- Xplore Resources (XPLR) announced the start of Phase 1 exploration programs at three of the company’s projects
- The Upper Red Lake Gold Project and Pringle Lake Property are located in the Red Lake Mining Division of Ontario
- The Valk Copper Project is located on Vancouver Island
- The company has scheduled an airborne survey for early August after which it plans to mobilize exploration crews to the two Ontario properties
- Xplore Resources is down 12.5 per cent, trading at $0.07 at 12:48 pm ET
Xplore Resources (XPLR) announced the start of Phase 1 exploration programs at three of the company’s projects.
The Upper Red Lake Gold Project and Pringle Lake Property are both located in the Red Lake Mining Division, Ontario while the Valk Copper Project is located on Vancouver Island, British Columbia.
Xplore considers both Red Lake properties historically underexplored.
The Toronto mining company has scheduled an airborne survey for early August after which it plans to mobilize exploration crews to the properties.
The Phase 1 program at Upper Red Lake and Pringle Lake will consist of a heliborne high-resolution magnetic survey flown in a systematic low-level grid pattern with full high-resolution covering the entirety of both properties.
“We are incredibly pleased to commence exploration of our properties in the Red Lake camp. The Red Lake camp has produced over 25 million ounces of gold and is currently home to some of the most exciting exploration discoveries in Canada, demonstrating the potential of this historic district. We believe that additional discoveries are inevitable. Gold in till sampling, conducted by the Geological Survey of Canada in the early 1990s, identified gold in till at the Upper Red Lake property. Over 50 per cent of all observed gold grains were described as pristine; suggesting minimal transport of the observed gold grains which, by extension, suggest the sample location is within a few hundred meters of the source. The gold in till anomalies identified by the GSC describe an east to west strike over a 4.0 kilometre distance, a compelling exploration target,” said Xplore Resources President and CEO Wes Hanson.
The company is currently evaluating the potential benefits of an initial airborne survey versus continued soil geochemistry at the Valk Copper Project.
“At our Valk property in BC, current soil geochemical data has defined a 500 meter wide by 3000-meter-long copper in soil anomaly coincident with a major, northwest trending regional structure that can be traced to the southeast to Island Copper Mine,” said Hanson.
Xplore Resources is down 12.5 per cent, trading at $0.07 at 12:48 pm ET.