Explor drilling close to 2 major Timmins mines
Explor Resources Inc. has announced that Teck Resources Limited has met its first year commitments under the Earn-in Option agreement for the Timmins Porcupine West Property. Teck completed exploration expenditures of at least $1,500,000 prior to May 1st, 2016. It is currently working on the next phase of its earn-in.
In December 2014, the corporation signed an agreement with Teck under which Teck can acquire an initial 55% interest in the Timmins Porcupine West Property (TWP) by completing exploration work expenditures totalling $8,000,000 by May 1st, 2019.
During the 2015-2016 exploration program on TWP, Teck completed five diamond drill holes preceded by TerraSpec (Short Wave Infrared) analyses on coarse reject material to assist in mapping of alteration patterns and vectors to assist with diamond drill hole targeting. Additional work included sampling, whole rock geochemistry, magnetic susceptibility and TerraSpec scanning on holes TPW-10-09 and BRS 02-17 to characterize mineralization styles.
Teck is currently integrating results from 2015 with ongoing work, in order to optimize exploration plans moving forward. Drilling occurred close to Tahoe Resources’ Timmins West Mine. Explor is also drilling next to Glencore’s Kidd Creek Mine in Kidd Township. Explor’s Kidd Group of Properties are located to the North, South, West and East of the mine, located approximately 20 km north of the centre of Timmins, Ontario.
A recently claim is approximately one kilometre northwest of the mine site. This acquisition increases Explor’s land position in the area to 2,805.20 hectares. The most obvious topographical feature in the area is the Glencore Kidd Creek open pit, located in the central portion of Explor’s Kidd Township group of properties. The property is located in a Greenstone Belt and 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 Kidd Creek Mine in a NW-SE direction. On July 5, Explor announced that it has closed a non-brokered private placement of $1,200,000. The placement consists of an amount of 1,200 units at a price of $1,000 per unit, each unit consisting of a capital amount of $1,000 of unsecured convertible debentures and of 3,333 common share purchase warrants of the corporation.
One insider of the corporation has subscribed for 50% of the placement and will now hold 16% of the outstanding shares of Explor, taking into consideration the conversion of the debentures and exercise of the warrants.
The TWP consists of 185 unpatented mining units and 3 patented claims located in Bristol and Ogden Townships in the Timmins Mining Camp for a total of 3,200 hectares. Highway 101 bisects the property and provides access from the City of Timmins. The city’s centre is located 13 km to the east. The property has been explored since 1927 by numerous ground geophysical surveys and diamond drilling of up to 111 holes. In 1984, Dome Exploration discovered and delineated a gold mineralized zone that was approximately 350 metres long and 45 metres wide and open below 350 metres of vertical depth. The TWP has a structural target model developed by Explor based on the “Hollinger-McIntyre-Coniaurum System”. That system has produced a total of over 30 million oz. of gold and is spatially associated with the Pearl Lake Porphyry.
Explor Resources Inc. is a Canadian-based natural resources company with mineral holdings in Ontario, Québec, 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 Québec with approximately 33% in Ontario and 67% in Québec. 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. Explor’s flagship is the TPW located in the Timmins Mining Camp in Ontario.
A summary of the work completed by Teck is as follows:
Work completed in 2015 included multi-element geochemical analyses of historic diamond drill core and coarse reject material; collection of short wave infrared (SWIR) spectral data on historic core and reject material; completion of five new diamond drill holes; collection of portable X-ray fluorescence (pXRF) data on new drill core, completion of a geological and structural review of historic drill core and available geological data. An initial environmental baseline study was also completed on the TWP by Teck.
Phase I of the 2015 exploration program was focused on data acquisition of geochemical, geological and alteration vectors towards mineralization, starting in April of 2015 and culminating in target selection for the Phase II drill program in September. The Phase I geochemical and spectral program was successful in the development of an alteration and geochemical model for select areas of the project, defining gold-bearing corridors which were subsequently incorporated into drill target selection.
The 2015 Phase II program tested five targets around the West Deep zone with one 250 metre step-out, two 150 metre step-outs and two 60 metre step-outs from historic drilling.All five of the completed 2015 drill holes returned sporadic multi-gram gold grades in the hanging wall to the West Deep zone. Only hole TPW-15-120 returned significant mineralization along strike of the West Deep zone, with assay results of 8.379 g/t Au over 2.4 metres from 710.2 to 712.6 metres including one section of 17.9 g/t Au over 0.7 metres.