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Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), is pleased to announce Phase 1 2021 exploration programs at the Company's Upper Red Lake Gold Project ("Upper Red Lake") and the Pringle Lake Property ("Pringle Lake") both located in the Red Lake Mining Division, Ontario and the Valk Copper Project ("Valk"), located on Vancouver Island, British Columbia.
Xplore considers both Red Lake properties historically underexplored. The initial airborne survey is scheduled for early August after which the Company plans to mobilize exploration crews to the properties. The Phase 1 program at Upper Red Lake and Pringle Lake will consist of a heliborne high-resolution magnetic ("MAG") survey flown in a systematic low-level grid pattern with full high-resolution covering the entirety of both properties.
The high-resolution survey will better define mineralization and aid in 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.
The airborne survey has been contracted to Prospectair Geosurveys Inc. based in Gatineau, Quebec who are expected to mobilize to the properties in early August.
Map 1
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The Phase 1 program on the Valk will follow up the 2020 exploration and shall either extend the existing soil geochemistry grid to the southeast or an initial airborne survey of the property.
"We are incredibly pleased to commence exploration of our properties in the Red Lake camp. The Red Lake camp has produced over 25 million ounces of gold and is currently home to some of the most exciting exploration discoveries in Canada, demonstrating the potential of this historic district. We believe that additional discoveries are inevitable. Gold in till sampling, conducted by the Geological Survey of Canada ("GSC") in the early 1990s, identified gold in till at the Upper Red Lake property. Over 50% of all observed gold grains were described as pristine; suggesting minimal transport of the observed gold grains which, by extension, suggest the sample location is within a few hundred meters of the source. The gold in till anomalies identified by the GSC describe an east to west strike over a 4.0 km distance, a compelling exploration target."
"Our Pringle Lake property lies along the South Arm structure, a recently interpreted by the Ontario Geological Survey as a third, deep seated fault structure. Similar deep seated structures have been observed at both Red Lake as well as the Dixie discovery where drilling by Great Bear Resources continues to indicate another potential high value discovery in the Red Lake camp," said Wes Hanson, President and CEO of Xplore Resources.
"At our Valk property in BC, current soil geochemical data has defined a 500 meter wide by 3000-meter-long copper in soil anomaly coincident with a major, northwest trending regional structure that can be traced to the southeast to Island Copper Mine. We are currently evaluating the potential benefits of an initial airborne survey versus continued soil geochemistry at Valk," continued Hanson.
Map 2
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Pringle Lake Gold Project
The Pringle Lake Gold Project is located approximately 50 kms north of Red Lake ON., consists of 78 contiguous cells covering 1,560 Ha along what is interpreted to be a deep seated, N-S trending structural break extending north from Red Lake. Similar deep seated structural breaks have been identified proximal to the historical mines in Red Lake as well as near recent new gold discoveries in the district. Data in the Ontario Geological Survey archives suggests that favourable host rocks are present within the property claim package, but modern exploration is extremely limited to date.
Upper Red Lake Gold Project
The Upper Red Lake Gold Project consists of 12 contiguous mineral claims (1,750 Ha) located in the Birch-Uchi Greenstone Belt, within the Red Lake Mining Division of Ontario. The project, located approximately 60 kilometers ENE of Red Lake ON, is road accessible and largely lies along the NW boundary of Prosper Gold Corporations ("Prosper"), Golden Sidewalk Project. Prosper has identified several W to WNW trending anomalous gold trends within their land package, many of which to trend on to the Upper Red Lake claim package.
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).
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.
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.
For additional information, please visit the Company's website at www.xploreresources.com.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
Email: info@xploreresources.com
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
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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