ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF)
(“ExGen”, the “Company”) is pleased to provide an update in respect
of the DOK property optioned by Mountain Boy Minerals Ltd. (TSX.V:
MTB) (“Mountain Boy”) in May 2021. Under the terms of the option
agreement Mountain Boy may earn a 60% interest in the DOK
copper-gold porphyry property located approximately 40 kilometres
southwest of Telegraph Creek, in northwest British Columbia,
Canada. The DOK Property consists of approximately 10,669 hectares,
and forms part of Mountain Boy’s Telegraph project.
The Telegraph project (24,494-hectare/244 square kilometre) is
located in BC’s Golden Triangle, in the vicinity of several large
porphyry deposits including Galore Creek (Teck - Newmont), Schaft
Creek (Teck - Copper Fox), Big Red (Libero Copper and Gold), Saddle
and Saddle North (Newmont) and the operating Red Chris copper-gold
mine (Newcrest - Imperial Metals).
The following program highlights were
provided by Mountain Boy:
- Collected 69 surface rock
samples
- Collected 157 soil
samples
- Collected 80 drill core
samples from DOK2014-01 for SWIR analysis by Farhad Bouzari at
MDRU. The samples will be further analysed and included in the
TGI-6 study by Chris Lawley at the GSC
- The Phase I work was based
out of Telegraph Creek; crew flew to site daily.
- The Phase 2 2 work based
out of Glenora; crew flew to site daily
- Work focused initially at
evaluating the 2014 drilling and on the Main Zone, followed by more
reconnaissance work further afield.
Mountain Boy noted:
- Highlights from exploration on the
DOK option of the Telegraph Project include 9 high grade copper
samples, all above 0.6% copper and assaying up to 17.95% copper,
199 grams per tonne silver, and 314 ppb gold, taken from the
southeastern portion of the optioned ground. This area is
considered a new highly prospective showing on the project. The new
showing occurs immediately eastern of a known soil geochemical
anomaly, referred to as the Red Creek anomaly.
- Two samples taken from the DOK Main
showing returned favourable values, the first sample assayed 0.47%
copper with 634 grams per tonne silver, 247 ppb gold, 24.6% lead
and 25.7% zinc. The second sample assayed 5.58% copper, 56.9 grams
per tonne silver, 2.37 grams per tonne gold.
- A single sample taken from the Red
Creek Zone assayed 1.41 % coper, 156 grams per tonne silver, and
105 ppb gold.
- A sample taken on the ridge to the
southeast of the DOK Main, towards the Red Creek zone assayed 0.75%
copper, 1.314 grams per tonne gold and 12.6 grams per tonne
silver.
- Sample line DOK-L1 is a contoured
soil line to the southeast of the DOK Main soil grid which resulted
in a copper and gold in soil anomaly that extends over 300 metres
and yielded two samples highly anomalous in copper, including 1.41%
and 0.14% copper.
- Two contour soil lines (DOK-L3 and
DOK-L4) were collected in the Red Creek basin, immediately east of
the historic copper and gold soil geochemistry grid. These two
lines extend the known anomaly 175 metres to the northeast. This
extension yielded gold in soils values up to 1905 ppb and copper in
soils up to 2.01%. Samples that assayed over 500 ppm copper occur
over 200 metres of the contour line L3. From lines L3 and L4, 43 of
78 samples grade over 250 ppm copper. The newly discovered zone,
defined by the 9 high grade copper surface samples occurs 550
metres east of the furthest east soil anomaly in the Red Creek
basin.
- These results, integrated with
historic results, continue to enhance the porphyry copper-gold
potential of this extensive property.
- Work next field season will focus
on testing identified targets and is also expected to generate new
gold-copper targets in this large and fertile mineralized
system.
2021 Field Program
The initial objective of field work was to ground-truth a number
of the historic showings and to evaluate the 2014 drill core.
During the second phase of exploration, the field crew re-visited
areas of interest and explored new parts of the property.
The findings from field work further confirm the presence of a
large copper-gold porphyry system and outlined new prospective
areas for further exploration.
Much of the historic work was centered on the DOK Main Zone. A
significant new discovery, approximately three kilometres southeast
of the DOK Main Zone, produced 19 surface samples that assayed 0.5%
copper and greater. The new zone is traceable over 400 meters and
assayed up to 17.9% copper (sample E075465). This new zone
straddles what historically would have been two separate claim
blocks and is on the margin of a known soil geochemistry anomaly in
steep terrain. Table 1 below includes the highlights from surface
samples and Figure 1 is a map showing the copper assays from the
2021 surface samples.
A second new zone of interest was discovered a kilometer from
the above-mentioned zone, along the same south easterly trend. This
zone also yielded several samples over 1% copper.
During the first phase of field work, in addition to mapping and
prospecting, samples from the 2014 drill core and surface samples
were selected for more detailed analysis. An analytical technique
known as short wave near infrared (SWIR) was applied by Dr. Farhad
Bouzari from MDRU (Mineral Deposits Research Unit, at the
University of British Columbia). The objective of this analysis is
to identify the alteration minerals present and characterize the
style of mineralization. Initial results from the SWIR analysis
confirm the presence of porphyry-style alteration and suggest that
multiple hydrothermal systems have altered and mineralized the
On-going Work
Samples from the Telegraph project (80 drill core and 43 surface
samples) have been included in a Federal Government funded research
program known as a Targeted Geoscience Initiative (TGI-6). Dr.
Christopher Lawley is a gold metallogenist and geochemist who has
been working with the Geological Survey of Canada (GSC) since 2012.
Last summer, the Targeted Geoscience Initiative (TGI) program was
renewed with a particular focus on critical raw materials.
Research will focus initially on the concentrations of Re, Bi,
Te, Se, and PGE in porphyry and epithermal mineral systems in the
Golden Triangle, which remain poorly understood because of their
complexity and the superposition of many mineralizing events.
Copper is included in this study as it is also defined as a
critical metal. This research is being conducted in collaboration
with the British Columbia Geological Survey and at MDRU UBC.
Preliminary results from this are anticipated in the new year.
This research has practical applications in identifying ore
controls and ore guides, which helps efficiently target ongoing
exploration.
Additional samples collected in the second phase of exploration
are being sent in for SWIR analysis. Results and interpretation of
these data will be integrated with the other available data
(geochemistry, geophysics, radiometric) to help evolve
understanding of the mineralization. Maps and data can be viewed
at: https://mountainboyminerals.ca/news-releases/mountain-boy-confirms-porphyry-copper-gold-mineralization-finds-high-grade-copper-on-the-telegraph-project-in-bcs-golden/
Jason Riley, CEO of ExGen commented: “We are very encouraged by
this round of results from Mountain Boy on their Telegraph project.
The DOK property, which we optioned to Mountain Boy in May of 2021
comprises 43.6%. ExGen has always been optimistic about the
exploration opportunity that the DOK property presents. We look
forward to the resumption of exploration in 2022, the testing of
already identified targets, and the identification of new
gold-copper targets within this large system.”
QUALITY ASSURANCE AND QUALITY CONTROL
PROTOCOLS
Rock and soil samples were analyzed by MSALABS, Vancouver, an
ISO 17025 and ISO 9001 accredited laboratory.
QUALIFIED PERSON
Kieran Downes, Ph.D., P. Geo., a Qualified
Person as defined by National Instrument 43-101, has reviewed and
verified the technical information provided in this
release.
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 TongChief Financial OfficerEmail: 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 observations made
on surface rock and soil samples on the DOK Project; the further
exploration and development of the DOK Project; the exploration
strategy of the DOK Project, including the exploration program,
drilling, mine development, and permitting. 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
exploration of the DOK Project will be completed, and if
exploration is completed, that such exploration will result in
economic results. 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 and its partners to raise future equity financing, if needed,
at prices acceptable to ExGen or its partners; ExGen's current and
initial understanding and analysis of the DOK Project; the ability
of ExGen or third parties to discover viable exploration targets
and the results of exploration on the DOK Project; the ability of
MTB to explore and develop the DOK Project; the cost of
exploration, including sampling, drilling and assaying, on the DOK
Project, and the ability of MTB to fund these costs; the ability of
MTB to access the DOK Project and possible weather interruptions,
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: the possibility that the analytical
results from future core sampling does not return significant
grades of copper, gold, silver, or any other molybdenum
by-products; uncertainties relating to interpretation of drill
results and the geology; continuity and grade of mineralization;
there is no certainty that the ongoing work programs will result in
significant or successful exploration of the DOK Project or
development of the DOK Project into a producing mine; 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 DOK 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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