New York, NY (PRWEB) October 06, 2012
Explor Resources Inc. with over 100,000 meters drilled to date, has proven its exploration model at its Timmins Porcupine West (TPW) gold deposit in the prolific Abitibi Greenstone belt of Ontario and is building ounces. The current resource at the TPW deposit is 212,800 oz gold Indicated (at 4.83 g/t) + 814,800 oz gold Inferred (at 3.56 g/t) and that is expected to rise dramatically over the near-term; by the end of 2012 Mining MarketWatch Journal forecasts the resource to be advanced to ~1.5 million ounces gold, and by the end of 2013 advanced to ~3 million ounces gold -- that would represent only 10% of the deposits potential.
Explor Resources is the subject of a Mining MarketWatch Journal Review offering insight and opportunity afforded investors; the full Mining Journal review may be found at http://www.miningmarketwatch.net/exs.htm online.
Explor Resources has a market cap under $29 million and is poised for considerable share price appreciation as the reality of the accomplishment underway is appreciated by the market. The exploration model Explor has developed for the deposit is named after the nearby Hollinger and McIntyre gold mines that have a similar porphyry and produced 30 million ounces of gold. The porphyry is the heat engine that pushes the gold into weak adjacent (sedimentary and mafic volcanic) rocks -- the bigger the porphyry the bigger the potential deposit; Explor Resources' TPW porphyry is 5 times bigger than the Hollinger-McIntyre porphyry and all evidence to date has shown the exploration model to be accurate. The gold mineralization is concentrated in two mineralized limbs of syncline and so far Explor has, for the most part, concentrated its efforts only on the top portion of the south limb, the north limb is believed to be as equally rich. The north limb was recently the recipient of a 2,403 m stratigraphic (study of layers) diamond drill hole which further proved the model, it also found some gold to build on in the process, and it affirmed the overall structure is large enough to contain the 30 million ounces of gold that the model is based on.
The strike length of the gold mineralization to date is greater than 2000 meters, with the structure still open on strike and at depth. Depth-wise, area mines have successfully mined for high-grade gold to ~2,000+ metres, double the depth currently established on the south limb; the current resource established on the south limb was based on drilling to ~600 m, and recent drilling not yet incorporated into the resource is proving up high grades to ~1000 m (i.e. Jan. 31, 2012 release '14.8 g/t gold over 7.8 m', Feb. 23, 2012 release '7.36 g/t gold over 13.5 m', May 15, 2012 release '28.46 g/t gold over 3.30 m').
In excess of 100,000 m of diamond drilling has been completed by Explor Resources to date. Recent drill programs (including August 21, 2012 "Explor intersects 7.65 g/tonne Au over 33.2 meters on Timmins Porcupine West") has affirmed the continuity of mineralization and quality grade from hole to hole with increasing width as Explor Resources goes to depth and are very significant in terms of establishing a potentially large mineable gold resource. A new updated resource calculation is expected to be prepared for the end of 2012.
Mining MarketWatch Journal sees a comparison, exit strategy wise for shareholders benefit, to the scenario that unfolded for Virginia Gold Mines with its sale of its Eleonore gold deposit to Goldcorp for close to half a billion dollars plus the retention of a rich sliding royalty. Virginia Mines proved up ~3M ounces and sold to Goldcorp which carried the ball for many times that. Explor Resources has a very real similar potential outcome in store as the porphyry system at the TPW gold deposit is 5 times the size of the 30M ounces gold Hollinger-McIntyre, the exploration efforts to date support the exploration model, and a readily achievable target of 3 million ounces by the end of 2013 represents just the tip of the iceberg.
Shares outstanding: 147,671,992 (~187.5M fully diluted). It appears the time to buy EXS.V is now while it is trading under 20 cents and poised for significant upside share price revaluation to reflect the inherent value of its properties and immense potential. The full Mining Journal review may be found at http://www.miningmarketwatch.net/exs.htm online.
For those looking to establish a long position, near-term stock price catalysts include pending assay results from Explor Resources prolific south limb of the TPW gold deposit and an updated resource calculation expected this Q4 2012.