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Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), is pleased to announce that Phase 1 2021 exploration programs have been completed at the Company's Upper Red Lake Gold Project ("Upper Red Lake"), the Pringle Lake Property ("Pringle Lake") and Perrigo Lake Property ("Perrigo Lake") all located in the Red Lake Mining Division, Ontario.
The airborne survey was conducted by Prospectair Geosurveys Inc. based in Gatineau, Quebec using a EC120 Eurocopter Helicopter. The initial Phase 1 program consisted of a high-resolution heliborne magnetic survey ("MAG") flown in a systematic low-level grid pattern with full high-resolution covering the entirety of all three properties. Total survey distance was approximately 2,193-line kms.
Figure 1.0 - Location Map - Red Lake Claim Group
To view an enhanced version of Figure 1.0, please visit:
https://orders.newsfilecorp.com/files/7519/96543_41ae0769649a9b3d_002full.jpg
The high-resolution survey has highlighted areas of interest for follow up field verification, including future drill targeting for the next phase of exploration. In addition, the survey is expected to better define the geometry and structural controls on mineralization and will aid in the identification of major litho-structural features.
Wes Hanson, P.Geo., President and CEO of Xplore, notes; "We are very pleased to have completed these initial airborne surveys at our three Red Lake properties. We consider the Red Lake district to be one of the premier, low risk, exploration jurisdictions in the world. With over 25 million ounces of historical gold production from past producers; and considering the recent exploration success of Great Bear Resources and First Mining Gold, the Red Lake camp clearly offers excellent potential for new gold discoveries. The preliminary results identify multiple anomalous responses within our assembled claims in this exciting district. Detailed analysis of the data is currently underway and final results are anticipated in 4 to 6 weeks. On receipt of the final data, potential targets of interest will be evaluated and prioritized for follow up exploration which may include initial diamond drilling during the upcoming winter field season."
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of copper and gold projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.
Valk Project
Xplore's 100% owned Valk copper-gold project (1,614 Ha) is located in the Nanaimo Mining Division, British Columbia, approximately 20 Km NW of Port Hardy. The Project is road accessible via an extensive network of provincial highways, local roads, and logging roads. Soil geochemistry and surface rock sampling have identified anomalous copper, vanadium, and gold mineralization within rocks of the Karmutsen Formation. Valk is located 25 km north of the former Island Copper Mine (reported historical production 367 Mt @ 0.33% Cu - Ref. BC Minfile 092L 158) and the North Island Copper and Gold Project (Indicated resource of 304 Mt @ 0.21% Cu - Ref. BC Minfile 092L 240).
Qualified Persons
Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
Email: info@xploreresources.com
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ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Xplore cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Xplore on SEDAR.com. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-looking information.
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