Explorex Options Silver Dollar Property to Mariner Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2018) - Explorex Resources Inc. (CSE: EX) (FSE: 1XE) (OTC Pink: EXPXF) (the "Company" or "Explorex") is pleased to announce it has entered into an option agreement with Mariner Resources Corp. ("Mariner"), whereby Mariner has the right to earn 75% in and to the Silver Dollar Property ("Silver Dollar") for certain cash payments, share issuances and work commitments.
Option Agreement
The Silver Dollar property is 100% owned by Explorex. Explorex has agreed to grant to Mariner the sole and exclusive right to acquire a 75% interest in and to Silver Dollar in accordance with the following terms and conditions:
Cash payments: $25,000 upon execution of the Agreement, an additional $50,000 in cash or common shares of Mariner, at Mariner's discretion, on or before the second anniversary of the effective date of the Agreement ("Effective Date"), $100,000 in cash on or before the third anniversary; and an additional $250,000 in cash on or before the fourth anniversary for an aggregate total consideration of $425,000;
Share Issuances: 100,000 common shares of Mariner ("Shares")on the second anniversary of the Effective Date, an additional 300,000 Shares on or before the third anniversary and an additional 500,000 Shares on or before the fourth anniversary for an aggregate total of 900,000 Shares, and
Work Commitments: Mariner to incur $75,000 exploration expenditures at Silver Dollar on or before the first anniversary of the Effective Date; an additional $150,000 on or before the second anniversary, an additional $350,000 on or before the third anniversary and an additional $425,000 on or before the fourth anniversary of the Effective Date for an aggregate $1,000,000 in exploration expenditures.
Upon Mariner earning 75% interest in Silver Dollar, the parties will enter into a joint venture.
"The Company is excited to have attracted a quality partner that will focus on the advancement of the Silver Dollar .This deal will allow the Company to focus on its E metal project development while monetizing a non core asset to the benefit of its shareholders" commented Gary Schellenberg, CEO.
About Silver Dollar
The Silver Dollar project is 3344.68 hectares (33.4square kilometres) in area and it is situated within the historical Camborne mining camp dating from around the early 1900's. A number of mineral showings and past-producing gold-silver-lead-zinc, and gold-silver prospects are in spatial proximity to the Camborne fault and occur over a distance of approximately twelve (12) kilometres.
In 1984, a drill hole on the Silver Dollar zone returned 2.10 metres grading 229.0 g/t silver, 1.0 g/t gram per tonne gold, 10.95 per cent zinc, 4.04 per cent lead and 0.29 per cent copper. Initial due diligence by Happy Creek in 2013 returned samples containing 50.30 g/t gold, 216 g/t silver and 4.49 g/t gold, 4496 g/t silver. Important base metal results include a 1.8 metre chip sample returning 16.8% zinc, 3.9% lead, 1.67 g/t gold and 241.0 g/t silver. These results have largely confirmed those found in historical reports.
For additional details on Silver Dollar refer to Company news release dated July 11 and February 7, 2018 or visit the Company's website at www.explorex.ca.
The technical elements of this news release have been approved by Mr. Richard Kemp, P.Geo., a Qualified Person as that term is defined under National Instrument 43-101.
About Explorex Resources Inc.
Explorex is an exploration company focusing on Cobalt and metals critical to rechargeable battery technology with the support of a strong strategic partner and end user. Explorex has a growing portfolio of multi-stage projects including an LOI to acquire the Hautalampi Co-Cu-Ni deposit in Finland, an option agreement to acquire 75% in the Kagoot Brook project located within the Bathurst Mining Camp in New Brunswick, an option agreement to acquire 100% in the Cobalt-Paragon project located within the Cobalt Embayment region of north-eastern Ontario and 100% interest in the early stage Handlebar Co-Cu-Ni Project northeast of Kamloops BC. The Company also owns 100% of the Silver Dollar project, in BC.
On behalf of the Board,
Gary Schellenberg, CEO
For further information, please contact Gary Schellenberg — CEO or Mike Sieb - President; phone 604.681.0221 or Ron Birch at bircress@shaw.ca; phone 1-800-910-7711
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.