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 Phoenix’s news release of May 15, 2024. ExGen owns 20%
and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which
holds the leases and claims to the Empire Mine Project, which
includes all of the Navarre Creek claim block. ExGen further owns
1,330,000 common shares of Phoenix.
Jason Riley, CEO of ExGen commented: “I am encouraged that seven
holes in Target 1 encountered a continuous zone/band of low-grade
gold mineralization at shallow depths and open along strike and
down-dip. The drilling results are representative of a relatively
shallow, near-surface portion of the mineralized system. I look
forward to further testing down-dip and further along strike.”
On May 23, 2024 Phoenix announced the drilling results from the
2023 Navarre Creek exploratory drilling program in Idaho, USA and
an update on feasibility engineering activities at the Empire Mine
and noted the following highlights:
- 28 reverse-circulation drill holes into four target
areas within 4,000 acre (16.18 sq km) claim block
- Two of four target areas identify mineralization of
significance
- All seven drill holes into the Lehman Creek target
identify a continuous zone of anomalous, low-grade gold
mineralization ranging from 4.5 meters to 22.9 meters
thick
- Mineralized zone is open along strike and
down-dip
- 20 unpatented mining claims totaling 400 acres staked
on the southwest end of the contiguous Navarre Creek claim
block
Ryan McDermott, Chief Executive Officer, said, "Further to our
announcement on 24 October 2023, I am pleased to confirm that we
have now received and assessed the assay results from the 28
exploratory reverse-circulation drill holes completed at our
Navarre Creek project in 2023. Navarre Creek is a vast exploration
zone, multiple times larger than the Empire Mine open- pit area. We
initially selected four target areas, and it is very encouraging to
note that two of those areas have returned mineralization of
significance, worthy of further follow-up.
"Holes NC23-01 through NC23-07 were drilled to test Target Area
1 on the southwest end of the claim block specifically targeting
the mineralized Lehman Creek fault Holes. NC23-08 through NC23-11
were drilled in Target Area 2, 4.77 kilometers northeast of Target
Area 1. Target Area 2 tested a surface geochemical anomaly
identified during previous field mapping and surface sampling in
2020. Target Area 3, holes NC23-12 - NC23-18, tested a
gold-antimony geochemical anomaly identified during field mapping,
and Target Area 4, holes NC23-19 - NC23-28, tested a jasperoid
exposure identified during field mapping.
"I am pleased to report that all seven of the Target Area 1
holes encountered a continuous zone/band of low-grade gold
mineralization. Each of the drill holes NC23-01 to NC23-07 were
angled and drilled perpendicular to the strike of the Lehman Creek
fault and cross dip. The seven holes were widely spaced at various
angles along 580 meters of the fault. The mineralized zone was
encountered between 19.2 meters and 44.2 meters true vertical depth
along strike, indicating that the zone is open along strike and
down-dip. The mineralized zone is clearly defined geochemically,
and the consistency along the strike is important in that it
demonstrates the fault as a conduit for gold-bearing fluids and at
least one volcanic unit in the hanging-wall as a suitable host for
mineralization. The drilling results are representative of a
relatively shallow, near-surface portion of the mineralized system.
I am very much looking forward to further testing down-dip and
further along strike. The initial drilling results in Target Area 1
were considered significant enough that we expanded the Navarre
Creek claim block to the southwest by an additional 400 acres,
bringing the total claim block size to 3,977 acres (16.09 km²).
"The assay results from the four drill holes NC23-13 through
NC23-16, which targeted an area with a gold-antimony surface
anomaly identified during field work, returned anomalous low-grade
silver and silver-antimony. 1.5 meters of 1.10% (10,100 parts per
million ('ppm')) antimony was present at a depth of 4.6 meters.
Antimony can be an important trace element in mineralized systems
as it can be associated with precious metals. While the four drill
holes tested a relatively small area, we now have a better
understanding of the subsurface geology and mineral potential in
that specific area. The remainder of the 28 drill holes showed
little to no significant gold mineralization.
"The Navarre Creek project covers nearly 4,000-acres. As we have
reported in the past, surficial evidence of mineralization is
widespread and pervasive. While the overall gold assay grades were
low, the presence, location, depth, and host lithology of the
mineralization is important and will be used as a tool for further
stages of exploration. The activities at Navarre Creek are very
much grassroots, very early-stage exploration, not development
drilling, and we are satisfied to initially encounter this
low-grade mineralization early in the program as we continue to
develop an understanding of the dynamics of the system and explore
for more substantial quantities of mineralization.
"Given the latest bond funding news, we are clearly focusing our
resources on the development of the open-pit and will be for the
foreseeable future. However, our Idaho team will continue field
work at Navarre Creek, Redstar, and the Horseshoe area for the
purposes of developing drill targets. We will update as appropriate
as to progress on our exploration programs.
"In addition to reporting the Navarre Creek drilling results, I
would like to provide a brief update on the feasibility engineering
for our Empire Open-Pit Mine. We recently reported that the
Company's corporate copper bond issue has been fully subscribed for
a principal value of US$80,000,000, which will be drawn down and
used for the construction of the open pit mine and processing
facility. While this funding will not have an impact on the mineral
reserve estimate or the metallurgical and design engineering
completed to date, it will provide the Company with the opportunity
to outfit the open pit operation with lower-cost, pre-owned
equipment. Much of this equipment has already been identified and
is currently located within a 550-mile radius of the Empire Mine.
The purchase of this equipment is expected to have a material
impact on overall initial and sustaining capex, as well as on
certain aspects of the process design detail, construction
logistics, and the overall equipment procurement schedule. We have
already procured pre-owned ball mills, assay laboratory equipment
and disk filtration units, at an estimated capex reduction of US$8
million. These items all form an important part of the feasibility
work, which is now being updated accordingly."
Gold Mineralised Zone
Tables 1a - 1g highlight a consistent zone of
gold mineralisation evident in each of the seven
reverse-circulation drill holes, NC23-01 through NC23-07, completed
in the southwest Target Area 1 along approximately 580 metres of
the Lehman Creek fault. In each of the seven angled drill holes, a
distinct zone of low-grade gold mineralisation was consistently
encountered in the hanging-wall of the fault. While the individual
gold values in the mineralised zone are low- grade, the zone itself
is clearly defined and appears to be laterally continuous along
strike and open down dip.
Table
1a
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
33.5 |
33.5 |
<0.01 |
|
NC23-01 |
33.5 |
35.1 |
1.5 |
0.06 |
0.6 |
NC23-01 |
35.1 |
36.6 |
1.5 |
0.13 |
0.9 |
NC23-01 |
36.6 |
38.1 |
1.5 |
0.14 |
1.2 |
NC23-01 |
38.1 |
39.6 |
1.5 |
0.09 |
0.6 |
NC23-01 |
39.6 |
41.1 |
1.5 |
0.05 |
0.7 |
NC23-01 |
41.1 |
42.7 |
1.5 |
0.10 |
0.9 |
Below mineralised zone |
42.7 |
61.0 |
18.3 |
<0.01 |
|
|
|
|
|
|
|
NC23-01 Summary of Intercept |
33.5 |
42.7 |
9.1 |
0.10 |
0.82 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
1b
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
36.6 |
33.5 |
<0.01 |
|
NC23-02 |
36.6 |
38.1 |
1.5 |
0.02 |
0.5 |
NC23-02 |
38.1 |
39.6 |
1.5 |
0.02 |
0.25 |
NC23-02 |
39.6 |
41.1 |
1.5 |
0.04 |
0.25 |
NC23-02 |
41.1 |
42.7 |
1.5 |
0.12 |
0.8 |
NC23-02 |
42.7 |
44.2 |
1.5 |
0.04 |
0.5 |
NC23-02 |
44.2 |
45.7 |
1.5 |
0.02 |
0.25 |
Below mineralised zone |
45.7 |
62.5 |
16.8 |
<0.01 |
|
|
|
|
|
|
|
NC23-02 Summary of Intercept |
36.6 |
45.7 |
9.1 |
0.04 |
0.43 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table 1c
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
47.2 |
33.5 |
<0.01 |
|
NC23-03 |
47.2 |
48.8 |
1.5 |
0.06 |
0.5 |
NC23-03 |
48.8 |
50.3 |
1.5 |
0.14 |
1.1 |
NC23-03 |
50.3 |
51.8 |
1.5 |
0.04 |
0.25 |
NC23-03 |
51.8 |
53.3 |
1.5 |
0.02 |
0.25 |
Below mineralised zone |
45.7 |
73.2 |
27.5 |
<0.01 |
|
|
|
|
|
|
|
NC23-03 Summary of Intercept |
47.2 |
53.3 |
6.1 |
0.07 |
0.53 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
1d
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From
|
To |
Interval |
Au
|
Ag |
Above mineralised zone |
0 |
38.1 |
33.5 |
<0.01 |
|
NC23-04 |
38.1 |
39.6 |
1.5 |
0.10 |
1.0 |
NC23-04 |
39.6 |
41.1 |
1.5 |
0.03 |
1.0 |
NC23-04 |
41.1 |
42.7 |
1.5 |
0.02 |
1.0 |
Below mineralised zone |
42.7 |
65.5 |
22.8 |
<0.01 |
|
|
|
|
|
|
|
NC23-04 Summary of Intercept |
38.1 |
42.7 |
4.5 |
0.05 |
1.00 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
1e
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From
|
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
54.9 |
33.5 |
<0.01 |
|
NC23-05 |
54.9 |
56.4 |
1.5 |
0.06 |
0.7 |
NC23-05 |
56.4 |
57.9 |
1.5 |
0.08 |
1.5 |
NC23-05 |
57.9 |
59.4 |
1.5 |
0.02 |
1.0 |
NC23-05 |
59.4 |
61.0 |
1.5 |
0.03 |
1.0 |
NC23-05 |
61.0 |
62.5 |
1.5 |
0.04 |
0.7 |
NC23-05 |
62.5 |
64.0 |
1.5 |
0.03 |
1.0 |
NC23-05 |
64.0 |
65.5 |
1.5 |
0.07 |
1.7 |
Below mineralised zone |
44.2 |
80.8 |
36.6 |
<0.01 |
|
|
|
|
|
|
|
NC23-05 Summary of Intercept |
54.9 |
65.5 |
10.7 |
0.05 |
1.09 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
1f
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From
|
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
27.4 |
33.5 |
<0.01 |
|
NC23-06 |
27.4 |
29.0 |
1.5 |
0.06 |
0.8 |
NC23-06 |
29.0 |
30.5 |
1.5 |
0.07 |
0.6 |
NC23-06 |
30.5 |
32.0 |
1.5 |
0.06 |
0.5 |
NC23-06 |
32.0 |
33.5 |
1.5 |
0.15 |
1.5 |
NC23-06 |
33.5 |
35.1 |
1.5 |
0.06 |
0.7 |
NC23-06 |
35.1 |
36.6 |
1.5 |
0.15 |
1.1 |
NC23-06 |
36.6 |
38.1 |
1.5 |
0.14 |
1.6 |
NC23-06 |
38.1 |
39.6 |
1.5 |
0.20 |
1.3 |
NC23-06 |
39.6 |
41.1 |
1.5 |
0.08 |
0.9 |
NC23-06 |
41.1 |
42.7 |
1.5 |
0.09 |
1.2 |
NC23-06 |
42.7 |
44.2 |
1.5 |
0.05 |
0.7 |
NC23-06 |
44.2 |
45.7 |
1.5 |
0.23 |
1.3 |
NC23-06 |
45.7 |
47.2 |
1.5 |
0.10 |
1.2 |
NC23-06 |
47.2 |
48.8 |
1.5 |
0.05 |
0.25 |
NC23-06 |
48.8 |
50.3 |
1.5 |
0.06 |
0.25 |
Below mineralised zone |
50.3 |
76.2 |
25.9 |
<0.01 |
|
|
|
|
|
|
|
NC23-06 Summary of Intercept |
27.4 |
50.3 |
22.9 |
0.10 |
0.93 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
1g
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From
|
To |
Interval |
Au |
Ag |
Above mineralised zone |
0 |
30.5 |
33.5 |
<0.01 |
|
NC23-07 |
30.5 |
32.0 |
1.5 |
0.11 |
1.9 |
NC23-07 |
32.0 |
33.5 |
1.5 |
0.08 |
1 |
NC23-07 |
33.5 |
35.1 |
1.5 |
0.06 |
0.7 |
NC23-07 |
35.1 |
36.6 |
1.5 |
0.03 |
0.25 |
NC23-07 |
36.6 |
38.1 |
1.5 |
0.06 |
0.9 |
NC23-07 |
38.1 |
39.6 |
1.5 |
0.11 |
2 |
NC23-07 |
39.6 |
41.1 |
1.5 |
0.08 |
1.8 |
NC23-07 |
41.1 |
42.7 |
1.5 |
0.10 |
1.4 |
NC23-07 |
42.7 |
44.2 |
1.5 |
0.11 |
1.2 |
NC23-07 |
44.2 |
45.7 |
1.5 |
0.12 |
1.1 |
NC23-07 |
45.7 |
47.2 |
1.5 |
0.10 |
1.2 |
NC23-07 |
47.2 |
48.8 |
1.5 |
0.07 |
0.8 |
Below mineralised zone |
44.2 |
106.7 |
62.5 |
<0.01 |
|
|
|
|
|
|
|
NC23-07 Summary of Intercept |
30.5 |
48.8 |
18.3 |
0.09 |
1.19 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Figure
1
Figure 1 is a cross-section
illustrating the mineralised zone described in tables 1a-1g. Cross-
sections represented by individual drill holes can be seen at
https://phoenixcopperlimited.com/NavarreCreek.
Tables 2a to 2d highlight anomalous silver +
antimony values above a 0.25 ppm detection limit. There is
geological evidence suggesting that elevated silver and antimony
values are hosted within a specific geological unit located in the
central portion of the Navarre Creek claim block. The geological
unit is capped by younger rocks on the west and south, limiting
surface exposure. Further geochemical characterisation and study is
warranted to the west and south to determine, if possible, the
source of mineralisation.
Table
2a
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au
|
Ag |
Sb |
Above mineralised zone |
Surface |
NC23-13 |
0.0 |
1.5 |
1.5 |
0.01 |
1.9 |
453 |
NC23-13 |
1.5 |
3.0 |
1.5 |
0.01 |
1.9 |
600 |
NC23-13 |
3.0 |
4.6 |
1.5 |
0.01 |
1.9 |
666 |
NC23-13 |
4.6 |
6.1 |
1.5 |
0.02 |
2.2 |
10100 |
NC23-13 |
6.1 |
7.6 |
1.5 |
0.005 |
0.25 |
468 |
|
|
|
|
|
|
|
*drilling is measured
in feet, multiplied by 0.3048, and reported in metres to one
significant digit
Table
2b
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
Sb |
Above mineralised zone |
Surface |
NC23-14 |
0.0 |
1.5 |
1.5 |
0.01 |
1.9 |
1930 |
NC23-14 |
1.5 |
3.0 |
1.5 |
0.01 |
1.2 |
612 |
NC23-14 |
3.0 |
4.6 |
1.5 |
0.01 |
1.7 |
489 |
NC23-14 |
4.6 |
6.1 |
1.5 |
0.01 |
1.4 |
343 |
NC23-14 |
6.1 |
7.6 |
1.5 |
0.005 |
0.25 |
92 |
NC23-14 |
7.6 |
9.1 |
1.5 |
0.005 |
1.2 |
140 |
NC23-14 |
9.1 |
10.7 |
1.5 |
0.01 |
1.5 |
272 |
NC23-14 |
10.7 |
12.2 |
1.5 |
0.01 |
2.2 |
619 |
NC23-14 |
12.2 |
13.7 |
1.5 |
0.02 |
2.5 |
485 |
NC23-14 |
13.7 |
15.2 |
1.5 |
0.02 |
2.1 |
450 |
NC23-14 |
15.2 |
16.8 |
1.5 |
0.02 |
1.3 |
218 |
NC23-14 |
16.8 |
18.3 |
1.5 |
0.01 |
0.5 |
109 |
NC23-14 |
18.3 |
19.8 |
1.5 |
0.02 |
0.8 |
140 |
NC23-14 |
19.8 |
21.3 |
1.5 |
0.01 |
0.25 |
55 |
NC23-14 |
21.3 |
2.29 |
1.5 |
0.16 |
0.25 |
42 |
|
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table 2c
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
NC23-15 |
129.5 |
131.1 |
1.5 |
0.05 |
0.25 |
NC23-15 |
131.1 |
132.6 |
1.5 |
0.53 |
4.3 |
NC23-15 |
132.6 |
134.1 |
1.5 |
0.26 |
1.7 |
NC23-15 |
134.1 |
135.6 |
1.5 |
0.16 |
2.8 |
NC23-15 |
135.6 |
137.2 |
1.5 |
0.02 |
0.25 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Table
2d
Drill Hole |
Intersection Metres |
g/tonne |
Number |
From |
To |
Interval |
Au |
Ag |
NC23-16 |
0.0 |
1.5 |
1.5 |
0.03 |
4.2 |
NC23-16 |
1.5 |
3.0 |
1.5 |
0.06 |
4.7 |
NC23-16 |
3.0 |
4.6 |
1.5 |
0.04 |
3.3 |
NC23-16 |
4.6 |
6.1 |
1.5 |
0.005 |
0.5 |
|
|
|
|
|
|
*drilling is measured in feet, multiplied by 0.3048, and
reported in metres to one significant digit
Assay results for the remainder of the 28 drill holes showed
little to no significant gold mineralisation.
Background on Navarre Creek
During the 2021 field season, Phoenix contracted Magee
Geophysical Services to acquire approximately 169 line-kilometres
of total field magnetic measurements at the Company's Navarre Creek
project and SpecTIR, LLC of Reno, Nevada to complete an airborne
hyperspectral survey of the same Navarre Creek area to identify
prospective exploration targets in an area, many of which are
largely concealed by glacial till.
The ground magnetics survey looked specifically for magnetite
and magnetic-bearing minerals, some of which have been identified
in limited outcroppings, while the hyperspectral imaging helps to
identify alteration minerals often associated with precious metal
deposition.
Hyperspectral imaging incorporates a small airplane with mounted
infrared lights and sensors to detect a wide range of wavelengths,
mineral absorption and reflectance within the target area. The
wavelength data collected in this survey are VNIR (Visible and
Near- Infrared), SWIR (Short-Wave Infrared), and LWIR (Long-Wave
Infrared). The human eye can detect wavelengths (colours) from 390
nanometers ('nm') to 700nm. The VNIR and SWIR sensors collected
wavelength data from 390nm to 2,450nm, while the LWIR sensors
ranged from 8,000nm to 12,000nm.
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 survey
highlighted several such areas including the Lehman Creek fault,
one or more porphyry plugs, and several contacts/faults.
The survey identified volcanic-associated alteration that is
both acidic and of fairly high temperature as evidenced by
pyrophyllite and dickite. As would be expected in the Challis
Volcanic Field, the white mica is Al-rich (paragenetic) and also
shows zoned crystallinity patterns, typical of intermediate-to-high
sulfidation systems, and is likely proximal to a magmatic heat
source. The presence of iron oxide associated with some of these
zones adds prospectivity. The alteration pattern is useful in
developing an exploration model to optimise future drill
targets.
During the summer of 2020, Konnex Resources' exploration team
previously mapped and sampled the Company's Navarre Creek gold
property, which was then comprised of 2,420 acres of unpatented
mining claims, located approximately 5km north-northwest of the
Empire Mine. 90 rock chip and grab samples were collected in the
hydrothermally altered volcanic rocks that make up the Navarre
Creek claims and sent to ALS Laboratories in Reno, USA for
geochemical analysis.
Of the 90 samples, 53 were above the detection limit for gold
with a high of 0.569 grammes per tonne ('g/t'), and 25 above the
detection limit for silver.
The Navarre Creek claim block now covers 3,977 acres (16.09
km²), representing over 6 km of prospective strike length,
including an area of secondary alteration thought to be epithermal
in nature, with over 2.5 km of highly brecciated, west trending
jasperoid intersecting argillically and silicically altered Eocene
Challis volcanics
Qualified Person
The foregoing technical information in this news release has
been reviewed and verified by Dennis Thomas, ACSM, FIMMM,FGS, CEng,
Eurlng, co-founder of Phoenix Copper Limited and Member of the
Company's Advisory Board. Mr. Thomas has held both executive and
non-executive roles in a number of international private and public
natural resources companies and is a chartered mining engineer from
the Camborne School of Mines. He is a Qualified Person under the
AIM Rules and consents to the inclusion of the information in the
form and the context in which it appears.
Reverse Circulation (RC) drilling was conducted by Midnight Sun
Drilling, Whitehorse, Yukon Territory, Canada, and was supervised
by the Konnex exploration team. All assays reported are uncut
unless otherwise stated. Samples reported herein were assayed by
ALS USA, Inc. of Reno, Nevada which is independent of Phoenix. All
Reverse Circulation assays reported were obtained using a four-acid
digestion and ICP-AES finish with overruns completed on values
exceeding 10,000 ppm for Cu, Zn, and Pb and 100 g/t for Ag. The
only exception being that Au assays reported were obtained using a
fire assay with AA-finish or using gravimetric finish for values
over 100 g/t Au.
Intercepts cited do not necessarily represent true widths,
unless otherwise noted, however, drilling is generally intersecting
interpreted mineralised zones at angles between ±30°. True width
determinations are not estimated due to the irregular shape of the
skarn mineralisation.
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 6 projects in Canada and the
US.
For more information on ExGen please contact
ExGen Resources Inc.
Jason TongChief Financial OfficerEmail: jason@catapultgroup.ca |
Phone: 604-889-7827 |
|
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. The results of the sampling and
geophysical survey at Navarre Creek, the markers of Carlin style
deposits and the potential for such deposits to exist at Navarre
Creek. 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5f2d603-e55a-481a-8820-15c2134e91a5
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