Empire Mine Open Pit Status Update: Exploratory Drilling Hits Further High Grade Mineralization
2021年12月17日 - 4:47AM
ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF)
(“ExGen”, the “Company”) is pleased to provide an update in respect
of Phoenix Copper Ltd.’s (“Phoenix”) exploration and development
activities at the Empire Mine Project in Idaho, USA. Further to
previous ExGen news releases, ExGen owns 20% and Phoenix owns 80%
of Konnex Resources, Inc. (“Konnex”), which holds the leases and
claims to the Empire Mine Project. ExGen also owns 1,330,000 common
shares of Phoenix.
ExGen is pleased to report that Phoenix, (the
operator of the Empire Mine Project), has provided analytical
results from three exploration holes drilled at the Empire Mine in
Idaho, USA (‘Empire’), and provided a status update on the Empire
Mine open pit project.
The following program highlights were
provided by Phoenix:
- Three exploratory drill
holes into an area of the Empire Mine open pit not previously
drilled all encountered further oxide mineralisation,
including:
- 18.3 metres (‘m’) of 0.61%
copper, and 12.8 grammes/tonne (‘g/t’) silver from
surface including 4.6 m of 0.86% copper, 15.5
g/t silver, and 1.02% zinc from 9.1 m
- The Empire Mine Oxide Open
Pit feasibility study remains in progress and on schedule for
completion in early Q2 2022 and will include an update of the
resources;
- The Empire Mine Oxide Open
Pit operating plan was presented to the community of Mackay, Idaho
during a Town Hall meeting on 1 December 2021.
Phoenix noted:
- Receipt of analyses from Empire
step-out drill holes KX21-01 to KX21-03, and from three
condemnation drill holes. These drill holes were completed using a
reverse-circulation drill rig that was available for a short period
while the core drilling rig was busy completing an oriented coring
program for the feasibility-level slope stability studies.
- The three (3) exploratory holes
were drilled on the south end of the Empire oxide copper deposit in
an area that had no previous drilling but surface indications
suggesting it to be prospective.
- Copper, silver, and zinc
mineralization was intercepted in all three of the holes KX21-01 –
KX21-03 (Table 1, below), including grades in excess of the average
grade used in the preliminary economic model.
- KX21-02 was of significant
interest, with an average oxide copper grade of 0.61% from the
surface down 18.3 m, and including 4.6 m of 0.86% copper. This
mineralized zone appears contiguous with the main Empire Oxide
orebody but has not yet been included in the resource.
- KX21-01 encountered a shorter
interval of 1.5 m of zinc mineralization grading 1.56% at 47.2 m
depth, and KX21-03 encountered a 1.5 m interval of 1.46% copper at
a depth of 29.0 m.
- Phoenix is assessing the results in
light of additional drilling in the future, as well as inclusion in
the next resource update in early Q2 2022.
- Analytical data from the
condemnation drilling was as expected with no significant
mineralized intercepts.
- The 2021 geotechnical oriented core
drilling program was also successful in providing data for slope
stability calculations to be used in the feasibility study.
- Phoenix confirmed that the
feasibility study for the Empire open pit project remains on track
for completion in early Q2 2022.
- Phoenix held its first Town Hall
community meeting in Mackay on 1 December, as part of its ESG and
Sustainability Program’s community liaison process. More than 135
citizens attended the meeting, wherein the Phoenix team presented a
description of the proposed operating plan and then fielded
questions and comments from the attendees. The questions and
comments from the community included, but were not limited to,
transportation and supply routes, mine staffing and staff housing,
and economic community benefits. The information gathered will be
invaluable in the future operating design.
Table 1 – Empire Drilling Results
December 2021
Drill Hole |
Intersection Metres |
g/tonne |
% |
% |
% |
Mo |
W |
Number |
From |
To |
Interval* |
Au |
Ag |
Cu |
Pb |
Zn |
ppm |
ppm |
KX21-01 |
30.5 |
35.1 |
4.6 |
0 |
9.4 |
0.43 |
0.04 |
0.18 |
55 |
40 |
KX21-01 |
47.2 |
50.3 |
3 |
0 |
12.4 |
0.54 |
0.02 |
1.56 |
253 |
10 |
KX21-01 |
105.2 |
109.7 |
4.6 |
0 |
3 |
0.44 |
0.01 |
0.39 |
49 |
30 |
KX21-02 |
0 |
18.3 |
18.3 |
0 |
12.8 |
0.61 |
0.02 |
0.4 |
92.3 |
153.3 |
including |
9.1 |
13.7 |
4.6 |
0 |
15.5 |
0.86 |
0.01 |
1.02 |
132 |
150 |
KX21-03 |
29 |
30.5 |
1.5 |
0 |
12.9 |
1.46 |
0.08 |
0.3 |
229 |
60 |
KX21-03 |
100.6 |
102.1 |
1.5 |
0 |
2.6 |
0.01 |
0.01 |
1.34 |
62 |
50 |
|
*Downhole width |
|
|
|
|
|
|
|
|
|
Jason Riley, CEO of ExGen commented: “We are
encouraged to see continued positive drilling from these step out
holes from the pit. We are eagerly awaiting the feasibility study
in Q2 of next year as that should be a transformative milestone for
the project.”
QUALITY ASSURANCE AND QUALITY CONTROL
PROTOCOLS
Rock, drill core and reverse circulation samples
were analyzed by ALS Global, Reno, an ISO/IEC 17025:2005 accredited
facility. Copper, zinc, silver, lead, molybdenum, and tungsten were
determined by ICP method. Copper, zinc, and lead >1% ICP are
assayed using four-acid digestion and silver >100ppm by four
acid digestion, whereas gold was determined by a 30gm fire assay
followed by atomic absorption. Standards, duplicates and blanks
were inserted into the sample stream for QA/QC purposes. Blanks and
duplicates were inserted roughly every 50ft and standards were
inserted roughly every 100ft. Core samples are saw cut in half and
stored in a secure facility. RC chips and channel samples are
stored in the same secure facility. All samples are delivered to
the laboratory under chain of custody protocol and submitted using
sub-form sample numbers.
QUALIFIED PERSON
Kieran Downes, Ph.D., P. Geo., a Qualified
Person as defined by National Instrument 43-101, has reviewed and
verified the technical information provided in this
release.
ABOUT EXGEN RESOURCES
INC.ExGen, formerly Boxxer Gold Corp, is a project
accelerator that seeks to fund exploration and development of our
projects through joint ventures and partnership agreements. This
approach significantly reduces the technical and financial risks
for ExGen, while maintaining the upside exposure to new discoveries
and potential cash flow. The company intends to build a diverse
portfolio of projects across exploration stages and various
commodity groups. ExGen currently has 5 projects in Canada and the
US.
For more information on ExGen please contact
ExGen Resources Inc.
Jason TongChief Financial OfficerEmail: jason@catapultgroup.ca |
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information:
This news release contains certain forward-looking information. All
statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. In particular, this news release contains
forward-looking information in relation to: the observations made
on drill core from the diamond drilling program on the Empire Mine
Project; the further exploration and development of the Empire Mine
Project; the exploration and development strategy of the Empire
Mine Project, including the exploration program, drilling, mine
development, and permitting. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. There can be no assurance that the development of
the Empire Mine Project will be completed, and if development is
completed, that such development will result in a producing mine.
In the forward looking information contained in this news release,
ExGen has made numerous assumptions, based upon practices and
methodologies which are consistent with the mineral industry. In
addition, ExGen has assumed: the continued market acceptance of its
joint venture partnership model; the ability of ExGen and its
partners to raise future equity financing, if needed, at prices
acceptable to ExGen or its partners; ExGen's current and initial
understanding and analysis of the Empire Mine Project; the ability
of ExGen or third parties to discover viable exploration targets
and the results of exploration on the Empire Mine Project; the
ability of Phoenix to explore and develop the Empire Mine Project;
the cost of exploration, including sampling, drilling and assaying,
on the Empire Mine Project, the costs of developing the Empire Mine
Project and the costs and the ability of Phoenix to produce a
feasibility study in compliance with NI 43-101; and ExGen's general
and administrative costs remaining sustainable. While, ExGen
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could
cause ExGen's observations, actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: the possibility that the analytical results
from future core sampling does not return significant grades of
copper, gold, silver, zinc, lead or any other molybdenum
by-products; uncertainties relating to interpretation of drill
results and the geology; continuity and grade of mineralization;
there is no certainty that the ongoing work programs will result in
significant or successful exploration of the Empire Mine Project or
development of the Empire Mine Project into a producing mine;
uncertainty as to the actual results of exploration and development
or operational activities; uncertainty as to the availability and
terms of future financing; uncertainty as to timely availability of
permits and other governmental approvals; ExGen may not be able to
comply with its ongoing obligations regarding its properties; the
early stage development of ExGen and its projects, and in
particular, the Empire Mine Project; general business, economic,
competitive, political and social uncertainties; capital market
conditions and market prices for securities, junior market
securities and mining exploration company securities; commodity
prices, in particular copper, gold, silver, and zinc prices;
competition; changes in project parameters as plans continue to be
refined; accidents and other risks inherent in the mining industry;
lack of insurance; delay or failure to receive board or regulatory
approvals; changes in legislation, including environmental
legislation, affecting ExGen; conclusions of economic evaluations;
and lack of qualified, skilled labour or loss of key individuals. A
description of additional assumptions and risk factors used to
develop such forward-looking information that may cause actual
results to differ materially from forward-looking information can
be found in ExGen's disclosure documents on the SEDAR website at
www.sedar.com. Although ExGen has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking information. ExGen does not undertake to update any
forward looking information except in accordance with applicable
securities laws.
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