Explor gets better grades on same hole

Explor Resources (EXS-V) had another look at drill core at its Eastford Lake property in northern Ontario and found there was more gold in it than first thought.

The company announced a restatement of a hole drilled at its Lynx gold zone and now says it hit 12 metres grading 16.6 grams gold per tonne at the 404 metre level. Gold was also hit at the 528 metre level grading 5.7 grams per tonne over 1.5 metres.

Back on June 10 the company reported the intersect to extend only 7.5 metres grading just 12.7 grams gold. The deeper 1.5 metre intersect was not originally discerned.

Explor reports that visible Gold was found in the lower four metres of the 12 metre intersect. True widths are not yet known.

This time the company says two sets of check assays have confirmed the results.

In Toronto on July 10 the company’s shares gained a penny to 78 on roughly 250,000 shares traded.

Two more holes have been drilled — one to the east and one to the west of the discovery hole on the property which extends over 31 sq. km on the Ontario side of the Abitibi belt. Assays are pending.

Targets are being chosen in accordance with two previously drilled holes and geophysics which create a vector pointing in the direction of a 600 metre long magnetic low along strike of gold intersections that were announced back in May.

The property is situated in the Kerrs, Warden, Milligan Townships and the Rayner Lake area, south-west of Lake Abitibi, Ontario, 90 km east of the Timmins-Porcupine gold mining camp.

Explor has projects in Ontario, Quebec, Saskatchewan and New Brunswick.


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