ExGen Re­sources drills 18.9 m of 2.14% CuEq at Em­pire

Stockwatch Daily - - MINES & METALS - Mr. Ja­son Ri­ley re­ports

EXGEN RE­SOURCES Inc. has pro­vided an up­date in re­spect of Phoenix Global Min­ing Ltd.’s ex­plo­ration and devel­op­ment ac­tiv­i­ties at the Em­pire mine project in Idaho, United States.

Den­nis Thomas, chief ex­ec­u­tive of­fi­cer of Phoenix, said: “The re­sults of the cur­rent

pro­gram sug­gest we have [an en­larged po­ten­tial] op­por­tu­nity along a 3.5-kilo­me­tre 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.”

Red Star chan­nel sam­pling

One con­tin­u­ous chan­nel, com­pris­ing 12 1.5-me­tre sam­ples, were col­lected from the ex­posed out­crop­ping at the Red Star zone. The re­sults of these sam­ples were com­pos­ited as a sin­gle sam­ple. In­di­vid­ual 1.5-me­tre sam­ples ranged in grade from 0.15 per cent cop­per to 1.69 per cent cop­per and were all in­cluded in the grand com­pos­ite.

The Red Star zone is 330 me­tres out­side of the cur­rent re­source area to the north­west on the edge of the Horse­shoe claim block.

Horse­shoe ex­plo­ration rock-chip sam­ples

Twenty rock-chip sam­ples were col­lected as part of the ini­tial ex­plo­ration ef­fort on the Horse­shoe claim block from var­i­ous out­crop­pings and ex­po­sures with at least some vis­ually iden­ti­fi­able min­er­al­iza­tion. The sam­pling rep­re­sents a small por­tion of the pro­posed ex­plo­ration pro­gram for the area in 2019. A no­tice of in­tent (NOI) is cur­rently un­der re­view by the U.S. For­est Ser­vice for drilling on the Horse­shoe claim block.

Drilling up­date — Em­pire mine

ExGen has com­pleted a to­tal of 8,604 me­tres of drilling at Em­pire. To date, this con­sists of 6,328 me­tres of re­verse cir­cu­la­tion (RC) drilling and 2,276 me­tres of di­a­mond drilling.

(See EXG Ta­ble 1 on page 7)

Ja­son Ri­ley, chief ex­ec­u­tive of­fi­cer of ExGen, com­mented: “We are very pleased with this lat­est round of as­say re­sults from Red Star and now the Horse­shoe block that in­di­cate the po­ten­tial of a larger-scale area play at Em­pire. Ad­di­tion­ally, the on­go­ing in­fill and stepout drilling con­tin­ues to de­liver im­pres­sive grades of cop­per, which should ben­e­fit the cur­rent re­source up­date ex­pected in Q1 next year. We ea­gerly await the next drilling re­sults from Red Star be­fore year-end.”

We seek Safe Har­bor.

Erika Flores con­densed this news re­lease (erikaf@stock­watch.com).

Arlen Grove, De­nis Pel­letier, Ja­son Ri­ley, Ger­ald Lynn Roe, Mark Swartout, Den­nis Leslie Thomas, Mary Page Web­ster

(EXG) Shares: 344,730,080

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