Vancouver, British Columbia--(Newsfile Corp. - November 1, 2017) - Explorex
Resources Inc. (CSE: EX) (the "Company" or "Explorex") is pleased to announce
that it has entered into an option agreement with Canadian Gold Miner Ltd.
("CGM") to acquire 100% of CGM's interest in its Cobalt-Paragon Project ("the
Property").
The Cobalt-Paragon Property consists of staked and patented mining claims,
recently consolidated by CGM, that encompass two historic mines, the
Cobalt-Frontenac and Paragon-Hitchcock mines, hosting two distinct target
types: (1) at Cobalt-Frontenac, Archean volcanics are cut by NE-oriented
shears with multiple east-west pinch and swell veins containing historic gold
values on surface; and (2) at Paragon-Hitchcock, Proterozoic Nipissing diabase
sills host quartz—calcite veining with silver and cobalt mineralization.
Historic exploration and development dates largely to the period from 1900 to
1920 and was focused on identifying the mineralized structures followed by
underground development. Neither of these mines has ever been investigated by
modern exploration methods guided by current ore deposit modelling criteria
nor has any drilling been completed. The project is located close to Elk Lake,
Ontario, less than 45 minutes along provincial highways from both Kirkland
Lake and Temiskaming Shores.
Explorex CEO, Gary Schellenberg stated "This is a key acquisition in an
underexplored part of the prolific Cobalt Embayment of north eastern Ontario;
it is well located within a historical mine camp, has excellent access and is
unexplored using any modern geological criteria. While the historic work was
not focused on cobalt, there is clear evidence of it being present. This in
combination with the abrupt and premature cessation of development, provides
an excellent opportunity to fast-track a significant discovery at
Cobalt-Paragon."
The Paragon-Hitchcock mine hosts 3 known zones of silver veining. Prior to
1929, a 100 metre shaft was sunk with 30 metre levels to explore the main vein
that was reported to be thickening with depth with increasing amounts of
chalcopyrite and skutterudite (a key cobalt bearing mineral). All funding and
operations ceased due to the collapse in silver price during the Great
Depression of the 1930's. Recent grab sampling conducted by CGM from a muck
pile at the Paragon Hitchcock mine, representing material mined from the
underground workings, returned values ranging from 8.79 to 414 g/t silver,
0.06 to 9.86 g/t gold, and 0.08 to 9.25% cobalt.
The Cobalt—Frontenac mine was developed to explore and exploit a high-grade,
shear-hosted quartz vein gold occurrence around 1904 to 1917, when a 30-metre
deep shaft and 2 underground levels were completed. Stripping and trenching in
2012 by Transition Metals Corp., the majority shareholder of CGM, in the
vicinity of the shaft, exposed a 30-metre wide outcrop hosting a NE-trending,
sheared quartz vein that returned a grab sample grading 11.2 g/t Au and a
channel sample grading 3.0 g/t Au over 0.50 metres¹.
^1
http://www.transitionmetalscorp.com/news/2012/...the-southern-abitibi
The channel samples reported in this release are continuous representative
surface rock chip samples that, where possible, were collected perpendicular
to the trend of mineralization. Additional work is required to determine the
true width of the mineralized zones. The surface rock grab samples reported in
this release are designed to show the presence or absence of mineralization
and to characterize mineralization. They are not intended to provide nor
should be construed as a representative indication of grade or mineralization
at the Property.
Silver and Cobalt Exploration Potential:
Portions of the Paragon-Hitchcock property are intruded by Nipissing
gabbro/diabase sills near the eastern edge of the historical Elk Lake Mine
Camp where, between 1907 and 1913, 30 active mines exploited narrow but
high-grade silver-cobalt mineralization. The Elk Lake Mining Camp occurs
within the northern portion of the Cobalt Embayment, where sediments of the
upper members of the Huronian Supergroup unconformably overlie Archean
basement rocks. Silver-cobalt mineralization occurs in steeply-dipping
carbonate veins controlled by complex fault networks close to the contact
between the Nipissing sills and surrounding country rocks.
On the Paragon-Hitchcock property, cobalt-bearing vein systems can be traced
along strike, at surface for approximately 400 metres in outcrop and trenches;
and to depth within the historic mine. A 1929 report issued by
Paragon-Hitchcock Mines suggested that the thickness and grade of the veining
was increasing at depth.
Gold Exploration Potential:
Gold mineralization reported at the Cobalt-Frontenac mine appears associated
with a northeast trending shear zone that has been traced along strike for
over 2 kilometres onto the recently acquired Paragon-Hitchcock property. This
structure is interpreted as having the potential to control the emplacement of
Archean mesothermal lode gold deposits in a manner similar to other known gold
deposits of the Abitibi Greenstone belt.
The terms of the Cobalt-Paragon Option agreement are: cash payment of $140,000
(of which $130,000 can be in cash or shares), issue a total of 1,700,000
shares and commit to $1,275,000 in work expenditure over a 3-year period. Upon
earning a 100% interest, CGM will retain a 1% NSR subject to a first right of
refusal to buyback the NSR. In addition, 1,500,000 common shares, or the
aggregate cash value thereof, will be issued to CGM upon the completion and
filing on SEDAR of a Preliminary Economic Assessment, or similar or more
detailed document.
About Explorex Resources Inc.
Explorex is an exploration company that has acquired a 100% interest in the
Chrysler Lake cobalt project, located within the Cobalt Embayment region of
north-eastern Ontario. Chrysler Lake and Cobalt Paragon form a nucleus of a
strategy to acquire additional projects where the commodity focus is on metals
critical to the rechargeable battery industry. The Company recently completed
a $1,176,250 financing (see news release dated Oct 27, 2017) that will provide
the Company with the backing to initiate exploration and support additional
acquisitions. The Company also controls 100% of the Silver Dollar project in
BC, subject to issuance of an additional 800,000 shares to complete the
acquisition.
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