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Exgen Resources Announces Phoenix Adds to Navarre Creek Land Position
VANCOUVER, British Columbia, Aug. 13, 2021 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an u
About this update from Exgen Resources Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 13, 2021 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an update in respect of Phoenix Copper 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 and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix. ExGen is pleased to report that Phoenix, (the operator of the Empire Mine Project), announces an increase in its land holding at its Navarre Creek gold prospect, in Idaho, with 56 new claims having been staked on the northeast end of the existing claim block. The Navarre Creek property forms part of the Empire Mine Project in Custer County, Idaho, USA (“Empire” or the “Empire Mine”) (https://www.phoenixcopperlimited.com/). Highlights: Phoenix has increased its land position by an additional 1,157 acres (4.68 square kilometres (“km²”)) at the Navarre Creek Carlin-type gold prospect 56 new unpatented claims have been staked and filed contiguous to the existing Navarre Creek claim block The total land package in the Empire Mine area has been expanded to 8,034 acres (32.51 km²) Electromagnetic (“EM”) surveys at Navarre Creek, Red Star and Horseshoe have been completed and are awaiting the final geophysicist report scheduled for late August 2,300 metres of reverse-circulation drilling is planned at Navarre Creek for later this year The 56 new claims at Navarre Creek were staked following analysis of the EM survey data. The claims are contiguous and bring the total land holding at Navarre Creek to 3,577 acres. The additional acreage was added on the northeast end of the Navarre block and covers additional prospective ground. The additional claims will be important for executing future drilling and subsurface exploration, and follow on from the promising prospecting/sampling campaign in 2020, which demonstrated anomalously high gold grades in the initial geochemical samples, indicative of higher-grade values in less weathered rocks below the surface oxidised zone. These grades were similar to the historic grades encountered in some of the early exploration phases o...