ExGen

DOK Project - Drilling Commenced

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VANCOUVER, British Columbia, Aug. 28, 2023 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an update on its DOK project in northern British Columbia which is currently under option to Mountain Boy Minerals Ltd. Under the terms of the option Mountain Boy may acquire a 60% interest in the DOK claims by paying $230,000 and issuing 1,500,000 shares to ExGen and by spending $2,500,000 on the DOK claims by January 2026.

Jason Riley, CEO of ExGen commented: “ExGen has been encouraged by the diligence of MTB with the past 2 years of work at DOK proving up drilling targets and we eagerly await the results from this current drill program.”

In a news release dated August 16, 2023, Mountain Boy announced that drilling on the DOK claims, now part of its Telegraph porphyry project, “ is anticipated to start around August 19. Currently pads are being built and the drills are being mobilized. The first phase of drilling will be testing three areas along 2.5 kilometres of the identified Dok trend. The geological setting of the Telegraph property is similar to four world-class porphyry copper-gold deposits in the same region, all of which are being advanced by major mining companies.

Two holes drilled in 2014 by ExGen Resources Inc. confirmed the presence of a porphyry copper-gold system at Dok, but the holes are interpreted to be peripheral to the heart of the system. For the last 2 years the MTB geological team has been compiling the historic data and systematically exploring the various identified targets with geological alteration and structural mapping, prospecting, shortwave infrared spectroscopy (SWIR), rock sampling, spectral analysis and soil geochemistry. A Volterra 3D Induced Polarization (3DIP) ground survey was also conducted in 2022 over the Red Creek area within the Dok Trend. By evaluating the SWIR data, trace element geochemistry and identified alteration, the geological team is building a porphyry model for the area. Multiple porphyry targets have been identified within the broad zone of alteration identified in the area, including the Dok trend. This initial drill program will involve 2,000 to 3,000 meters of drilling from 3 drill pads, with the details of the program evolving based on observations as the drilling progresses.