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 Custer County, 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 further owns
1,330,000 common shares of Phoenix.
Directors of ExGen conducted a site visit of the Empire Project
on July 17th – 19th in the company of Ryan McDermott, CEO of
Phoenix Copper, to appraise progress on the project. ExGen was
pleased to note significant progress in metallurgical testing of
ATS, an environmentally friendly agent, on mineralization from the
Empire Mine open pit which may allow the recovery and processing of
copper, gold and silver in one process. Testing is ongoing. ExGen
is also excited that drilling has started on the Navarre Creek
prospect – 60 holes are planned. This large claim block (14.48 km²
(3,577 acres)) represents over 6 kms of prospective strike length,
including an area of secondary alteration thought to be epithermal
in nature, with over 2.5 kms of highly brecciated, west-trending
jasperoid intersecting argillically and silicically altered Eocene
Challis volcanics. The drilling, with success, has the potential to
be a major game-changer for the project.
Jason Riley, CEO of ExGen commented: “ExGen is excited about
this maiden drill program at Navarre Creek. The project has the
potential to be a true company maker and we eagerly await future
progress updates and assay results.”
EMPIRE MINEAs reported by Phoenix on June 6,
2023, preliminary metallurgical testing of the Empire Mine open pit
oxide material using ammonium thiosulfate ("ATS") as a reagent, has
been completed by Resource Development Inc of Wheat
Ridge, Colorado ("RDI"), and has resulted in robust
metallurgical recoveries of copper, gold and silver using
representative bulk samples of mineralization from metallurgical
drilling at the Empire Mine open pit oxide deposit. ATS is
considered an environmentally friendly reagent, intended to replace
the use of sulphuric acid and cyanide in the recovery and
processing of copper and precious metals respectively. In addition
to positive environmental impacts, this technology would enable
recovery and processing copper, gold and silver in one proces, thus
bringing forward the production of precious metals from the Empire
Mine open pit. ATS is produced and sold in bulk in Idaho and
is commonly used as a fertilizer for the agricultural sector. The
current focus is on optimizing metal recovery balanced with reagent
consumption and applying appropriate capital and operating costs to
the proposed process design. Assuming the process is commercially
viable, Phoenix would plan to formally incorporate it into its Plan
of Operations for final submission to the regulatory authorities.
ExGen looks forward to receiving additional results from the ATS
metallurgical program.
NAVARRE CREEKExGen is pleased
that reverse circulation drilling (RCD) has commenced on the
Navarre Creek exploration project located 5 kms west of the Empire
Mine site (Phoenix News Release of July 17,2023). Up to 60 RCD
holes form 30 drill pads are planned. Drill targets were identified
by Phoenix from geologic mapping, surface geochemistry, airborne
hyperspectral mineral imaging, and geomagnetic ground surveys.
Phoenix considers that the Navarre Creek area exhibits geological
traits consistent with hydrothermal precious metal deposition
common in volcanic terrains in the Western United States. The
Navarre Creek project is located within an intrusive dome
complex, where the magnetic components in overlying volcanic
lithologies are destroyed by silicic alteration associated with
steam-heated, acidic, and oxidised hydrothermal fluids. The
hyperspectral survey highlighted several such areas including
the Lehman Creek fault, one or more porphyry plugs, and
several contacts/faults. Prospecting samples with a gold value
greater than 0.1 g/t (2020 sampling) occur predominantly in a
jasperoid-hosted quartz stockwork and micro-veining system in
felsic volcanic tuff units. Volcanics outcropping across
the Navarre Creek area are strongly weathered and highly
leached to depths of two to four meters.
A magnetite skarn sample from the southern end
of the claim block contained 0.387 g/t gold and the presence of
limestone in surface float near the skarn sample location is
evidence that the Paleozoic sedimentary rocks that occur at
the Empire Mine may be near the surface. The Empire
orebody is partly comprised of a magnetite skarn body hosted in
Paleozoic limestone.
RED STAROn April 12, 2023
Phoenix press released the results of 268 meters (‘m’) of reverse
circulation drilling completed in late 2022 on the Red Star
prospect to provide samples and technical information for
geological and resource modeling. Significant drill results are
listed in Table 1.Phoenix noted:
-
Holes RS22-02 and RS22-04 show robust metal values consistent with
the results of previous drilling in the area. Hole RS22-02 includes
1.52 m grading 1.01 g/t of gold, 332 g/t silver, 1.35% copper,
2.18% lead, 1.39% zinc and 156 ppm molybdenum. Hole RS22-04 also
returned robust metal values, including 4.99 1.52 m of 7.59 g/t
gold and 0.58% copper.
-
Only 268 m of drilling was completed due to the limited
availability of the drill rig, nonetheless, the data and results
have added significantly to our understanding of the mineralization
and the boundaries of the magnetic anomalies and will aid in future
drilling, modeling and ultimately updating of the resource.
-
The drilling results seen thus far in the Red Star area are
indicative of higher-grade, narrow vein mineralization which may
best lend itself to underground mining methods. Conversely, the
longer and lower grade drilling intercepts in the Empire open pit
area lend themselves to bulk tonnage, open pit mining methods. The
close proximity of both styles of mineralization speaks volumes
about the potential size and complexity of the Empire system.”
Table 1 – Red Star Drilling
Results
Drill Hole |
Intersection Meters |
g/tonnes |
% |
% |
% |
ppm |
ppm |
Number |
From |
To |
Interval* |
Au |
Ag |
Cu |
Pb |
Zn |
Mo |
W |
RS22-01** |
30.48 |
32 |
1.52 |
0.05 |
19.9 |
0.02 |
1.44 |
0.07 |
565 |
20 |
RS22-02*** |
32 |
39.62 |
7.62 |
0.42 |
142.7 |
0.36 |
2.94 |
1.54 |
74.6 |
52 |
including |
33.53 |
35.05 |
1.52 |
1.01 |
332 |
1.35 |
2.18 |
1.39 |
156 |
70 |
|
35.05 |
36.58 |
1.52 |
0.15 |
116 |
0.11 |
3.01 |
2.31 |
36 |
60 |
|
36.58 |
38.1 |
1.52 |
0.29 |
119 |
0.05 |
4.71 |
2.06 |
33 |
60 |
|
38.1 |
39.62 |
1.52 |
- |
134 |
0.07 |
4.8 |
1.78 |
139 |
40 |
RS22-03 |
3.05 |
6.1 |
3.05 |
0.53 |
11.4 |
0.21 |
0.007 |
0.19 |
2 |
12.5 |
including |
4.57 |
6.1 |
1.52 |
0.87 |
18 |
0.28 |
0.007 |
0.16 |
2 |
5 |
RS22-04 |
1.52 |
10.67 |
9.15 |
1.56 |
15.8 |
0.32 |
0.004 |
0.02 |
2.3 |
5 |
including |
3.05 |
4.57 |
1.52 |
0.62 |
42.7 |
0.64 |
0.009 |
0.03 |
3 |
5 |
including |
9.14 |
10.67 |
1.52 |
7.59 |
22.5 |
0.58 |
0.005 |
0.03 |
2 |
5 |
* Length along hole (not necessarily equivalent
to true width).**RS22-01 was terminated due to the hole collapsing.
RS22-01A was collared and redrilled approximately 10 feet to the
southwest of the original hole. RS22-01A did not have any
significant intervals to report.***RS22-02 sample starting
at 38.10 m did not have sufficient material for an Au assay after
the completion of multi-element digest and over limit assays.
EMPIRE MINE METALLURGICAL DRILLINGOn March 16,
2023, Phoenix press released the results of 1,077 meters ('m') of a
planned 1,500 m metallurgical core drilling program on the Empire
Mine open pit. The core drilling was completed during 2022 to
provide samples and technical information for further metallurgical
testing, geotechnical studies, and geological modeling. Significant
drill results from the seventh, eighth and ninth holes, the final
three holes of the program, are presented on Table 2. The 2022
metallurgical exploration program was designed to collect material
from each of the metallurgical domains to evaluate their
variability within the Empire open pit while improving the
understanding of the geologic and structural controls on
mineralization. The results confirmed the continuity of
mineralization within the Empire open pit, which appears along
structures striking northeast and dipping steeply to the
southeast.
Phoenix noted:
- All of the core
samples designated for metallurgical testing have now been shipped
to the metallurgical laboratory to complete the test program.
- The 2022
metallurgical drilling program targeted specific zones within the
Empire resource, in order to collect samples that are
representative of the geology and grade characteristics of the
deposit as a whole. The samples will be used in the additional
testing of ammonium thiosulfate as a recovery agent for copper,
gold, and silver, which may enable us to bring forward the
production of gold and silver, currently scheduled as a second
phase of the Empire Open Pit project.
- Consistent with
the copper, gold, and silver values previously reported for holes
KXD22-01 through KXD22-07, holes KXD22-07B, KXD22-08, and KXD22-09
continue to show robust metal values. Hole KXD22-07B includes 24.38
m grading 1.99% copper and 107.4 g/t silver, including an
impressive 10.97 m averaging 3.94% copper and 214.5 g/t silver
(including 1.1 m of 12.8% copper, and 3.5 m averaging 2.06 g/t
gold and 2.28% zinc). Holes KXD22-08 and KXD22-09 also returned
robust values, including 8.84 m of 0.73% copper and 43.1 g/t
silver, and 1.37 m of 1.63% copper and 82.5 g/t silver,
respectively.
- The intercepts
in the drilling program thus far are consistent with the team's
expectations and meet the material type-grade-interval length
necessary for the metallurgical test work currently being
undertaken. Intercepts cited do not necessarily represent true
widths, unless otherwise noted, however, drilling is generally
intersecting interpreted mineralized zones at angles between ±30°.
True width determinations are not estimated due to the irregular
shape of the skarn mineralization.
Table 2 -
Empire Mine Open Pit Core Drilling
Results
Drill Hole |
Intersection Meters |
g/tonne |
% |
% |
% |
ppm |
ppm |
Number |
From |
To |
Interval* |
Au |
Ag |
Cu |
Pb |
Zn |
Mo |
W |
KXD22-07B |
12.80 |
37.19 |
24.38 |
0.015 |
107.4 |
1.99 |
0.008 |
0.05 |
247 |
421 |
including |
21.49 |
22.86 |
1.37 |
0.010 |
97 |
2.36 |
0.004 |
0.01 |
32 |
540 |
|
23.01 |
23.93 |
0.91 |
0.010 |
104 |
2.24 |
0.005 |
0.04 |
259 |
210 |
|
23.93 |
24.99 |
1.07 |
0.040 |
302 |
5.77 |
0.012 |
0.02 |
211 |
2840 |
|
24.99 |
25.76 |
0.76 |
0.010 |
136 |
2.79 |
0.006 |
0.01 |
118 |
530 |
|
25.76 |
26.67 |
0.91 |
0.100 |
476 |
10.00 |
0.031 |
0.01 |
211 |
1650 |
|
26.67 |
27.74 |
1.07 |
0.005 |
691 |
12.8 |
0.025 |
0.03 |
445 |
700 |
|
27.74 |
29.11 |
1.37 |
0.030 |
173 |
2.08 |
0.014 |
0.06 |
427 |
110 |
|
29.11 |
31.09 |
1.98 |
0.020 |
96.2 |
0.72 |
0.013 |
0.05 |
459 |
210 |
|
31.09 |
32.61 |
1.52 |
0.010 |
65.1 |
1.71 |
0.007 |
0.04 |
698 |
140 |
KXD22-07B |
41.45 |
58.22 |
16.76 |
0.019 |
17.2 |
0.81 |
0.210 |
0.17 |
324 |
149 |
including |
41.45 |
43.28 |
1.83 |
0.005 |
6.5 |
1.07 |
0.004 |
0.09 |
195 |
150 |
|
43.28 |
44.81 |
1.52 |
0.010 |
17.6 |
1.36 |
0.501 |
0.33 |
963 |
170 |
|
44.81 |
46.63 |
1.83 |
0.005 |
1.2 |
0.10 |
0.002 |
0.01 |
139 |
80 |
|
46.63 |
48.16 |
1.52 |
0.005 |
10.6 |
0.68 |
0.002 |
0.20 |
99 |
110 |
|
48.16 |
49.38 |
1.22 |
0.010 |
7.1 |
0.83 |
0.002 |
0.10 |
542 |
280 |
|
49.38 |
50.60 |
1.22 |
0.010 |
8.5 |
0.45 |
0.006 |
0.09 |
167 |
170 |
|
50.60 |
51.66 |
1.07 |
0.050 |
27.4 |
3.02 |
0.010 |
0.09 |
211 |
180 |
|
51.66 |
53.19 |
1.52 |
0.030 |
7 |
1.03 |
0.004 |
0.16 |
730 |
290 |
including |
55.17 |
56.69 |
1.52 |
0.040 |
70.1 |
0.52 |
0.939 |
0.43 |
233 |
110 |
|
56.69 |
58.22 |
1.52 |
0.050 |
26.6 |
0.34 |
0.765 |
0.26 |
225 |
70 |
KXD22-07B |
81.38 |
100.28 |
18.90 |
0.421 |
5.5 |
0.09 |
0.006 |
1.71 |
55 |
13 |
including |
87.36 |
88.09 |
0.73 |
0.060 |
3.3 |
0.09 |
0.005 |
2.37 |
48 |
20 |
|
88.09 |
89.61 |
1.52 |
0.030 |
9.5 |
0.17 |
0.003 |
4.54 |
95 |
20 |
|
89.61 |
91.44 |
1.83 |
0.320 |
3.8 |
0.02 |
0.004 |
3.58 |
27 |
20 |
|
91.44 |
92.96 |
1.52 |
2.890 |
3.8 |
0.02 |
0.004 |
2.48 |
18 |
10 |
|
92.96 |
94.49 |
1.52 |
1.230 |
4.5 |
0.02 |
0.005 |
2.08 |
31 |
5 |
KXD22-08 |
17.68 |
26.52 |
8.84 |
0.032 |
43.1 |
0.73 |
0.004 |
0.03 |
100 |
204 |
including |
17.68 |
18.75 |
1.07 |
0.130 |
205 |
3.52 |
0.010 |
0.04 |
230 |
130 |
|
18.75 |
19.96 |
1.22 |
0.060 |
87.5 |
1.28 |
0.009 |
0.03 |
80 |
50 |
KXD22-09 |
174.04 |
183.00 |
8.96 |
0.195 |
22.0 |
0.62 |
0.084 |
0.78 |
86 |
25 |
including |
174.04 |
175.41 |
1.37 |
0.100 |
82.5 |
1.63 |
0.509 |
3.43 |
505 |
70 |
* Length along hole (not necessarily equivalent
to true width).** KXD22-07 was terminated in a historical mine
working at 18.3 m. KXD22-07B was collared and redrilled the
original hole
QUALITY ASSURANCE AND QUALITY CONTROL PROTOCOLS
Phoenix states that all RC chips are logged by Konnex personnel at
Phoenix's drill core facility located in Mackay, Idaho, USA. The RC
chips are split at the drill rig. One half is sent to a commercial
laboratory for assaying, and the other half is kept for future
reference. A strict QA/QC programme is in place by integrating
duplicates, blanks, and certified reference standards into the RC
sample sequence.
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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