Explor Increases the Ogden Property ROUYN-NORANDA, QUEBEC--(Marketwired - Jul 26, 2016) - Explor Resources Inc. ("Explor" or "the Corporation") (TSX VENTURE:EXS)(EXSFF)(E1H1.BE)(E1H1.BE) is pleased to announce the acquisition of 4 mining claims (24 mineral claim units) situated in the Porcupine mining division, district of Cochrane, in the Ogden and Prince Township, Ontario. These claims are continuous to the Ogden Property. With this acquisition, the Ogden property will now consist of 13 mining claims (96 mineral claim units) covering 1,540 hectares situated in the Porcupine mining division, district of Cochrane, in the Ogden and Price Townships.
Explor Resources Inc. will pay $3,000 CDN and issue 300,000 common shares to acquire a 100% interest in the additional claims of the Ogden Property. The optionors have retained a 2% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
The most significant deposits in Timmins are spatially associated with porphyry units that are in proximity to the Porcupine Destor Fault. The deposits appear to be also associated with splay faults that trend off and to the North of the Porcupine Destor fault inside an interpreted splay fault corridor.
The Ogden Property is contiguous on the east side of the Timmins Porcupine West Property. The Timmins Porcupine West Project has as a structural target model, developed by Explor based on the location of "Hollinger-McIntyre-Coniaurum System mineralization". The Hollinger Mine is located on the south side of the Pearl Lake Porphyry while the McIntyre Mine is located on the North side. The Coniaurum Mine was located on the east end of the Porphyry. Two major faults are located in proximity to the gold mines is this area. The Burrows Benedict fault is located to the east while the Porcupine Destor is located to the south. In the Timmins Porcupine West area, the Mattagami River fault is located to the east while the Porcupine Destor Fault is located to the south. The TPW has the Bristol Porphyry with mineralization located on both the North and South side of the Porphyry. Only the south side of the Porphyry has been significantly explored. It should be noted that the Hollinger-McIntyre-Coniaurum (HMC) System has produced a total of over 30 million oz of gold and is spatially associated with the Pearl Lake Porphyry.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.