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 Custer County, 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 owns
1,330,000 common shares of Phoenix.
The following program highlights were provided by
Phoenix:
Highlights:
- Drilling at the Empire open pit copper mine (“Empire”)
commenced in June 2022 to further Konnex’s understanding of
metallurgical recovery using Ammonium Thiosulfate (“ATS”)
reagent;
- Trade-off, optimization, and engineering studies are
progressing on Empire;
- Exploratory drilling in the North Pit/Red Star area to commence
on 15 September 2022;
- Navarre Creek drilling plan approved by US Forest Service
(“USFS”);
Phoenix noted the following:
(1) Empire
open pit
Phoenix initiated its 2022 drilling program in June to provide
samples for ATS metallurgical test work. ATS is the non-toxic,
environmentally friendly reagent that Konnex plans to use for the
recovery of base and precious metals from Empire’s open pit
resource. With the results of these studies, Konnex will determine
whether the production of precious metals can be moved from the
secondary phase of the operation to the primary phase. If feasible,
this would potentially enhance Empire’s projected economics in the
early years of production.
(2) Red
Star
A second drill rig is scheduled to arrive on site in the middle
of September 2022 and will report to the North Pit/Red Star area
upon its arrival. The month-long drilling program is anticipated to
improve the Konnex’s understanding of mineralization in the
area.
(3) Navarre
Creek (Gold)
Phoenix Copper submitted a Plan of Operations for drilling
activities at Navarre Creek to the USFS on 15 April 2021 (the
“Navarre Creek Plan”). The USFS posted a public scoping notice of
the Navarre Creek Plan on 18 November 2021, and the Navarre Creek
Plan was approved on 30 August 2022, clearing the way for an
initial drilling program comprised of up to 60 reverse-circulation
(“RC”) drill holes from 30 drill pads located on various targets on
the Navarre Creek claim block. The Navarre Creek Plan was approved
under a Categorical Exclusion, meaning that it is categorically
excluded from documentation in an Environmental Assessment or
Environmental Impact Statement, for the following reasons: 1) the
initial drilling program will be completed in one year or less, 2)
the Navarre Creek Plan proposes less than one mile of new road
construction (existing roadways will be utilized for access), and
3) the Navarre Creek Plan proposes use of overland equipment travel
(low ground pressure equipment). Konnex has reserved an RC drilling
rig from Alford Drilling that is scheduled to arrive in June
2023.
Jason Riley, CEO of ExGen commented: “ExGen is encouraged by the
continued progress on the open pit project at Empire. We are also
excited to see the exploration drilling begin at the North Pit/Red
Star and the first drilling at Navarre next year! We should have an
excellent last quarter this year with assay results and progress on
the Empire Pit.”
QUALITY ASSURANCE AND QUALITY CONTROL PROTOCOLS
Rock, drill core and reverse circulation samples were analyzed by
ALS Global, Reno, an ISO/IEC 17025:2005 accredited facility.
Copper, zinc, silver, lead, molybdenum, and tungsten were
determined by ICP method. Copper, zinc, and lead >1% ICP are
assayed using four-acid digestion and silver >100ppm by four
acid digestion, whereas gold was determined by a 30gm fire assay
followed by atomic absorption. Standards, duplicates and blanks
were inserted into the sample stream for QA/QC purposes. Blanks and
duplicates were inserted roughly every 50ft and standards were
inserted roughly every 100ft. Core samples are saw cut in half and
stored in a secure facility. RC chips and channel samples are
stored in the same secure facility. All samples are delivered to
the laboratory under chain of custody protocol and submitted using
sub-form sample numbers.
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 5 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 potential of the
diamond drilling program on the Empire Mine Project and
specifically at the Navarre and Red Star areas; the further
exploration and development of the Empire Mine Project; the
exploration and development strategy of the Empire Mine 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 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 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 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; 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, zinc, lead 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 Empire Mine Project or
development of the Empire Mine 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 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.
ExGen Resources (TSXV:EXG)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
ExGen Resources (TSXV:EXG)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024