Base Metals

Xplore Resources Corp. (TSXV: XPLR) ("Xplore or the "Company"), is pleased to announce anomalous gold in till sample results obtained from the Upper Red Lake Property (the "Property" or "URL") located in the Red Lake Mining District, Ontario.

  • Reconnaissance gold in till sampling confirms highly anomalous gold grain counts
  • 75% of the sample population returned gold grain counts in the upper decile of regional till sampling completed by the Geological Survey of Canada ("GSC")
  • Pristine and modified gold grains comprise +60% of population
  • Best gold in till results coincident with areas of magnetic destruction
  • Results include 7834 ppb Au, the highest gold tenor returned to date within the claims
  • Adjacent to Prosper Gold's Golden Sidewalk gold in till anomaly

Waldo Sciences Inc., Vernon, B.C. ("Waldo"), completed a two-week reconnaissance mapping and sampling program on the Property in October 2021. Onset of winter conditions limited Waldo's coverage to the C1, 2 and 3 target areas (Ref. December 14, 2021, XPLR Press Release). Target C1, a 2200 meter linear, east-west trending magnetic high, coincident with an intrusive-greenstone contact was highlighted by the gold in till results. Targets C2 and C3 further south may represent the continuation of Prosper Gold Corporations' "Golden Corridor" target, a 7 km x 0.5 km gold in till anomaly currently being drilled to the east of Upper Red Lake.

Wes Hanson, P.Geo., President and CEO of Xplore, comments: "It's always gratifying when the initial samples from a property return anomalous results but these initial results from the Upper Red Lake property exceeded our expectations. Over 60% of the described gold grains were classified as pristine (less than 100 meters from source) or modified (less than 1000 meters from source). At the C1 target, 90% of the till samples returned total and pristine gold grain counts in the upper decile (top ten percent) of the GSC's regional data population consisting of over 400 till samples collected over a 6500 km2 area. The C1 target parallels a major lithological contact and the anomalous till results are localized in an area of magnetic destruction. The same west south-west trend can be observed in the southern part of the claims where five consecutive GSC till samples returned upper decile total and pristine gold grains over a 5 km strike length. Our current working model is that the gold mineralization may be associated with the west south-west faulting that dominates the local geology. Our short-term goal is to establish a detailed till sampling grid over the 2.5 km defined strike length at the C1 target, with a long-term goal of identifying and prioritizing potential drill sites based on the detailed till sample grid."

A total of 19 till samples and 7 rock samples were collected from traverse lines perpendicular to the interpreted west-southwest ice direction as well as the dominant litho-structural fabric. Outcrops observed during the field traverses were partially stripped and grab samples were collected for geochemical analyses. Figure 1.0 shows the location of the samples collected. A detailed description of the sampling procedures is provided at the end of this Press Release.

Till samples were submitted for analysis to Overburden Drilling Management Ltd., Ottawa, ON. Results are summarized in Table 1.0. Rock geochemical samples were submitted to ALS Canada Ltd. Vancouver, B.C. for analysis. No significant gold analyses were identified within the seven rock samples submitted. Multi-element Induced Coupled Plasma analyses did not highlight any mineralization of economic significance.

Table 1.0 - Summary of Gold in Till Results - Upper Red Lake Property - October 2021

TargetSample
Number
Concentrate
Grade (Au ppb)
Gold Grain Count
ReshapedModifiedPristineTotal
C1


456001

456002

456003

456004

456005

456006

456016

456017

456018

456019


7834

358

835

415

118

1010

13

155

36

1076


10

40

18

11

26

29

3

22

4

45


1

19

5

5

8

7

0

9

5

3


16

31

18

7

18

17

0

3

8

4


27

90

41

23

52

53

3

34

17

52

C2


456007

456008

456012

456013

456014

456015


73

121

228

0

52

17


13

17

15

0

10

6


7

9

8

0

4

2


6

8

9

0

6

0


26

34

32

0

20

8

C3


456009

456010

456011


179

7

215


20

1

7


2

1

5


6

3

7


28

5

19

 

Only seven rock samples were taken, and no anomalous gold or silver results were reported. The only results of interest were elevated (+100 ppm) copper in samples 456051 and 456052 collected from outcrop north of anomaly C1. Sample 456051 also reported the highest arsenic value (8.9 ppm).

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Figure 1.0 - Upper Red Lake Property - 2021 Till Sample Results

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Field Sampling Procedures

All field work was supervised and/or performed by a qualified, professional geologist.

All samples were assigned a unique identification number.

All sample locations were located by handheld GPS relative to the NAD83 Datum - Zone 15N.

Sample locations were recorded manually and stored as GPS waypoints. All sample locations were identified in the field with flagging tape with the unique sample identification number recorded on the flagging tape.

Glacial till samples were collected from shallow holes that were hand dug using manual tools. Each pit was between 18-24 inches in depth and 18-24 inches in width. Collected material for glacial till analyses was visually confirmed by the supervising geologist as being of glacial origin. Organic material was excluded from each till sample. Glacial sediments were hand sieved in the field using a 5mm sieve to reduce the sample size. Each sample was visually described in the field noting physical characteristics of each sample, including but not limited to depth, colour, sorting, particle size and sample weight. Till samples of approximately 10-12 kgs were collected at each site. Each till sample was placed into plastic sample bags with the unique sample identification number tag. The same sample number was written on the exterior of the bag and each bag was sealed. Each sample pit was reclaimed after the sample was collected.

Rock geochemical samples were collected from outcrops. Surficial cover was stripped from portions of each outcrop. Geological descriptions of each outcrop were manually recorded, describing the rock and any relevant geological features observed. Approximately 2-4 kgs of rock fragments were collected manually using manual tools at each sample location. The rock fragments were placed in plastic sample bags, the unique sample identification number tag was included in the sample bag. The same sample number identification was written on the exterior of the sample bag and each bag was sealed.

The till and rock samples were transported by Waldo personnel from the field to an independent transport company for delivery to the selected analysis facility.

Overburden Drilling Management

All glacial till samples were analyzed at Overburden Drilling Management Ltd. ("ODM"), an established laboratory specializing in heavy mineral geochemistry since 1974. ODM is independent of the Company. Please refer to ODM's website for further information:

https://www.odm.ca

Upon arrival at the analysis facility sample bags were inspected to ensure security prior to processing.

Prior to analysis, a representative 300-gram split was separated from each bulk sample and reserved for geochemical analysis. The remainder of the bulk sample was wet screened at 2 mm and a primary table concentrate was prepared from the minus 2mm fraction.

The table concentrates were typically 300-400 grams each and of low grade (10 to 25% heavy minerals) in order to achieve a high target recovery rate of indicator minerals of high specific gravity (greater than 3.2). Contained gold grains were separated from the table concentrates by micro-panning, then counted, measured, and classified as to degree of wear which provides an indication of distance of glacial transport from source of origin. The relative abundance of sulphide minerals, similar indicator minerals and metallic elements in the samples were also estimated.

ALS Canada

All rock samples were analyzed at ALS Canada in Vancouver. ALS is an independent recognized global testing organization and is ISO/IEC 17025:2005 and ISO 9001:2015 certified.

Rock samples were analyzed using the following ALS standard procedures:

AU-AA23:      30g aliquot Fire Assay with Atomic Adsorption finish ("FA-AA") and

ME-MS61:     48 element Induced Coupled Plasma Mass Spectrometry ("ICP-MS").

Complete details on ALS Canada and the procedures noted above are available on ALS Canada's website at:

https://www.alsglobal.com/en-CA

Upon arrival at ALS the rock samples were logged in and checked for security. Samples were weighed and dried, crushed to 90% passing 2mm and split with a riffle splitter to obtain 1000-gram sub-samples. The remainder of the master samples were re-bagged and stored. The 1000-gram splits were pulverized to 85% passing 75 microns for analysis. Gold content was determined on 30-gram subsamples using fire assay with an atomic absorption finish. A 48 multi-element analysis utilizing four acid ICP-MS analysis was performed to identify other elements present.

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 mineral 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 Province 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: +1 647-202-7686
Email: whanson@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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117760

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SailingStone Capital logo

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Dear Independent Directors of Turquoise Hill Resources Ltd.,

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Best regards,

SailingStone Capital Partners LLC

ABOUT SAILINGSTONE CAPITAL PARTNERS LLC

SailingStone Capital Partners , a division of Pickering Energy Partners, provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets which will enable the energy transition. SailingStone manages concentrated, long-only equity portfolios for institutional investors.

For media inquiries:

Petree Partners LLC
Jennifer Petree / Tina Tallant
713.269.3776

For investor inquiries:

SailingStone
MacKenzie Davis
ir@sailingstonecapital.com

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SOURCE SailingStone Capital Partners

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