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ExGen Resources: Recent Exploration Results Indicate Potential Enlarged Opportunity in the Empire Mine Vicinity and Continued Strong Results From Ongoing Drilling at the Empire Mine
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) --
About this update from Exgen Resources Inc.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) 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 and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and is one of Phoenix’s largest shareholders, owning 1,330,000 common shares (4.18% of Phoenix). ExGen is pleased to announce the results from the Company’s ongoing surface sampling and drilling programs at the Empire Copper Project in Idaho, USA (the ‘Empire Mine’). The results of the 2018 drilling program, to date, were published in September and early October, and can be found under the Company’s filings on the SEDAR web site at http://www.sedar.com/. Highlights: Mineralisation now demonstrated along a 3.5 kilometre (“km”) strike within the expanded 1,837-acre property. The current resource (shallow oxide deposit) exists along a 1km of strike length. Phoenix will now fast track further exploration work alongside completing the Feasibility Study on the current resource. Drilling in and around the current resource returned high grade copper and silver assays, and confirmation of the presence of sulphides Dennis Thomas, CEO of Phoenix, said, “The results of the current program suggest we have [an enlarged potential] opportunity along a 3.5km strike. We have only really begun to understand the scale of the opportunity following the mapping, sampling and drilling work outside the [current resource] which has been the focus of our attention to-date. We have always believed that the area had strong potential. We needed to increase the property holdings to incorporate these potential areas which we have now done. We have increased the holding from 813 acres to 1,837 acres. “The newly discovered Red Star zone is located 330m north west along strike from the present northern limit of the Empire [current resource] and appears to be a continuation of the Empire [deposit’s] mineralisation trend which, in turn...