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), has provided the data from an
updated NI 43-10 resource estimate for the Empire Mine Project, in
Custer County, Idaho, USA (the “Empire Mine”) prepared by Hard Rock
Consulting, LLC (“HRC”).
The results of the Empire Mine work programme,
including the HRC NI 43-101 resource estimate report, to date, were
published throughout the period 2017 to present, and can be found
in the Company’s news releases filed on SEDAR (www.sedar.com).
Highlights
- New NI 43-101 resource reported at
the Empire Mine oxide open pit based on future recovery of copper,
zinc, gold and silver increases Measured & Indicated resources
increased by 19%
- Measured and Indicated resource –
22.9 million tonnes (May 2020: 19.3 million tonnes) – an increase
of 19% -- Gold – 238,406 ounces (May 2020:
217,500 ounces) – an increase of 10%
-- Silver – 7.59 million ounces (May 2020: 6.82
million ounces) – an increase of 11%
-- Copper – 87,543 tonnes (May 2020: 81,948
tonnes) – an increase of 7% -- Zinc – 43,871
tonnes (May 2020: 37,650 tonnes) – an increase of 17%
- Updated resource established
following a 32-hole drilling programme, at a direct cost of less
than $300,000, and representing 7% of a total of 445 holes drilled
at site
- An updated Preliminary Economic
Assessment is underway for the Empire Mine Open Pit project based
on this current October 2020 resource update and recent
environmentally friendly metallurgical test work
Jason Riley, CEO of ExGen, commented: “Our M+I
tonnes are now at 22.9 million tonnes an increase of 19% from the
prior resource update in May this year. We are very pleased with
the progress on Empire so far, since declaring the maiden resource
in 2017, Phoenix has increased our M&I tonnage by 220%.
Empire Mine - October 2020 Resource
Update
In May 2020, an NI 43-101 compliant resource for
the Empire polymetallic open pit was generated for an agitation
tank leach plant to recover gold and silver using ammonium
thiosulfate (“ATS”) leach, followed by copper and zinc tank leach
in the same circuit. The current gold and silver price performance,
coupled with the more environmentally friendly sodium cyanide
alternative ATS, has provided an opportunity to expand the Empire
resource base to include all metals.
Using the same modelling parameters used in the
May 2020 resource update and adding the assays from the recent
32-hole drilling programme, HRC estimated this updated NI 43-101
compliant resource using the value of all gold, silver, copper and
zinc in the deposit using a cut-off grade of 0.292% copper
equivalent oxide, and 0.497% copper equivalent sulphide, compared
with the May 2020 resource at a copper equivalent only cut-off of
0.36%, is tabulated as follows:
Mineral Resource Statement for Empire Mine, after Hard Rock
Consulting October 2020 |
|
CLASS |
Tonnes |
CuEquiv % |
Average Grade |
Metal Content |
Cu |
Zn |
Ag |
Au |
Cu |
Zn |
Ag |
Au |
Cu Equiv |
% |
% |
g/t |
g/t |
tonnes |
tonnes |
ozs |
ozs |
Tonnes |
Measured |
8,289,719 |
0.81 |
0.42 |
0.22 |
11.4 |
0.327 |
34,655 |
18,160 |
3,031,791 |
87,036 |
67,013 |
Indicated |
14,619,340 |
0.72 |
0.36 |
0.18 |
9.7 |
0.322 |
52,888 |
25,711 |
4,563,407 |
151,370 |
105,899 |
M+I |
22,909,059 |
0.75 |
0.38 |
0.19 |
10.3 |
0.324 |
87,543 |
43,871 |
7,595,198 |
238,406 |
172,912 |
Inferred |
10,612,556 |
0.75 |
0.40 |
0.14 |
7.4 |
0.343 |
42,098 |
14,569 |
2,538,574 |
117,117 |
79,296 |
|
|
|
|
Mineral Resource Statement for Empire Mine, after Hard Rock
Consulting May 2020 |
|
CLASS |
Tonnes |
CuEquiv % |
Average Grade |
Metal Content |
Cu |
Zn |
Ag |
Au |
Cu |
Zn |
Ag |
Au |
Cu Equiv |
% |
% |
g/t |
g/t |
tonnes |
tonnes |
ozs |
ozs |
Tonnes |
Measured |
6,389,000 |
0.82 |
0.46 |
0.22 |
11.8 |
0.315 |
29,134 |
14,184 |
2,423,810 |
64,703 |
52,408 |
Indicated |
12,913,000 |
0.79 |
0.41 |
0.18 |
10.6 |
0.368 |
52,814 |
23,502 |
4,400,649 |
152,797 |
102,094 |
M+I |
19,302,000 |
0.80 |
0.42 |
0.20 |
11.0 |
0.351 |
81,948 |
37,685 |
6,824,460 |
217,500 |
154,502 |
Inferred |
10,544,000 |
0.81 |
0.46 |
0.12 |
7.9 |
0.368 |
47,975 |
12,864 |
2,678,035 |
124,749 |
85,043 |
*Notes: Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Inferred
mineral resources are that part of the mineral resource for which
quantity and grade or quality are estimated on the basis of limited
geologic evidence and sampling, which is sufficient to imply but
not verify grade or quality continuity. Inferred mineral resources
may not be converted to mineral reserves. It is reasonably
expected, though not guaranteed, that the majority of Inferred
mineral resources could be upgraded to Indicated mineral resources
with continued exploration.
Mineral resources are reported at a 0.36% CuEq
cutoff. The CuEq is calculated based on the following assumptions:
a long-term copper price of US$3.30/lb; gold price of US$1,650/oz;
silver price of US$19.25/oz; zinc price of $1.21/lb; assumed
combined operating ore costs of US$19.25/t (process, general and
administrative and mining taxes); refining costs of $0.10/lb of
CuEq; metallurgical recoveries of 85% for copper, 85% for gold; 65%
for silver and 60% for zinc and a 2.5% royalty.
These Mineral Resource are considered to be
amenable to open-pit mining and are constrained by a conceptual
Lersch Grossman pit shell generated on the same costs, metal prices
and recoveries used in the above CuEq calculation and an average
mining cost of $1.80/t and variable pit slope angles that ranged
from 45–52o.
Rounding may result in apparent differences
between when summing tons, grade and contained metal content.
Tonnage and copper and zinc grade measurements are in Imperial
units. Gold and silver grades are reported in metric g/tonne units
to remain consistent with past reporting formats.
The HRC report entitled “October 2020 Resource
Updated for the Empire Mine Project” for Konnex Resources
(Phoenix’s 80% owned US operating subsidiary) will be available for
review on SEDAR (www.sedar.com) within 45 days of the issuance of
this news release. This report will be in imperial units (1 US
short ton = 2,000 lbs, 1 metric tonne = 2,204.6 lbs). HRC estimated
the mineral resource for the Project based on drill hole data
constrained by geologic boundaries with an Ordinary Krige
algorithm. Leapfrog Geo V4.4.2 software was used to complete the
resource estimate.
The mineral resources for the Project have been
estimated in a manner consistent with the NI 43-101 Committee of
Mineral Reserves International Reporting Standards (“CRIRSCO”) of
which both the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) and Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the “JORC
Code”) are members.
An updated Preliminary Economic Assessment for
the Empire Mine Open Pit Project based on this updated resource and
revised processing methods will follow in due course.
Qualified Person The scientific
and technical data contained in this news release was prepared and
reviewed by Kieran Downes, Ph.D., P.Geo., an independent qualified
person to the Company. Mr. Downes is responsible for ensuring that
the geologic information provided in this news release is accurate
and acts as a qualified person pursuant to National Instrument
43-101 – Standards of Disclosure for Mineral Projects.
Environmental, Social, and Corporate
Governance Phoenix is committed to meeting and exceeding
the environmental standards required by law as a core value of the
Company. The baseline environmental data collected to date will be
used for furthering the permitting process, but as importantly,
will be used as the building blocks for the Company’s future
Environmental, Social, and Corporate Governance (ESG) platform.
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 potential
feasibility study in compliance with NI 43-101, and the timing for
completion of these events; the timing for the completion of
exploration drilling and the receipt of exploration information and
drill assays; the potential of the underground sulphide
mineralization and the potential re-opening of the 700 and 1100
level portals to assist in the analysis of the potential sulphide
mineralization. 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 to raise future equity
financing, if needed, at prices acceptable to ExGen; 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 feasibility study in compliance with NI
43-101; the costs and work required to re-open the 700 and 1100
level portals; 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 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.
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