ExGen Announces Red Star Core Drilling Returns High-Grade Silver & Empire Mine Open Pit Gold Zone Drilling Continues to Show Robust Gold, Silver and Copper
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VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to update drilling results for Phoenix Copper Ltd.’s (“Phoenix”) Empire Mine Project in Idaho, USA. 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 reported an updated NI 43-101 resource estimate for the Empire Mine Project, in a news release on August 31, 2020. The updated resource estimate includes data from both the Empire Mine and Red Star drilling. ExGen reported positive metallurgical test results by AuRIC Metalurgical Labs, for the Empire Mine Project in a news release dated September 10, 2020.
To-date, Phoenix Copper Ltd., the project operator, has released results for 23 reverse circulation (RC) holes and 2 diamond drill core holes drilled at Empire as well as results for 4 core holes drilled at Red Star. None of these holes are included in the updated NI 43-101 resource estimate reported on August 31, 2020. (https://phoenixcopperlimited.com/the-empire-mine ).
EMPIRE OPEN PIT GOLD ZONE
Drill results from the Empire Mine Gold Zone and the gold and copper grades continue to impress (Table 1 and 2). Gold grades in the trends targeted in this year's drilling are consistent and remarkably high-grade, and considering their relatively shallow depths, should be readily accessible by open pit mining. These assays will be added to the database used in the calculation of the updated NI 43-101 resources estimate, which contained Measured, Indicated and Inferred Resources of 342,249 ounces of gold, 9.5 million ounces of silver, and 129,932 metric tons of copper, and used to recalculate the resource. Hardrock Consulting (HRC) is scheduled to update the resource in early Q4 2020 based on a data set consisting of 411 drill holes plus the assays from Empire channel samples due at any time. The resource update will be followed by an updated Preliminary Economic Assessment (PEA) in mid-Q4 2020. In addition, the metallurgical pilot testing program at AuRIC Laboratories in Salt Lake City, Utah is well underway and expected to provide additional reporting on ammonium thiosulfate (ATS) gold recovery in the coming weeks.