Owner
Post by Franko10 ™ on Sept 11, 2004 14:10:58 GMT -5
Explor Resources Signs Option Agreement
07:00 EDT Friday, May 28, 2004
LA RONGE, SASKATCHEWAN--(CCNMatthews - May 28, 2004) - Explor Resources Inc. (the 'Corporation') is pleased to announce that an option agreement with R. J. Tremblay, P.Geo. (342 1856 Canada Inc.), has been signed by which the Corporation may acquire a 100% interest in the "La Morandiere" Copper-Zinc-Silver property, situated 60 km by highway north of Val-d'Or, Quebec.
Situated in a little-explored portion of the Abitibi volcanic belt, the property hosts a 30 metre (98.5 feet) thick sulphide-rich horizon, containing anomalous copper, zinc and silver ranging respectively up to 4,100 ppm, 18,000 ppm and 3.5 ppm. Sulphides lie in strongly altered volcanics in a geological setting favourable for Abitibi-type (Noranda, Kidd-Creek, Matagami) volcanogenic massive sulphides (VMS).
Textures, alteration and sulphides are typical of those found on the boundaries of such deposits, such as volcanic (phreatic) breccia and sulphides as fine disseminations, replacements and in stringers, as well as an alteration characterized by bleached, patchy texture and the following characteristics:
- Potassium and magnesium enrichment, as well as, sodium and calcium depletion. A study (by R. J. Tremblay) of major oxide concentrations across the mineralized horizon, produced an Hashimoto alteration index ranging 50% to 85% an indication of a very favourable environment for VMS.
- The presence of pyrophyllite, chlorite and sericite in concentrations ranging respectively up to 7%, 47% and 23% (unpublished report by J. Descarreaux, Ph.D and "qualified person" under NI 43-101) as determined by Normat, a methodology and software developed by Mathieu Piche Ph.D., in order to detect and quantify hydrothermal alterations associated with VMS deposits. Typically, such concentrations of the first two hydrothermal minerals are usually only found in close proximity to deposits of this type. Normat is widely used by mining companies, including many majors mining companies, to locate these alteration minerals and identify favourable areas for VMS exploration.
The mineralized zone coincides with a 625 metres (2,050 feet) long magnetic electromagnetic (HEM) conductor which lies on the flank of a larger oval-shaped magnetic anomaly.
The mineralized zone was discovered by diamond drilling and evaluated in 1970-1971 (Soquem-New Jersey Zinc joint venture), when it was intersected at vertical depths of only 25 to 45 metres (82 to 148 feet), in three short and wide-spaced holes. The property remained unexplored for base metals from 1972 to 1998. Two drill holes completed by R. J. Tremblay owner and "qualified person" (1999 and 2000) intersected the mineralized zone at vertical depths of 70 and 150 metres (230 and 490 feet) and allowed studies on the drill core, which confirmed that this locality hosted a new and unexplored target for VMS.
To acquire a 100% interest in the property, Explor must expend $600,000 in exploration work over a period of three years, according to the following schedule: 1st year: $100,000; 2nd year: $200,000; 3rd year $300,000. In addition, Explor must complete the following payments: At signing: $1,000 cash and 150,000 shares; 1st anniversary: $5,000 and 150 000 shares; 2nd anniversary: 200 000 shares. The vendor retains a 2% N.S.R. with a buyback of 1% for $750,000. This agreement is subject to regulatory approval.
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Randy Studer
President
(306) 425-3350
(306) 425-2535 (FAX)
Email: explor@sasktel.net
The TSX venture exchange does not accept responsibility concerning the veracity or accuracy of the contents of this press release.
07:00 EDT Friday, May 28, 2004
LA RONGE, SASKATCHEWAN--(CCNMatthews - May 28, 2004) - Explor Resources Inc. (the 'Corporation') is pleased to announce that an option agreement with R. J. Tremblay, P.Geo. (342 1856 Canada Inc.), has been signed by which the Corporation may acquire a 100% interest in the "La Morandiere" Copper-Zinc-Silver property, situated 60 km by highway north of Val-d'Or, Quebec.
Situated in a little-explored portion of the Abitibi volcanic belt, the property hosts a 30 metre (98.5 feet) thick sulphide-rich horizon, containing anomalous copper, zinc and silver ranging respectively up to 4,100 ppm, 18,000 ppm and 3.5 ppm. Sulphides lie in strongly altered volcanics in a geological setting favourable for Abitibi-type (Noranda, Kidd-Creek, Matagami) volcanogenic massive sulphides (VMS).
Textures, alteration and sulphides are typical of those found on the boundaries of such deposits, such as volcanic (phreatic) breccia and sulphides as fine disseminations, replacements and in stringers, as well as an alteration characterized by bleached, patchy texture and the following characteristics:
- Potassium and magnesium enrichment, as well as, sodium and calcium depletion. A study (by R. J. Tremblay) of major oxide concentrations across the mineralized horizon, produced an Hashimoto alteration index ranging 50% to 85% an indication of a very favourable environment for VMS.
- The presence of pyrophyllite, chlorite and sericite in concentrations ranging respectively up to 7%, 47% and 23% (unpublished report by J. Descarreaux, Ph.D and "qualified person" under NI 43-101) as determined by Normat, a methodology and software developed by Mathieu Piche Ph.D., in order to detect and quantify hydrothermal alterations associated with VMS deposits. Typically, such concentrations of the first two hydrothermal minerals are usually only found in close proximity to deposits of this type. Normat is widely used by mining companies, including many majors mining companies, to locate these alteration minerals and identify favourable areas for VMS exploration.
The mineralized zone coincides with a 625 metres (2,050 feet) long magnetic electromagnetic (HEM) conductor which lies on the flank of a larger oval-shaped magnetic anomaly.
The mineralized zone was discovered by diamond drilling and evaluated in 1970-1971 (Soquem-New Jersey Zinc joint venture), when it was intersected at vertical depths of only 25 to 45 metres (82 to 148 feet), in three short and wide-spaced holes. The property remained unexplored for base metals from 1972 to 1998. Two drill holes completed by R. J. Tremblay owner and "qualified person" (1999 and 2000) intersected the mineralized zone at vertical depths of 70 and 150 metres (230 and 490 feet) and allowed studies on the drill core, which confirmed that this locality hosted a new and unexplored target for VMS.
To acquire a 100% interest in the property, Explor must expend $600,000 in exploration work over a period of three years, according to the following schedule: 1st year: $100,000; 2nd year: $200,000; 3rd year $300,000. In addition, Explor must complete the following payments: At signing: $1,000 cash and 150,000 shares; 1st anniversary: $5,000 and 150 000 shares; 2nd anniversary: 200 000 shares. The vendor retains a 2% N.S.R. with a buyback of 1% for $750,000. This agreement is subject to regulatory approval.
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Randy Studer
President
(306) 425-3350
(306) 425-2535 (FAX)
Email: explor@sasktel.net
The TSX venture exchange does not accept responsibility concerning the veracity or accuracy of the contents of this press release.
