ExGen Resources Inc. DOK Project

Mineralization Encountered in First 3 Holes

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VANCOUVER, British Columbia, Sept. 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. (MTB). 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 that holes 1 and 3 have traced porphyry style copper mineralization for 700 meters on surface. We look forward to continued updates from both partner funded drill programs at DOK and Navarre through the end of this year.”

In a news release dated September 28, 2023, Mountain Boy announced that the ongoing drilling program on the DOK claims, now part of its Telegraph porphyry project “has intersected evidence of porphyry style mineralization in all three of the drill holes on the Telegraph copper-gold project in British Columbia’s Golden Triangle. These widely spaced holes confirm the potential of an extensive mineralized porphyry system. Drilling is on-going.

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. MTB put together a 344 square kilometer land package beginning in 2021 and is now exploring this area for the first time on a consolidated basis.

Initial visual results from the upper part of the first hole were reported in a news release on August 28. Hole 1 was drilled to 485 metres with chalcopyrite still visible at end of hole. The hole tested an induced polarization chargeability anomaly coincident with a copper soil geochemistry anomaly and mineralized breccia mapped on surface. Drill core samples have been shipped and received by ALS laboratories and assays are pending.

The second hole tested a second chargeability anomaly 2.5 km southeast of Hole 1. This target could represent a separate porphyry center. The hole encountered intense pyrite-dominant sulphide stockwork and is interpreted to be phyllic alteration peripheral to a porphyry center. (See Figure 1.) Samples are currently being cut and will be shipped shortly. Logging and geochemistry from drill core, combined with surface mapping and geophysics should provide important vectors for future drill targeting.