Vancouver, B.C. —July 30, 2018 — ExplorexResources Inc. (the “Company” or “Explorex”) (EX:CSE; 1XE:FSE; EXPXF:US) is pleased to announce it has commenced its 2018 exploration program at its ’never been drilled’ Kagoot Brook cobalt project in New Brunswick.
Kagoot Brook 2018 Exploration Program
The exploration program at Kagoot Brook will be conducted in two phases. The first phase will include line cutting followed by a detailed continuous magnetometer, very low frequency electromagnetic(“VLF-EM”) and induced polarization (“IP”) geophysical surveys covering the prospective2 kilometre long corridor between two creeks reporting highly anomalous silt samples grading up to 6,000 ppm Cobalt (see Company news releases dated May 31 and February 14, 2018).The geophysical surveys, in combination, are designed to delineate mineralized features buried under a shallow blanket of till.
The Phase 1 program will also include a small focused stream silt sampling program to 1) determine if the highly anomalous cobalt corridor extends beyond the 2 kilometres that has been traced to date; and 2) perform a multi-element analysis to better characterize the mineralizing model.
The second phase will consist of a 2,000m drill program targeting the mineralized features identified from the Phase 1 exploration program.
Field work has commenced with the initiation of the line cutting and silt sampling program. Shortly upon completion, the geophysical surveys will be conducted. The drill program is anticipated to commence later this summer once the final drill targets have been established.
About Kagoot Brook
The project consists of seven claims, totalling 4,233 hectares, located in north-central New Brunswick, 85 kilometres southwest of Bathurst along the southwest margin of the famous Bathurst mining camp. The property is underlain by Cambro-Ordivician felsic volcanics and sediments. In 1983, the New Brunswick government, released stream sediment sampling results with anomalous responses which led to the staking of the original Kagoot Brook claims by Brunswick Mining and Smelting.
Soil sampling was carried out in 1984 and 4.6 km of magnetic and 13.0 km of VLF-EM (very low-frequency electromagnetic) geophysical surveys was also completed, as well as stream sediment silt samples. The VLF survey indicated three strong and two weak conductors within the property. The trends are oriented near east-west and delineate three areas of major interest. The historic soil samples returned favourable results from the three areas with a strong association between copper, silver and cobalt with the VLF conductors. The silt sampling program returned strongly anomalous cobalt with values up to 6,000 ppm with anomalous values in copper, lead, zinc and nickel.
Even with all the positive and highly compelling indicators, no drilling has ever been conducted and no source of the geochemical anomalies are known on the property.
Explorex has an option to earn a 75% interest in the project from Great Atlantic Resources Corp.
Technical Information in this news release has been reviewed by R. Kemp, P Geo., a Qualified Person as that term is defined in NI 43-101.
About Explorex Resources Inc.
Explorex is an exploration company focusing on Cobalt and metals critical to rechargeable battery technology with the support of a strong strategic partner and end user. Explorex has a growing portfolio of multi-stage projects including an LOI to acquire the Hautalampi Co-Cu-Ni deposit in Finland, an option agreement to acquire 75% in the Kagoot Brook project located within the Bathurst Mining Camp in New Brunswick, an option agreement to acquire 100% in the Cobalt-Paragon project located within the Cobalt Embayment region of north-eastern Ontario and 100% interest in the early stage Handlebar Co-Cu-Ni Project northeast of Kamloops BC. The Company also owns 100% of the Silver Dollar project, in BC.
On behalf of the Board,
Gary Schellenberg, CEO
For further information, please contact Gary Schellenberg – CEO or Mike Sieb – President; phone 604.681.0221 or Ron Birch at email@example.com; phone 1-800-910-7711
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.