Explorex Resources Update On The Silver Dollar Project
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2017) - Explorex Resources Inc. (CSE: EX) (the "Company" or "Explorex") is pleased to provide an outline of a work program for 2017on the Silver Dollar property near Revelstoke B.C. and to update on the terms of the option agreement.
Key Highlights:
Field reconnaissance will continue to focus on high grade gold and silver vein systems;
Compilation of historical work to be completed;
Key areas have been identified for follow up soil sampling, detail mapping and rock sampling;
Field due diligence work extended to July 31, 2017
Explorex Resources Inc. continues to carry out compilation of the extensive historical work on the Silver Dollar property.
Option Agreement Amendment
Explorex has reached an agreement with Happy Creek Minerals Ltd. to re-amend the terms of the option agreement as previously announced in a press release dated November 21, 2016. Explorex has agreed to issue 300,000 shares of the Company on or before May 11, 2017 as part of the ongoing due diligence process. Pursuant to the agreement to acquire a 100% interest in the Property an additional 300,000 shares will be issuable by July 31, 2018 and 500,000 by Jan 31, 2019.
"We are pleased to be able to extend the field component of our due diligence phase to July 31 as it will greatly facilitate the efficient deployment of field staff and in conducting the work. The good access, and historical high grades make Silver Dollar a premium project that has never been subjected to modern exploration over the bulk of the 10 km strike length. "We look forward to completing this next phase of work and to finalize a work programme for the 2017 field season that will target the Project's rich potential" stated Bill Wishart, President.
About the Silver Dollar Property
The Silver Dollar property is located approximately 45 km southeast of Revelstoke B.C. and covers approximately 10 km of the 40 km Camborne Fault system, a region that hosts over 85 mineral deposits and showings, including 18 past producing historic mines. Explorex has an option to earn a 100% interest in the Property and is currently conducting due diligence. The Property has been divided for ease of reference into three map areas: the southern portion referred to as Gilman (referenced in this press release), Mohawk (central) and Goldfinch (northern).
The Gilman prospect reportedly shipped fourteen tonnes of mineralized material in 1933 grading 69.9 g/t Au and 89.1 g/t Ag. In 1947 the Silver Pass Development Syndicate was reported to have processed six tonnes of mineralized material and recovered 9,860 g of silver, 1,378 kg of lead, and 1,009 kg of zinc from the Silver Dollar prospect. Fragmented exploration and underground development work occurred intermittently through the 1950s due to the presence of multiple small claim owners. Limited historical drilling is reported to be relatively shallow in depth and was selectively sampled. Anomalous intersections remain open along strike and down dip. Several styles of mineralization occur from gold-bearing iron sulphides to silver-rich galena and sphalerite.
About Explorex Resources Inc.
Explorex is an emerging precious metal exploration company with a current primary focus on the Silver Dollar project, BC, where it has entered into an option agreement to earn a 100% interest, subject to the favourable outcome of its ongoing due diligence period. Explorex is also seeking additional precious metal exploration and development projects of merit elsewhere in North America and Mexico
Laboratory work was conducted by MS Analytical of Langley BC with samples being submitted by company staff. MS Analytical Laboratory is an accredited laboratory meeting the requirements outlined in the ISO 9001 and ISO/IEC standards. The submitted samples were analyzed using a Multi-Element 4 acid, ICP-AES analysis, gold and silver analysis utilized Fire Assay, 30gm Fusion with a Gravimetric finish. The company used industry recognized practices to ensure quality control.
The scientific and technical disclosure in this news release has been supervised and approved by R. Kemp P.Geo., a Qualified Person as that term is defined in NI 43-101.
On behalf of the board,
Bill Wishart,
President, CEO
For further information, please contact Bill Wishart, President at bill@explorex.ca or phone 604.609.0555.
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.