Vancouver, British Columbia--(Newsfile Corp. - January 22, 2018) - Explorex Resources Inc. (CSE: EX) (FSE:
1XE) (OTC Pink: EXPXF) (the "Company" or "Explorex") is pleased to announce results from the Company's
reconnaissance exploration program at the Cobalt-Paragon project, Ontario ("Project"), completed in late 2017.
Key Highlights
- 2.34% Co and 730 g/t Ag grab sample(1) from the Paragon-Hitchcock muck pile;
- 7.47% Cu and 3.23 g/t Au grab sample from the Cobalt-Frontenac muck pile;
- New target trending oblique to known zones identified by MMI soil survey;
- Permit application submitted to drill previously untested down-dip and extension of high-grade mineralization as well as
newly identified target.
Cobalt-Paragon Field Programme Summary
Cobalt-Paragon consists of two historic mines (active period 1900-1920), the high-grade silver-cobalt Paragon-Hitchcock
and the shear hosted copper-gold Cobalt-Frontenac (see Company news release dated November 11, 2017 for further details)
located close to Elk Lake, Ontario, less than an hour drive along provincial highways from both Cobalt and Kirkland Lake.
The field work performed in November 2017 represented an initial investigation of the Project and 'on-the-ground' preparation
for a more comprehensive exploration programme to follow. The field programme consisted of ground truthing the prominent
mineralization in the vicinity of the historic workings and a mobile metal ion ("MMI") soil geochemistry survey.
Rock Samples
The Project area is characterized by glacial till coverage with limited outcrop exposure. Grab samples(1) were
primarily collected at sites where historic workings provided adequate material for sampling.
The muck piles at both historic mines were sampled in order to characterize the mined material and the target mineralization.
Grab samples from the Paragon-Hitchcock muck pile returned up to 2.34% Cobalt and 730 g/t Silver. One grab sample from the
Cobalt-Frontenac muck pile returned 7.47% Copper and 3.23 g/t Gold.
Note(1):The surface rock grab samples reported in this release are solely designed
to show the presence or absence of mineralization and to characterize the mineralization. Grab samples
are by definition selective and not intended to provide nor should be construed as a representative
indication of grade or mineralization at the Project.
MMI Survey
The Company elected to perform a MMI soil survey in order to identify mineralization hidden under the glacial till in the
prospective area adjacent to the Paragon-Hitchcock shaft. The soil survey consisted of 82 samples along four lines and functioned
as both an orientation survey and as an exploration tool to identify extensions of the main showing or parallel features. Initial
interpretation of the MMI results reveals a positive result along the known east-west mineralized trends supporting the efficacy of
the survey. In addition, the survey identified a new anomalous feature trending oblique to the main mineralized structures.
The soil samples were analysed by SGS Laboratories using MMI digestion and ICP-MS analysis. SGS is an ISO 9000 certified
laboratory with widely recognized expertise in geochemical analysis.
Gary Schellenberg, CEO of Explorex commented, "The field investigation conducted at the end of last
year has confirmed the presence of high-grade mineralization at the Cobalt-Paragon Project reflective
of the historic developments' accounts and readily supports a comprehensive exploration programme
for this year."
The Company has submitted the permit application to drill the previously untested down dip and strike potential of the two known
mineralized structures as well as the newly identified oblique-trending MMI anomaly feature.
The scientific and technical disclosure in this news release has been supervised and approved by R. Kemp P.Geo., a Qualified
Person as that term is defined in NI 43-101.
About Explorex Resources Inc.
Explorex is an exploration company that owns 100% of the Chrysler Lake project, and has an option agreement to acquire 100% in
the Cobalt-Paragon project, both of which are located within the Cobalt Embayment region of north-eastern Ontario. The cobalt
projects form a nucleus of a strategy to acquire additional projects where the commodity focus is on metals critical to
rechargeable battery technology. The Company also owns 100% of the Silver Dollar project, subject to issuance of an additional
800,000 shares.
On behalf of the Board,
Gary Schellenberg,
CEO
For further information, please contact Gary Schellenberg, CEO or Mike Sieb, President at 604-681-0221 or Ron Birch at
bircress@shaw.ca; phone 1-800-910-7711
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks
and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company
will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed
information about potential factors that could affect financial results is included in the documents filed from time to time with
the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking
statements.
