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Enter Symbol
or Name
USA
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Explor Resources Inc (2)
Symbol EXS
Shares Issued 47,020,834
Close 2014-07-11 C$ 0.05
Market Cap C$ 2,351,042
Recent Sedar Documents

Explor to acquire four more claims at Kidd

2014-07-14 15:02 ET - News Release

Mr. Christian Dupont reports

EXPLOR KIDD TOWNSHIP STRATEGIC PROPERTY ACQUISITION

Explor Resources Inc. will acquire four significant mineral claim units totalling 64 hectares situated in the Porcupine mining division, district of Cochrane, Kidd township, Ontario. These additional claims are west of the Xstrata Kidd Creek mine and contiguous to the existing Explor claims to the north of the Glencore Xstrata Chance deposit.

Explor Resources will issue 200,000 common shares at signature for an option to acquire a 100-per-cent interest in the additional Kidd township claims. The optionors have retained a 2-per-cent net smelter return in the property. This acquisition is subject to the approval of the TSX Venture Exchange.

The company's Kidd township group of properties are located to the west, south and south east of the Xstrata Kidd Creek mine, approximately 20 kilometres north of Timmins, Ont. These additional four units are contiguous to the Kidd township property and northwest of the Xstrata Kidd Creek mine. This acquisition increases Explor's land position in the area to 2,530 hectares. The most obvious topographical feature in the area is the Xstrata Kidd Creek open-pit mine, approximately 1.6 kilometres to the east of the property.

The property is located in a Greenstone belt composed mainly of sequences of metavolcanic rocks cut by faults and deformation zones that lie in a northwest-southeast direction. There are many suites of mafic volcanic rocks as well. Excellent access to the property is provided by Highway 655.

Exploration drilling completed by Explor to date has revealed a major fault structure running to the west of the Xstrata Kidd Creek mine in a northwest-southeast direction. A thorough review of all existing geophysical data appears to support these findings. Drilling by Falconbridge in 1998 to the southeast of the Xstrata Kidd Creek mine (hole K26-01) returned 4.7 metres, in which four of the five samples returned zinc values from 4,200 parts per million to 8,900 ppm, and copper values that ranged from 700 ppm to 2,280 ppm. The magnetic anomaly associated with these results appears to continue onto Explor's propertyholdings. A series of untested AEM (airborne electromagnetic) conductors detected on the Kidd township property to the west, south and southeast of the existing Kidd Creek mine clearly warrants further investigation.

The newly acquired property is approximately 0.5 kilometre to the north of the Glencore Xstrata Chance deposit (zinc-lead-silver) and to the northwest of the Xstrata Kidd Creek deposit. Clearly, the newly acquired claims appear to be on the same synvolcanic collapsed structure as the Xstrata Kidd Creek mine and the Xstrata Chance deposit. Some of the EM (electromagnetic) targets occur along magnetic boundaries suggestive of rhyolite/basalt contacts. The Xstrata Kidd Creek mine located to the east of the property has produced 152.6 million tonnes of base-metal ore (Cu-Zn-Pb-Ag) since it began production in 1966.

This acquisition is being made in support of Explor's belief in the "cluster effect of VMS (volcanogenic massive sulfide) deposits." Well-known examples of the cluster effect of VMS deposits are the Bathurst mining camp, where 47 deposits have been found to date, including the Brunswick No. 12 and the Brunswick No. 6 mines, where more than 130 million tonnes of base-metal ore have been produced to date; and the Noranda mining camp where 18 deposits have been found to date, with 68.1 million tons of base-metal production from the Horne mine and Quemont deposits alone. The presence of mafic and felsic rocks on the Kidd township properties with anomalous zinc and copper supports the opinion that additional VMS deposits exist in the immediate vicinity of the Xstrata Kidd Creek mine.

Chris Dupont, PEng, is the qualified person responsible for the information contained in this release.

We seek Safe Harbor.

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