Business
ExGen Resources Provides Update on Phase 1 Infill Drilling at Empire Mine Project
VANCOUVER, British Columbia, Nov. 02, 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, Nov. 02, 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 is pleased to report the final 6 holes of the 28-hole drill program recently completed by Phoenix on the Empire Mine Project. The updated 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 22 of the 28 holes have been reported in recent news releases (August 2nd, September 13th, 2017, and October 10, 2017). EMPIRE UPDATE – HIGHLIGHTS Final batch of drilling results include the following from the AP Pit oxide zone: – 6.1m @ 2.08% copper (‘Cu’), 79.18 g/t silver (‘Ag’) and 2.48 g/t gold (‘Au’) (Cu equivalent grade 4.35%) – 24.4m @ 1.06% Cu, 34.82 g/t Ag and 0.17 g/t Au (Cu equivalent grade 1.84%) – 29.0m @ 0.88% Cu, 46.84 g/t Ag and 0.29 g/t Au (Cu equivalent grade 1.64%) The second of two diamond drill holes targeting the higher grade and deeper sulphide mineralisation is underway. The final depth of the first hole was 314m. Assay results for the two holes are expected in December 2017. Completion of the NI 43-101 resource calculation expected within the next 4 weeks. 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 electrowinning (SX-EW). The longer-term Phase 2 strategy is to complete a thorough exploration program of the copper sulphide system at depth and the associated gold, silver, zinc, and tungsten mineralizati...