Business
ExGen Resources: JV Partner Konnex Resources Drills 6.1 Metres of 2.1% Copper at Empire Mine Project in Idaho
VANCOUVER, British Columbia, Oct. 10, 2017 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V:EXG) (OTC:BXXRF) (“ExGen”) is pleased to provide an update in respect
About this update from Exgen Resources Inc.
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 10, 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 was 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 (PFS). To date, results from 17 of the 28 holes have been reported in recent news releases (August 2nd, September 13th, 2017). EMPIRE UPDATE - HIGHLIGHTS Phoenix reports drill assays from 5 additional holes, with results from the final six holes expected in the coming weeks. Highlights include 32m grading 1.43% copper, 46.28 g/t silver and 1.36 g/t gold in hole KXd17-3 (core), and 6.1m grading 2.10% copper and 132.02 g/t silver in KX17-16 (RC). Phoenix also reports that it is still on target for completing an NI 43-101-compliant resource calculation in Q4 2017. Furthermore, Phoenix states that a Preliminary Feasibility Study is still slated for completion by early Q2 2018, subject to completion of the NI 43-101 resource calculation. In addition, the first of two diamond drill holes targeting the higher grade sulphide mineralization which underlies the near-surface oxide mineralization is underway. The results of these holes targeting the sulphide mineralization are expected by the end of November. 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 AP Pit through a Pre-Feasibility Study (PFS), with a targeted completion date of early Q2-2018. Phase 1 is focused on proving the commercial viability of the oxides and recovering copper cathode by heap leaching, solvent extraction and electro...