Vancouver, B.C.- August 21, 2017 – Explorex Resources Inc. (the “Company” or “Explorex”) (Canadian Stock Exchange: EX:CSE) is pleased to announce it has executed a Purchase and Sale Agreement to acquire 100% of 2 crown grants from private owners. The crown grants are wholly contained within the Silver Dollar Project.
The Company is also pleased to announce that is has completed the due diligence phase as part of its earn in to acquire 100% of the Silver Dollar project.
Crown Grant Purchase
The 2 contiguous Beatrice and Folsom crown grants, referred to as the Beatrice claims, were acquired in a Purchase and Sales Agreement for a total payment of $12,000; a 100% interest was acquired.
The 2 claims occur in the southern portion of the Silver Dollar property (referred to as the Gilman portion) and encompass a number of historic mineral occurrences with limited historic production as documented by the BC Government in Minfile occurrence # 082KNW040.
To 1920, workings of several hundred metres of drifts, crosscuts, and raises on 3 levels had been developed. The mine workings were developed on two principle structures – the Beatrice and Main veins. The Beatrice vein, which was the original discovery at surface, strikes 050 degrees and dips 65 degrees to the southeast. The Main vein, found only on the lower levels, strikes 140 degrees and dips 65 degrees northeast.
Mineralization occurs as irregular veins within shear zones, on bedding slips and cross cutting faults. The vein structures range in width from a few centimeters up to 2 to 3 metres wide. Mineralization in the veins consists of galena, sphalerite, tetrahedrite and pyrite in quartz with minor calcite.
A third vein, known as the Gold Lode, was exposed in a series of open cuts (since covered) over a distance of “a few hundred metres” parallel to an access trail. This vein, reportedly up to 1.8 metres wide, returned grades up to 5.1 g/t Au and 32.5 g/t Ag as recorded in a 1914 annual report. The vein had a strike of 155 degrees and a steep northeast dip.
From 1899 to 1917 and 1984, a limited amount of material was shipped from the property (believed to be 618 tonnes of hand sorted rock). Of the 618 tonnes shipped, 34 tonnes was milled off site and yielded 558 grams gold, 1,832 kilograms silver, 182,930 kilograms lead and 10,894 kilograms zinc.
Completes Due DiligenceThe company has completed the requirement of spending a minimum of $100,000, by July 31, 2017, on exploration and due diligence at Silver Dollar. Subject to issuance of a further total of 800,000 common shares to Happy Creek Minerals on or before December 31, 2018; Explorex now owns 100% of the Silver Dollar project
About the Silver Dollar Property
The Silver Dollar property is located approximately 45 km southeast of Revelstoke B.C. and covers approximately 10 km of the 40 km Camborne Fault system, a region that hosts over 85 mineral deposits and showings, including 18 past producing historic mines. Explorex has acquired a 100% interest in the Property, subject to additional share issuances, and is currently preparing to undertake work on the southern portion of the property. The large, linear property has been divided for ease of reference into three map areas: the southern portion referred to as Gilman, Mohawk (central) and Goldfinch (northern).
Bill Wishart President and CEO of Explorex. commented, “The inclusion of these 2 crown grants into the overall Silver Dollar property provides the opportunity to now explore this part of the property on a contiguous basis. As the Beatrice claims contain historical work and known mineralization, our field work will focus on this important area to possibly extend this occurrence to the north towards the Gilman area where we have identified and sampled in-situ mineralization” (sample #1067861: 57.10 g/t Au & 108 g/t Ag grab sample at Gilman vein – see – press release dated Nov 23. 2016).
The scientific and technical disclosure in this news release has been supervised and approved by R. Kemp P.Geo., a Qualified Person as that term is defined in NI 43-101. He is independent of the Company.
About Explorex Resources Inc.
Explorex is an exploration company that owns 100% on the Silver Dollar project, BC, subject to issuance of an additional 800,000 shares. The Company has also acquired a 100% interest in one cobalt project, Chrysler Lake, and has an LOI to earn a 100% in the Cobalt-Paragon project, both of which are located within the Cobalt Embayment region of north-eastern Ontario. The cobalt projects form a nucleus of a strategy to acquire additional projects where the commodity focus is on metals critical to rechargeable battery technology.
On behalf of the board,
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.