Explorex Executes on Its’ Strategic Path to Become a Project Generator Incorporating Specialty Metals
Vancouver, B.C. June 14, 2017; Explorex Resources Inc. (the “Company” or “Explorex”) (Canadian Stock Exchange: EX:CSE) is pleased to announce it has entered a purchase agreement to acquire 100% of certain claims (the “Property” or “ Chrysler Project”) in the Shinning Tree –Gowganda area of Ontario.
The Property, totaling 11 claims (91 units), encompasses approximately 3,600 acres and is located primarily in North Williams and Ogilvie Townships, within the Larder Lake Mining Division of Ontario. The claims were recently staked by the property vendors based on favorable geology and nearby known mineral occurrences. Excellent access to the area provided via a series of existing interconnected forestry roads that tie into provincial highway 560, 20 km to the west of the community of Shining Tree, which is approximately 130 km west of Cobalt, Ontario. A map showing the location of the Property is available on the Company’s website.
This Property is considered to be highly prospective for high-grade cobalt and silver occurrences as the geological setting is similar to that of the Cobalt mining district which is known for its past producing high grade mines, where the mineralization is strongly associated with Nipissing Diabase sills and dykes. The Chrysler Project area has been overlooked historically due to the lack of outcrop, however geophysical interpretations and work done by the Ontario Geological Survey (OGS) has highlighted the areas previously unrecognized prospectivity.
Airborne EM surveys have identified a conductor occurring to the west that is interpreted to be a north-south structural offset section of the prospective Nipissing Diabase. On the eastern portion of this major structure are several cobalt-silver occurrences within Leonard Township hosted by this diabase, and regional mapping indicates this same diabase occurs on portions of the newly acquired Property to the immediate south of the above noted occurrences. The Property also encompasses, in part, historical vein occurrences of cobalt-silver-gold associated with the Nipissing Diabase in contact with Gowganda formation sediments.
While the staked area has seen little sustained exploration, one documented cobalt-copper-silver occurrence (Roy Lacarte: Mineral Deposit Inventory # 41P08NE00013) is on the property and will be the immediate focus of field work to sample it and to identify other targets.
Under the terms of the option, the Company has agreed to pay a total of $22,500 (of which $17,500 has been deposited) and issue a total of 200,000 shares to earn a 100% interest. The agreement is subject to regulatory approval. All issued shares will have a statutory hold period of 4 months from the date of issuance; as well, 100,000 of the shares will have an additional 4-month hold period. Upon transfer of the claims to Explorex, the vendors will retain a 2% NSR, subject to a buyback of 1% for $1 million at any time.
Bill Wishart, President and CEO of Explorex. commented, “This acquisition positions the Company with a presence in the diversified metal space, and in conjunction with our planned future acquisitions, as announced previously, it signifies our intent to grow our portfolio beyond precious metals. The Chrysler project is a stepping stone into a region of significant potential for cobalt, gold, silver, copper mineralization based on historical mine activity. We are very excited about entering into this region of Canada and look forward to providing additional information from our exploration efforts”
About Explorex Resources Inc.
Explorex is an exploration company with a current primary focus on the Silver Dollar project, BC, where it has entered into an option agreement to earn a 100% interest, subject to the favourable outcome of its ongoing due diligence period. Explorex is also seeking additional specialty metal exploration and development projects of merit elsewhere in North America.
On behalf of the board,
For further information, please contact Bill Wishart, President at email@example.com or phone 604.609.0555.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.