6.140 0.179
376.5 378.0 1.50 4.92 2.361 0.069
531.0 532.5 1.50 4.92 10.460 0.305
Hole #77 177.0 178.5 1.50 4.92 4.760 0.139
327.0 328.5 1.50 4.92 2.160 0.063
448.5 450.0 1.50 4.92 1.990 0.058
505.5 507.0 1.50 4.92 1.252 0.037
Hole #78 391.5 393.0 1.50 4.92 2.665 0.078
751.0 752.0 1.50 4.92 2.040 0.060
Hole #79 156.0 157.7 1.70 5.58 1.470 0.043
211.5 213.2 1.70 5.58 1.950 0.057
236.5 240.0 1.50 4.92 3.500 0.102
287.0 288.0 1.00 3.28 1.990 0.058
394.5 397.6 3.10 10.17 2.672 0.078
423.0 426.0 3.00 9.84 4.476 0.131
Hole #80 190.5 192.5 2.00 6.56 3.387 0.099
246.0 249.5 3.50 11.48 2.180 0.064
329.5 331.0 1.50 4.92 1.265 0.037
343.0 344.8 1.80 5.91 2.390 0.070
437.0 438.0 1.00 3.28 1.120 0.033
471.0 472.5 1.50 4.92 1.003 0.029
496.0 497.0 2.00 6.56 4.208 0.123
Hole #81A 373.5 375.0 1.50 4.92 1.030 0.030
477.0 478.5 1.50 4.92 4.620 0.135
506.0 507.0 1.00 3.28 1.570 0.046
511.5 513.0 1.50 4.92 1.480 0.043
546.0 547.5 1.50 4.92 2.620 0.076
553.5 555.0 1.50 4.92 1.694 0.049
583.5 585.0 1.50 4.92 1.125 0.033
Please note assays are pending.
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. 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.
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 #2.36 at the Internationale Edelmetall & Rohstoffmesse (International Precious Metals & Commodities) Show located in the Event Arena, Olympiapark Munich, Germany from November 02 to November 03, 2012.
The management of Explor Resources looks forward to having you join us.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H).
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.
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.
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 includes: indicated: 212,800 ounces of gold (1,371,000 tonnes at 4.83 g/t Au) and inferred: 814,800 ounces of gold (7,122,000 tonnes at 3.56 g/t Au (Press Release dated June 06, 2012).
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.
Contacts:
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
