ExGen Announces

DOK Project Drilling Update

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VANCOUVER, British Columbia, Aug. 29, 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 is excited with MTB’s report of significant visual copper sulphide mineralization in the first drill hole and its report that the hole has intersected over 200 metres (with the hole still advancing) of phyllic and potassic alteration with associated mineralization, including an upper oxide and lower sulphide zone. We are eagerly awaiting the assays.”

In a news release dated August 28, 2023, Mountain Boy announced that drilling on the DOK claims, now part of its Telegraph porphyry project is underway and “The first drill hole from the 2023 program is testing an area with elevated copper in rock and soil samples, mapped potassic and phyllic alteration within a mineralized breccia on surface and a chargeability feature that penetrates to depth. Drilling to date has intersected over 200 metres (with the hole still advancing) of phyllic and potassic alteration with associated mineralization, including an upper oxide and lower sulphide zone. Mineralization occurs within a healed breccia, as disseminations, fracture coatings, veins and veinlets and includes chalcopyrite, pyrite, chalcocite, and malachite.

Drilling is proceeding on schedule and is anticipated to continue through to the end of September. The MTB team has identified numerous targets on the DOK trend with similar geological, geochemical, and geophysical features identified in the first hole.

Lucia Theny, Vice-President, Exploration commented “This first drill hole supports our hypothesis that the 2014 drilling intersected the margin of a potentially larger porphyry system. The diligent work of our exploration team has resulted in generating some exciting targets that now need to be tested with the drill.”

Figure 1: Sample from DK2023-001 showing breccia texture comprised of intrusive and volcanic rocks. Black circles highlight chalcopyrite.