Cranbrook, B.C, July 18, 2022 (GLOBE NEWSWIRE) -- Rex Resources Corp.(TSX-V:OWN), (“Rex” or “the Company”) has been notified by option partner Eagle Plains Resources Corp. (TSX-V:EPL),(“EPL” or “Eagle Plains”) that field crews have been mobilized to Eagle Plains’100% owned Kalum Property located approximately 35 km northwest of Terrace, British Columbia in the Skeena Mining Division. Under the terms of the option agreement, Rex can earn an undivided 60% interest in the property by completing exploration expenditures of $3,000,000, making cash payments of $500,000 and issuing 1,000,000 common shares to EPL over a four year period.
2022 fieldwork will be caried out by TerraLogic Exploration Services of Cranbrook BC and is planned to include:
- detailed mapping to locate drill collars in the Bling-Rico and Babit trend areas
- structural mapping in the Hat Zone area
- prospecting and mapping of sheeted Au-Ag veins in the Tojo area
- detailed mapping to locate drill collars in the Martin area
- reconnaissance prospecting and mapping in underexplored areas of the property
Property Geology
The 2,871 ha property is flanked by a large intrusive stock that has intruded sedimentary rocks of the Bowser Lake Group. A number of high grade, vein-type gold and silver occurrences are associated with the contact zone of the intrusive stock.
Property History
Eagle Plains acquired the property in 2003 and completed significant exploration programs in 2003 and 2004. The programs included a VTEM airborne survey, extensive geochemical programs, geologic mapping, and a 19-hole diamond drill program. The best drill results from this work included drill-hole KRC04001, drilled at the Rico showing (discovered by Eagle Plains), which returned 35g/t Au over 2.5m from 101.8m to 104.3m; including a 0.5m interval that assayed 107g/t Au. Historical sampling at the Chris occurrence reported a grab sample of 158 g/t Au and 5,536 g/t Ag. At the Martin showing area, sampling by Eagle Plains in 2004 returned 34.0 g/t Au and 83.0 g/t Ag from a grab sample of sulphide bearing quartz vein material. The Martin area has never been drill tested. Management cautions that rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
The property area has seen exploration activity by various operators over the years, with the most recent diamond drilling carried out in 2012 by Clemson Resources, who drilled a single hole to test for high-grade mineralization in an area outside of present claim boundaries. 2020 work by Eagle Plains included high resolution orthophoto and LIDAR surveys.
All work to date continues to support the interpreted potential for the Kalum Property to host both high grade gold-silver deposits and lower-grade bulk-tonnage type gold mineralization.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has prepared, reviewed, and approved the scientific and technical disclosure in the news release.
About Rex Resources
Rex Resources Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 60% interest and title to the Kalum Property located in the Terrace area, British Columbia.
On behalf of the Board of Directors
“Anthony Zelen”
Director
Contact Information - For more information, please contact:
Anthony Zelen,
Director
Tel:778-338-5258
Email: Anthonyzelen88@gmail.com
Cautionary Note Regarding Forward-Looking Statements
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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
