Explorex Resources Inc. (the “Company” or “Explorex”) (CSE:EX; FSE:1XE; US:EXPXF) is pleased to announce that it has now fulfilled all of its obligations under the May 15, 2016 option agreement with Happy Creek Minerals Ltd. (TSXV:HPY, “ Happy Creek”) to purchase a 100% interest in Happy Creek’s Silver Dollar project, located approximately 45 kilometres southeast of Revelstoke, B.C.
Happy Creek will retain a 1% NSR on the project.
The Silver Dollar project is 3344.68 hectares (31.6 square kilometres) in area and it is situated within the historical Camborne mining camp dating from around the early 1900’s.A number of mineral showings and past-producing gold-silver-lead-zinc, and gold-silver prospects are in spatial proximity to the Camborne fault and occur over a distance of approximately twelve (12) kilometres.
In 1984, a drill hole on the Silver Dollar zone returned 2.10 metres grading 229.0 g/t silver, 0.96g/t gold, 10.95% zinc, 4.04%lead and 0.29%copper. Initial due diligence by Happy Creek Minerals in 2012returned grab sample results containing 50.30 g/t gold, 216 g/t silver and 4.49 g/t gold, 4496 g/t silverfrom the Silver Dollar zone. Important base metal results include a1.8 metre chip sample across theSilver Dollar veinreturning 16.8% zinc, 3.92% lead, 1.67 g/t gold and 241.0 g/t silver. These results have largely confirmed those found in historical reports.
For additional details on the Silver Dollarproject refer to Company news release dated February 7, 2018 and visit the Company’s website at www.explorex.ca.
The technical elements of this press release have been approved by Mr. Richard Kemp, P.Geo., a Qualified Person as that term is defined under National Instrument 43-101.
About Explorex Resources Inc.
Explorex is an exploration company focusing on Cobalt and metals critical to rechargeable battery technology with the support of a strong strategic partner and end user. Explorex has a growing portfolio of multi-stage projects including an LOI to acquire the Hautalampi Co-Cu-Ni deposit in Finland, an option agreement to earn 75% interest in the Kagoot Brook Cobalt target in New Brunswick, an option agreement to acquire 100% in the Cobalt-Paragon project located within the Cobalt Embayment region of north-eastern Ontario and 100% interest in the early stage Handlebar Co-Cu-Ni Project northeast of Kamloops BC. The Company also owns 100% of the Silver Dollar project.
On behalf of the Board,
Gary Schellenberg, CEO
For further information, please contact Gary Schellenberg – CEO or Mike Sieb – President; phone 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.
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