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Explor Resources Inc (2)
Symbol EXS
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Close 2016-10-11 C$ 0.085
Market Cap C$ 9,227,538
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Explor Resources drills one m of 15,500 ppm Zn at Kidd

2016-10-11 12:50 ET - News Release

Mr. Chris Dupont reports

EXPLOR ANNOUNCES KIDD TOWNSHIP PROPERTY DIAMOND DRILLING RESULTS

Explor Resources Inc. has released diamond drilling results on the Kidd township property. The corporation's Kidd township group of properties is located to the north, south, west and east of the Glencore Kidd Creek mine, located approximately 20 kilometres north of Timmins, Ont. Explor's Kidd township group of properties has a land position that covers an area of approximately 2,805.20 hectares. The most obvious topographical feature in the area is the Glencore Kidd Creek open-pit mine, located in the central portion of Explor's Kidd township group of properties. Explor was so encouraged by the initial results of the 3,000-metre program that it decided to more than double the diamond drilling program planned to 7,275.7 m. Explor drilled seven holes and two wedges on three claim blocks, one being in Carnegie township, northeast of the mine and the other two blocks drilled in Kidd township, southwest of the mine.

The property is located in a greenstone belt composed mainly of sequences of meta-volcanic 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 major fault structures running to the west and east of the Glencore 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 southwest of the Glencore Kidd Creek mine (hole No. K26-01) returned 4.7 m in which four of the five samples returned zinc values from 4,200 to 8,900 parts per million and copper values that ranged from 700 to 2,280 ppm.

Holes KC-16-01, KC-16-02 and KC-16-05 were drilled in Kidd township to intersect magnetic highs and fold structures approximately three kilometres south and southeast of the Kidd Creek mine. Holes 01, 02 and 05 were very encouraging as they intersected mostly graphitic argillite and felsic lapilli tuffs which are very important zinc-copper ore-bearing rocks and marker horizons within the Kidd Creek mine. Several samples returned anomalous zinc values from 109 to 737 ppm mostly within sheared graphitic argillite.

Holes KC-16-03, KC-16-04, KC-16-06, KC-16-06A, and wedges 06AW1 and 06AW2 were drilled in Carnegie township on the border with Kidd township approximately two kilometres north of the Kidd Creek mine site. Holes KC-16-03 and 04 were drilled bearing south to intersect east-west-trending geophysical conductors. Both holes intersected ultramafics, mafic fragmental, felsic to intermediated tuffs and exhalite-chert-tuff units. Hole KC-16-03 intersected several zinc values from 140 to 15,500 ppm (1.5 per cent Zn) (over one metre) within the exhalite-chert unit. Hole KC-16-04 was drilled to intersect the exhalite-chert unit updip from hole KC-16-03. Hole 04 intersected ultramafics, intermediate tuffs, mafic fragmental, lapilli tuff and mafic pillowed flows. Several anomalous zinc values were intersected, the best being 266 ppm. Hole KC-16-06 was drilled from the east to intersect the exhalite-chert unit downdip from hole KC-16-03. Hole KC-16-06A and its wedges, 06AW1 and 06AW2, were completed to 1,101 m, and intersected ultramafics and cherty tuffs. More importantly, hole wedge KC-16-06AW2 intersected parts of the exhalite-chert unit downdip of KC-16-03 with several anomalous zinc values from 114 to 4,024 ppm.

The 2016 Kidd-Carnegie drill program was successful in that it intersected many of the ore-bearing lithological units and marker horizons as within the Kidd Creek mine. As well, the intersections of 4,024 and 15,500 ppm Zn (over 1.1 and 1.0 m, respectively) within cherty tuffs and cherty-exhalite were very encouraging and suggest that both claim blocks may host a Kidd Creek-style copper-zinc deposit.

Chris Dupont, president and chief executive officer of Explor Resources, commented: "We are extremely pleased and encouraged by these preliminary drill results. The presence of exhalite-chert unit in two of the holes is very significant in terms of exploration. Generally exhalite-chert is proximal to a volcanogenic massive sulphide deposit. This is the first time in our 10 years of exploration around the Kidd Creek mine site that exhalite-chert has been intersected. Explor plans on conducting in the near future a downhole geophysical survey that will see a 200 m radius around the hole in order to further refine our diamond drilling. We expect to be able to wedge into any targets that are found."

Explor believes in the cluster effect of VMS 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 Glencore Kidd Creek mine, located to the southwest of the property, has produced 152.6 million tonnes of base-metal ore (copper-zinc-lead-silver) since it began production in 1966. 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 Glencore Kidd Creek mine.

Mr. Dupont is the qualified person responsible for the information contained in this release.

Explor's flagship project is the Timmins Porcupine West (TPW) project located in the Porcupine mining camp in Ontario. Teck Resources Ltd. is currently conducting an exploration program as part of an earn-in on the TPW property. The TPW mineral resource (see press release dated Aug. 27, 2013) includes the following: open-pit mineral resources at a 0.30 g/t Au cut-off grade are as follows: indicated: 213,000 ounces (4,283,000 tonnes at 1.55 g/t Au); inferred: 77,000 ounces (1.14 million tonnes at 2.09 g/t Au); underground mineral resources at a 1.70 g/t Au cut-off grade are as follows: indicated: 396,000 ounces (4.42 million tonnes at 2.79 g/t Au); inferred: 393,000 ounces (5,185,000 tonnes at 2.36 g/t Au).

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