ExGen: Phoenix Reports Ongoing Metallurgical Testing at Empire

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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 further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix.

ExGen is pleased to report that Phoenix, (the operator of the Empire Mine Project), reports that it has shipped approximately 12 metric tonnes of samples, representing a mix of multiple types of mineralization, to AuRIC Metallurgical Laboratories in Salt Lake City, Utah for bench-scale and bulk pilot testing aimed at maximizing comprehensive metallurgical testing for copper, gold, silver and zinc. Phoenix has also advised the Company that an NI 43-101 compliant Preliminary Economic Assessment(" PEA") for the Empire Mine Open Pit Project is anticipated in Q1 2021 utilizing the updated NI 43-101 resource estimate filed on SEDAR on October 30, 2020 by the Company, the initial positive metallurgical test results by AuRIC Metalurgical filed on SEDAR on September 10, 2020 by the Company, and results from the current, ongoing metallurgical test work.

Jason Riley, CEO of ExGen commented: "In the time since the metallurgical testing was initiated, the price of copper has reached $3.50/lb, the highest since February 2013. The copper at the Empire Mine open pit represents approximately 60% of the contained metal value within the deposit. As we have previously reported, it is our intention to produce copper, gold, silver, and zinc at Empire. It is important that we maximise metal recovery to take full advantage of revived copper and gold prices, noting that Goldman Sachs, JP Morgan and Jefferies all confirm that copper and gold are entering a commodities' bull market. We are therefore maximising that opportunity through comprehensive metallurgical testing of all metals."

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 Tong
Chief Financial Officer
Email: 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 Empire Mine Project and the exploration and development of the Empire Mine Project; the earning of the Option by Phoenix and the potential transfer back to ExGen of the Konnex shares; the exploration and development strategy of the Empire Mine Project, including the exploration program, drilling, mine development, completion of a PEA and potential feasibility study in compliance with NI 43-101, and the timing for completion of these events; the timing for the completion of metallurgical studies and the receipt of results of the metallurgical studies. 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 PEA and 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: there is no certainty that the Option will result in significant or successful exploration of the Empire Mine Project or development of the Empire Mine Project into a producing mine; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineralization and 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
BHP logo overlaid on top of hand and arrows pointing up.

BHP Overtakes Glencore as Top Mining Brand with US$6.1 Billion Valuation

BHP (ASX:BHP,LSE:BHP,NYSE:BHP) has emerged as mining's new leader in brand value, surpassing longstanding frontrunner Glencore (LSE:GLEN,OTC Pink:GLCNF), according to a recent report from Brand Finance.

The document outlines a 17 percent surge in BHP's brand value, soaring to an impressive US$6.1 billion.

This year-on-year rise was enough to propel BHP to the top spot and dethrone Glencore, whose brand value, while still substantial at US$5.9 billion, experienced a marginal decline of 1 percent from the previous period.

Keep reading...Show less

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

  • Consolidated copper production is expected to average 153,000 i tonnes per year over the next three years, representing a 16% increase from 2023 and demonstrating Hudbay's strong and stable operating portfolio with three long-life operations in tier-one mining jurisdictions in the Americas.
  • Strong complementary gold exposure with consolidated gold production expected to average 272,500 i ounces per year over the next three years, reflecting strong production in Manitoba and a contribution from Pampacancha high grade gold zones.
  • Enhanced operating platform with the recent acquisition of Copper Mountain, positioning Hudbay as the fourth largest copper producer and the fifth largest gold producer in Canada in 2023 ii .
  • Constancia's expected mine life extended by three years to 2041 as a result of mineral reserve conversion and the addition of a further mining phase at the Constancia pit.
  • Snow Lake's expected mine life maintained until 2038 with average annual gold production of 185,000 i ounces expected over the next three years.
  • Exploration activities in Peru focused on advancing drill permitting for highly prospective satellite properties near Constancia.
  • Commenced largest annual exploration program in Snow Lake consisting of geophysical surveys and drill campaigns testing the newly acquired Cook Lake claims, former Rockcliff properties and near-mine exploration at Lalor.
  • Developing access drift at the 1901 deposit in Snow Lake, located within 1,000 metres from the underground ramp to the Lalor mine, with a focus on confirming the optimal mining method for the base metal and gold lenses and converting inferred mineral resources in the gold lenses to mineral reserves.
  • Continuing to de-risk Copper World after enhanced pre-feasibility study published in 2023 and remaining state level permits expected in 2024.
  • Advancing Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to potentially produce critical minerals and precious metals while reducing the environmental footprint.
  • Entered into an option agreement with Marubeni Corporation relating to three exploration projects located near Hudbay's Flin Flon processing facilities.

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.

"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's high-quality operating platform with annual production of more than 150,000 tonnes of copper and 270,000 ounces of gold from three long-life mines located in tier-one mining friendly jurisdictions in the Americas," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "We saw strong reserve conversion in Peru after successful geotechnical work confirmed the addition of another mining phase at Constancia, extending the mine life to 2041, and we continued to progress drill permitting activities for the high-potential exploration satellites in Peru. Manitoba exploration efforts are focused on advancing the largest geophysical and drilling program in our history in Snow Lake to test the newly acquired land claims for another anchor deposit and extend the mine life well beyond 2038. Our Copper Mountain mine has a robust copper production profile over its 21-year mine life as reflected in the recent technical report. We already have a resilient operating platform delivering stable copper production and complementary gold production, and we expect to continue to add to our robust production outlook by leveraging our proven track record of delivering value through exploration and development as we advance our quality pipeline of growth assets."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trilogy Metals Announces Date of Annual Shareholders Meeting and Provides Update on Ambler Access Road

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or "the Company") will hold the Company's 2024 Annual General Meeting of the Shareholders ("AGM") on Wednesday, May 22, 2024 at 10:00 am Pacific Time at the office of the Company, Suite 1150, 609 Granville Street, Vancouver, British Columbia .

All current directors will stand for re-election at the AGM. Other items of business include the approval of unallocated entitlements under the Company's 2012 Equity Incentive Plan. Pursuant to Toronto Stock Exchange rules, all unallocated options, rights and entitlements require shareholder approval every three years following institution of the plan.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
True North Copper

TNC Announces Institutional Placement

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to advise that it has signed binding documentation with Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund for a placement of A$5 million comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement).

Keep reading...Show less
Forte Minerals President and CEO Patrick Elliott.

Forte Minerals CEO Highlights Strategy for Prospecting, Acquiring Prolific Assets at Low Cost

Forte Minerals’ (CSE:CUAU) ability to discover and acquire exploration properties at a low cost in Peru has been largely accomplished through two strategies: seeking relinquished properties when the market is down, and employing remote sensing technology for discoveries, according to the company’s president and CEO, Patrick Elliott.

"Through low market times, we thrive on property acquisitions, deals, negotiating," he said. "It's usually around a time when other companies are relinquishing properties. A lot of the majors go through these periods whereby exploration gets the first cut. ... So we remain very flexible to be able to pick up these properties for nothing."

Elliott was commenting on the company’s recent acquisition of two properties in Peru — the Alto Ruri gold prospect and the Cerro Quillo gold-copper-molybdenum prospect — for a one-time cash payment of only US$25,000.

Keep reading...Show less
True North Copper

TNC Operational Update - Cloncurry Copper Project’s Mining Restart

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to provide an operational update on the mining restart at its 100% owned Cloncurry Copper Project (CCP).

Keep reading...Show less

Latest Press Releases

Related News

×