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Exgen Resources Inc.
Summary
| Project: | Empire Copper Mine | |
|---|---|---|
| Deposit: | Redstar Zone | |
| Location: | United States | |
| Commodities: | Copper-Gold-Silver-Zinc | |
| Date: | 12/7/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 7-12-2018: Exgen Resources Inc. announces an Exploration/Drilling Update report for its Redstar Zone deposit at the Empire Copper Mine project. Drilling results incl. 9.15m @ 360g/t Ag, 9.92% Pb, 0.21% Cu, 0.78% Zn, 0.11g/t Au from 16.77m. VANCOUVER, Brit | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Roger Turner (Internal) | |
| ABSTRACT: | VANCOUVER, British Columbia, Dec. 07, 2018 -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an update in respect of Phoenix Global Mining Ltd.’s (“Phoenix”) exploration and development activities at the Empire Mine Project in Idaho, USA. Further to previous ExGen news releases, ExGen owns a free carried 20% interest through to start of construction and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which holds the leases and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and is one of Phoenix’s largest shareholders, owning 1,330,000 common shares (4.18% of Phoenix). ExGen is pleased to announce that it has received the next set of assay results from the continuing drill program conducted by its Joint Venture partner, Phoenix, at the Empire Copper Project in Idaho, USA (the ‘Empire Mine’). The results of the 2018 drilling program, to date, were published in September, early October, and November and can be found under the Company’s filings on the SEDAR web site at http://www.sedar.com/. Dennis Thomas, CEO of Phoenix, said, “The drilling results from the recently discovered RedStar Zone, together with the surface sampling results reported on [November 8, 2018], help confirm that the Empire mineralised system extends well beyond the near surface copper-oxide resource which is currently the subject of our Empire Mine Feasibility Study. The 1,837- acre property is developing into a [larger-scale] opportunity. Assay results of 360 g/t silver and 9.92% lead over 9.1 m, along with a 1.5 m intercept of 1,111 g/t silver and 20% lead, confirm the Company’s original hypothesis that the Empire Mine’s mineralisation zone is part of a considerably larger mineralised system which includes the RedStar Zone and the Horseshoe Block. [Reported lengths are core lengths as true widths have not yet been determined]. “The RedStar Zone and the Horseshoe Block to the north appear to be the “upper” portion of the whole mineralised system with an underlying zone of Empire Mine style copper, zinc, gold and silver mineralisation. The RedStar Zone drilling results, coupled with the precious and base metal production history in the Horseshoe Mine itself, are further evidence of the [enlarged mineralization] potential along the 3.5 km strike. We have only now begun to understand the full scale of the opportunity. “Systematic mapping, sampling and drilling work outside the oxide resource envelope will certainly continue and we will build on the latest information from the RedStar Zone to confirm the continuity of the mineralisation to the north-northwest from the Empire Mine. | |
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