Business
ExGen Resources Announces 2nd Group of Assays for Phase 1 Infill Drilling at Empire Mine Project
VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V:EXG) (OTC:BXXRF) (“ExGen”) is pleased to provide an update in respec
About this update from Exgen Resources Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V:EXG) (OTC:BXXRF) (“ExGen”) 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 20% and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which holds the leases to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and owns 11,300,000 Phoenix common shares. ExGen understands that Phoenix has completed its 28-hole drill program on the Empire Mine Project which is intended to fill-in gaps in the existing historical drill-hole block. The drill-hole block is intended to be used as the foundation for a potential NI 43-101 resource calculation and a potential pre-feasibility study, which ExGen understand is currently a goal of the exploration and development activities currently being conducted by Phoenix. EMPIRE UPDATE - HIGHLIGHTS 28 drill holes completed as part of the 28-hole “infill” drilling program at the Anderson Pit. Phoenix reports drill assays from 14 holes; reported total-copper, gold and silver values and intervals are similar or better than values/intervals from adjacent holes. Additional assay results are expected in the coming weeks. Phoenix also reports that it is on target for completing a maiden NI 43-101 resource calculation on the Empire Mine Project in Q4 2017. Furthermore, Phoenix states that consultants for the Preliminary Feasibility Study (“PFS”) on the Empire Mine Project have now been selected and are aiming to complete studies by early Q2 2018. A mining contractor has been appointed to re-open the 700 and 1100 Level portals and refurbish and ventilate the old workings to allow a safe environment for sampling, mapping and drilling in order to carry out a systematic evaluation of the deeper sulphide mineralization below the Anderson Pit. As stated in Phoenix’s June 29, 2017 news release, Phoenix’s strategy to develop the Empire Mine Project can be split into two concurrently-running phases. Phase 1 is to advance the near-surface copper oxide mineralization in the Anderson Pit through a Pre-Feasibility Study over the next 12 months. Phase 1 is focused on proving the commercial viability of the oxides and recoveri...