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Post by Franko10 ™ on Nov 10, 2005 19:59:03 GMT -5
Explor Resources Inc.: Acquisition of the Eastford Lake Gold Property (ccnm)
LA RONGE, SASKATCHEWAN--(CCNMatthews - Nov. 10, 2005) - Explor Resources Inc., (TSX VENTURE:EXS) the "Company" is pleased to announce the acquisition of the Eastford Lake Gold Property in Kerrs, Warden, Milligan Townships and the Rayner Lake area of Ontario. The property is located in the famous Timmins-Porcupine mining camp within proximity to past and existing producers.
The Eastford Lake Gold Property consists of 137 contiguous unpatented mining units with a total of 2,200 hectares. The property is accessed via a 16 kilometre all weather gravel road from highway 101 to the south of the property. The city of Timmins is located 70 km to the west.
The property is contiguous to SAGE Gold Inc., where they reported a newly identified high grade gold mineralization (See SAGE Gold Inc. press release dated November 08, 2005) SAGE has reported 7.36 g/t over 7.43 meters in a green carbonate quartz breccia. Of significance was the 37 meter thick mafic flow replacement zone found in Hole K-05-07.
THE AGREEMENTS
The Company has signed two agreements to earn a 100% interest (subject to a 2% NSR) in a 73 unit claim package for $8,000 and 250,000 shares and a 100 % interest (subject to 2% NSR) in a 64 unit contiguous claim package for $10,000 and 200,000 shares.
THE PROPERTY
The planned exploration program will be aimed at locating the bedrock source of the gold-mineralized quartz float that was found in the boulder train. The program will build on the work that was previously carried out by Kennco Explorations in the mid 1960's, Denison Mines in the mid 1970's, Bay Resources in 1984 and Wahlex Limited in 1997. Their work included gold particle geochemistry in soils, ground Turam electomagnetics, magnetics, limited I.P. surveying and diamond drilling.
The occurrence of fragile, friable carbonatized quartz porphyry float and fuchsitic altered ultramafic float near the north-north-west end of the gold/quartz boulder train suggests a relatively proximal bedrock source. Approximately 1,200 metres north and north-north-west of the boulder train, there exist a previously mapped mercury in soil anomaly, which was coincident with the northern extent of a large coherent gold-in-soil anomaly. Diamond drilling never tested this location. It is reasonable to interpret that the location of the mercury anomaly may be the bedrock source of the gold.
Numerous grab samples have been taken from the quartz boulders train and have yielded significant gold grades. Sampling by Kennco Exploration in 1965 produced assays averaging 0.32 oz gold per ton from 11 boulders. Recent sampling in 2004 and 2005 has supported these historical assays. Broad Oak Associates sampled a boulder from the train and reported assay result of 48.6 grams per tonne.
The Company plans on conducting a two-phase exploration program. Phase I is designed to better determine the location of the structural targets via magnetic and VLF-EM surveys and limited geochemistry. Phase II will consist of diamond drilling the identified target or targets.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources Inc. is a public listed company trading on the TSX Venture Exchange.
This press release was prepared by Explor Resources Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Chris Dupont
President
(705) 268-5416
or
Explor Resources Inc.
Randy Studer
Vice President
(306) 425-3350
(306) 425-2535 (FAX)
Email: explor@sasktel.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
LA RONGE, SASKATCHEWAN--(CCNMatthews - Nov. 10, 2005) - Explor Resources Inc., (TSX VENTURE:EXS) the "Company" is pleased to announce the acquisition of the Eastford Lake Gold Property in Kerrs, Warden, Milligan Townships and the Rayner Lake area of Ontario. The property is located in the famous Timmins-Porcupine mining camp within proximity to past and existing producers.
The Eastford Lake Gold Property consists of 137 contiguous unpatented mining units with a total of 2,200 hectares. The property is accessed via a 16 kilometre all weather gravel road from highway 101 to the south of the property. The city of Timmins is located 70 km to the west.
The property is contiguous to SAGE Gold Inc., where they reported a newly identified high grade gold mineralization (See SAGE Gold Inc. press release dated November 08, 2005) SAGE has reported 7.36 g/t over 7.43 meters in a green carbonate quartz breccia. Of significance was the 37 meter thick mafic flow replacement zone found in Hole K-05-07.
THE AGREEMENTS
The Company has signed two agreements to earn a 100% interest (subject to a 2% NSR) in a 73 unit claim package for $8,000 and 250,000 shares and a 100 % interest (subject to 2% NSR) in a 64 unit contiguous claim package for $10,000 and 200,000 shares.
THE PROPERTY
The planned exploration program will be aimed at locating the bedrock source of the gold-mineralized quartz float that was found in the boulder train. The program will build on the work that was previously carried out by Kennco Explorations in the mid 1960's, Denison Mines in the mid 1970's, Bay Resources in 1984 and Wahlex Limited in 1997. Their work included gold particle geochemistry in soils, ground Turam electomagnetics, magnetics, limited I.P. surveying and diamond drilling.
The occurrence of fragile, friable carbonatized quartz porphyry float and fuchsitic altered ultramafic float near the north-north-west end of the gold/quartz boulder train suggests a relatively proximal bedrock source. Approximately 1,200 metres north and north-north-west of the boulder train, there exist a previously mapped mercury in soil anomaly, which was coincident with the northern extent of a large coherent gold-in-soil anomaly. Diamond drilling never tested this location. It is reasonable to interpret that the location of the mercury anomaly may be the bedrock source of the gold.
Numerous grab samples have been taken from the quartz boulders train and have yielded significant gold grades. Sampling by Kennco Exploration in 1965 produced assays averaging 0.32 oz gold per ton from 11 boulders. Recent sampling in 2004 and 2005 has supported these historical assays. Broad Oak Associates sampled a boulder from the train and reported assay result of 48.6 grams per tonne.
The Company plans on conducting a two-phase exploration program. Phase I is designed to better determine the location of the structural targets via magnetic and VLF-EM surveys and limited geochemistry. Phase II will consist of diamond drilling the identified target or targets.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources Inc. is a public listed company trading on the TSX Venture Exchange.
This press release was prepared by Explor Resources Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
Explor Resources Inc.
Chris Dupont
President
(705) 268-5416
or
Explor Resources Inc.
Randy Studer
Vice President
(306) 425-3350
(306) 425-2535 (FAX)
Email: explor@sasktel.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
