Explor Reports NI 43-101 Resource Update
298,000 INDICATED Au oz @ 3.08 g/t
780,000 INFERRED Au oz @ 2.81 g/t
ROUYN-NORANDA, CANADA -- (Marketwired) -- 04/16/13 -- Explor Resources Inc. (TSX VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT: E1H)(BERLIN: E1H) is pleased to announce the completion of its NI 43-101 Updated Mineral Resource Estimate for the Timmins Porcupine West Gold Property located in Bristol and Ogden Townships 15 kilometers from downtown Timmins, Ontario. The property is located in the famous Timmins-Porcupine mining camp within proximity to past and existing producers.
Open Pit Mineral Resources at a 0.25 g/t Au cut-off grade are as follows:
Indicated: 74,000 oz (1,248,000 tonnes at 1.85 g/t Au)
Inferred: 186,000 oz (2,502,000 tonnes at 2.31 g/t Au)
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
Indicated: 224,000 oz (1,758,000 tonnes at 3.96 g/t Au)
Inferred: 594,000 oz (6,145,000 tonnes at 3.01 g/t Au)
Chris Dupont, President and Chief Executive Officer of Explor Resources Inc commented: "We are very encouraged by this Updated Mineral Resource Estimate using drill data up to December 2012. Diamond Drilling has continued to intersect significant mineralization. The continuity from hole to hole as well as the grade encountered to date is very significant in terms of establishing both an open pit and underground gold resource."
It should be noted that the drilling to December 2012 has yielded an increase of 40% in indicated ounces and 119% increase in indicated tonnes over the June 2012 resource. Additional near surface planned drilling is expected to further increase the potential open pit-able resource.
The following tables summarize the sensitivity to the Mineral Resource Estimate in the Indicated and Inferred resource categories at various cut-off grades. For the purpose of this press release, Explor is reporting the open pit resource at a 0.25 g/t Au cut-off grade and the underground resource at a 1.70 g/t Au cut-off grade, as follows:
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Open Pit
Resource
Sensitivity INDICATED INFERRED
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Cut-Off g/t Au Tonnes Au g/t Au oz Tonnes Au g/t Au oz
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0.50 1,147,298 1.98 72,999 2,385,077 2.41 184,574
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0.45 1,166,106 1.96 73,295 2,414,310 2.38 185,051
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0.40 1,191,284 1.92 73,652 2,442,244 2.36 185,386
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0.35 1,210,665 1.90 73,878 2,455,875 2.35 185,552
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0.30 1,231,378 1.87 74,112 2,472,731 2.34 185,713
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0.25 1,247,953 1.85 74,227 2,502,418 2.31 186,012
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0.20 1,262,006 1.83 74,333 2,528,076 2.29 186,212
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Underground
Resource
Sensitivity INDICATED INFERRED
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Cut-Off g/t Au Tonnes Au g/t Au oz Tonnes Au g/t Au oz
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2.50 1,145,815 4.97 183,089 2,956,309 4.01 380,761
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2.40 1,204,207 4.85 187,696 3,481,543 3.77 422,329
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2.30 1,267,523 4.72 192,471 3,809,966 3.65 447,102
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2.20 1,338,903 4.59 197,628 4,092,867 3.55 467,536
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2.10 1,414,880 4.46 202,883 4,400,834 3.46 488,850
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2.00 1,505,291 4.32 208,830 4,734,653 3.36 511,013
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1.90 1,589,371 4.19 214,107 5,183,840 3.24 539,160
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1.80 1,669,381 4.08 218,874 5,419,681 3.18 553,235
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1.70 1,758,261 3.96 223,857 6,144,874 3.01 593,874
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1.60 1,855,941 3.84 229,073 6,436,219 2.94 609,201
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1.50 1,956,839 3.72 234,103 6,888,875 2.85 631,891
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(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues,
although the Company is not aware of any such issues.
(2) The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
(3) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.
(4) Grade capping from none to 20 g/t was utilized on raw assays for the
mineralized domains. Inverse distance cubed (1/d3) was utilized for
grade interpolation and was based on 1m composites within a 5m long x
2.5m wide x 5m high block model.
(5) A bulk density of 2.89 t/m3 was used for all tonnage calculations
based on samples taken by the authors of this resource estimate.
(6) An approximate two year trailing average gold price of US$1,650/oz and
an exchange rate of US$1.00S=C$1.00 was utilized in the Au cut-off
grade calculations of 0.25 g/t Au for open pit Mineral Resources and
1.70 g/t for underground Mineral Resources. Underground mining costs
were assumed at C$70/t, with process costs of C$10/t and G&A of C$5/t.
Open pit mining costs were $2.00/tonne for mineralized material and
waste rock while overburden mining costs were $1.50/tonne. Process
recovery was assumed at 95%.
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. Explor has intersected gold mineralization in 100 out of 105 holes drilled to date and 64 out of 65 wedges. Explor has concentrated its efforts on the south limb of the syncline and very little work has been completed on the north limb of the syncline.
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.
The Timmins Porcupine West Gold Property consists of 185 unpatented mining units and three 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. Explor continues to drill 24/7 to explore and expand the known resource base.
The mineral resource estimates were prepared by Eugene Puritch, P.Eng., Antoine Yassa, P.Geo. and Yungang Wu, P.Geo. all of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101. Mr. Puritch has reviewed and approved the contents of this press release.
A NI 43-101 compliant technical report supporting this mineral resource estimate has been previously completed by MRB Associates of Val d'Or and P&E Mining Consultants Inc. and was filed on SEDAR in January 2012.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX Exchange (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: 298,000 ounces of gold (3,006,214 tonnes at 3.08 g/t Au) and inferred: 780,000 ounces of gold (8,647,292 tonnes at 2.81 g/t Au (Press Release dated April 16, 2013).
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.
Contacts:
Christian Dupont, President
888-997-4630 or 819-797-4630
819-797-6050 (FAX)
www.explorresources.com
Michael Adams: European Investor Relations
Star Capital GmbH
info@star-ir.com
Investor Relations: Gary Lindsey
Stratastar Marketing Group LL
720-273-6224
