Explor Resources Inc. will pay a total of $2,000 and issue 400,000 common shares for an Option to acquire a 100% interest in the additional Kidd Township claim. The seller has retained a 2.0% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
The Corporation's Kidd Township Group of Properties are located to the North, South, West and East of the Kidd Creek open pit Mine, located approximately 20 km north of Timmins, Ontario. This additional claim is to the eastern portion of the Kidd Township group of properties, and to the east of the open pit Mine site. This acquisition increases Explor's land position in the area to 2934.7 hectares. The most obvious topographical feature in the area is the open pit mine, located in the central portion of Explor's Kidd Township group of Properties.
The property is located in a Greenstone Belt composed mainly of sequences of Meta-Volcanic rocks cut by faults and deformation zones that lie in a NW-SE direction. There are many suites of Mafic Volcanic rocks as well. Excellent access to the property is provided by Hwy 655.
Exploration drilling completed by Explor to date has revealed a Major Fault Structure running to the west of the open pit Mine in a NW-SE direction. A thorough review of all existing geophysical data appears to support these findings. Drilling by Falconbridge in 1998 to the southwest of the open pit Mine (Hole # K26-01) returned 4.7m in which 4 of the 5 samples returned Zinc values from 4200 - 8900 ppm and Copper values that ranged from 700 - 2280 ppm. The Magnetic Anomaly associated with these results appears to continue onto Explor's property holdings. A series of untested AEM (Airborne Electromagnetic) conductors detected on the Kidd Township group of properties to the west, south and southeast of the existing Kidd Creek Mine clearly warrant further investigation. Explor Resources Inc. is currently planning an exploration and drill program on the Kidd Township group of properties.
The newly acquired claim is approximately 4 km to the East of the open pit mine site. Clearly, the newly acquired claim appears to be on the same Syn-volcanic Collapsed Structure as the Kidd Creek Mine and the Chance Deposit. The open pit mine located to the west of the newly acquired property has produced 152,600,000 tonnes of Base Metal Ore (Cu-Zn-Pb-Ag) since it began production in 1966.
This acquisition is being made in support of Explor's belief in the "Cluster Effect of VMS (Volcanogenic Massive Sulfide) Deposits". Well known examples of the cluster effect of VMS Deposits are the Bathurst Mining Camp where 47 deposits have been found to date, including the Brunswick No.12 and the Brunswick No.6 Mines where more than 130,000,000 tonnes of Base Metal Ore has been produced to date; and the Noranda Mining Camp where 18 deposits have been found to date, with 68,100,000 tons of Base Metal Production from the Horne Mine and Quemont Deposits alone. The presence of Mafic and Felsic rocks on the Kidd Township Properties with anomalous zinc and copper supports the opinion that additional VMS Deposits exist in the immediate vicinity of the Open pit mine.
To view tables and figures, please visit:
About Explor Resources Inc.
Explor Resources Inc. (CVE:EXS) (OTCMKTS:EXSFF) (FRA:E1H1) is a Canadian-based natural resources company with mineral holdings in Ontario, Quebec, Saskatchewan and New Brunswick. Explor is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold and 450,000,000 tonnes of cu-zn ore over the last 100 years. The Corporation was continued under the laws of Alberta in 1986 and has had its main office in Quebec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. Teck Resources Ltd. (NYSE:TECK) is currently conducting an exploration program as part of an earn-in on the TPW property.
Explor Resources Inc.