Explorex Resources Inc. Announces Due Diligence Site Visit At the Buena Vista Hills Cobalt Iron Oxide Copper Gold Project Has Bee Completed
June 13, 2019 at 12:05 pm EDT
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Explorex Resources Inc. announced to report that a recent due diligence site visit at the Buena Vista Hills Cobalt Iron Oxide Copper Gold project in Pershing County, Nevada, has bee completed. The review of the property has enabled the Company's Geologist to appreciate the size potential and significance of the Project. Buena Vista Hills is one of a few properties in the world that hosts this scale of stand-alone cobalt mineralization. Recent drilling by the property owner in 2008 exhibited 27.4 metres (90 feet) of continuous cobalt mineralization in the oxide cap before intersecting the targeted magnetite (iron-oxide) body. The depth extent of the oxide cap can be easily seen in the historic pit walls and is reported to extend to at least a 50 metre (164 foot) depth signifying the potential for a rather sizable volume of `At Surface' material. The site visit also reinforces the reports that the apparent mineralized oxide cap material covers a considerable lateral extent. Several check samples have been taken with assays pending. The Company is proceeding to finalize the option agreement to acquire 100% of the Project from New Tech Minerals Corp., which is expected to be completed shortly. The Project is situated approximately 35 km SE of Lovelock, Pershing County, Nevada and primarily comprised of a full private section of land (Section 15, Township 25N, Range 34E covering 2.6 km2) complemented by an adjacent block of 12 claims on US Bureau of Land Management land to the north, covering an additional 0.8 square kilometer. The Company is currently in the process of finalizing the option agreement to acquire 100% of the Project from New Tech Minerals Corp. Buena Vista is centered around the past producing open-pit SegerstromHeizer ("SH") iron ore mine that produced more than 1.2 million tons of iron ore between 1943 and 1966 (Nevada Bureau of Mines, Bulletin 89, Johnson, 1977). The massive magnetite is localized within the northeast-striking, northwest-dipping Segerstrom-Heizer fault zone ("SH Fault") and is coincident with a series of northwest-trending cross faults. Subsequent to the emplacement of the magnetite, an intense `Cobaltoan' pyrite-marcasite sulfide mineralizing event occurred (i.e. Cobaltoan pyrite is simply a name given for pyrite containing an appreciable content of cobalt). The Cobaltoan forming fluids were introduced along the local structures, favorably constrained by the massive magnetite unit, with Cobaltoan iron-sulfide deposition focused along the hanging wall and foot wall margins of the massive magnetite body. A significant amount of Cobaltoan iron-sulfide mineralization is exposed in the open pit walls and within the waste dumps, presenting two distinct prime exploration target styles the Cobaltoan mineralization appears to be strongly oxidized to about 50-60m below surface and represents a shallow, thick and well developed hanging wall open pit target; and aCobaltoan massive pyrite-marcasite sulfide target is indicated below the oxidized cap. The potential of the `at surface' oxidized zone was revealed in a reverse circulation drill hole completed by the property owner, Zephyr Minerals, in 2008. The Zephyr Hole was located approximately 100 m northeast of the main exposed mineralized zone at the NE pit wall and drilled vertically with fixed 3.05 m (10 foot) sample intervals. The cobalt mineralization was intersected under the mine waste at a 6.1 m (20 foot) depth and graded 0.09% CoO over 27.4m (90 feet). This interval included 12.2m (40 feet) grading 0.12% CoO from 12.2-24.4m (40-80 feet). New Tech recently collected grab samples from several small development pits occurring along the NE extension of the SH fault zone. Four samples were collected up to 305 m (1,000 feet) NE of the SH pit grading 284, 465, 825 and 921 ppm Co and one grab sample collected from a development pit located approximately 457 m (1,500 feet) NE of the SH pit contained 837 ppm Cobalt. Of note, the significant cobalt mineralization reported in the Zephyr Hole combined with the cobalt mineralization observed in grab samples quite distant from the Zephyr Hole indicates the potential for a large at surface cobalt mineralized target area along the extent of the magnetite body and SH Fault. In 2018, New Tech collected two semi-massive magnetite grab samples exhibiting significant pyrite replacement (30% to 50% pyrite content) from the open pit waste dump that graded 0.15 and 0.48% Cobalt. Independent from New Tech, three massive Cobaltoan pyrite samples were collected from the dump that returned grades of 0.45, 0.82 and 1.20% cobalt (T.A. DeMatties, unpublished preprint data). The semi-massive to massive pyrite samples collected from the dump material reveal a high cobalt tenor and emphasises the potential for a sizable near surface cobalt iron sulfide mineralized zone below the oxidized cap. Except for the Zephyr Hole, all historic holes at Segerstrom-Heizer did not analyze for cobalt.
Explorex Resources Inc. is a junior gold and base metals mining and exploration company. The Company is engaged in acquiring, exploring and developing mineral properties, principally located in Eastern Canada. It has mineral holdings in Ontario, Quebec, New Brunswick and Saskatchewan. The Company is focused on exploration in the Abitibi Greenstone Belt of Ontario and Quebec, and Base metal in New Brunswick. It has interest in the Arlington property, which is located in the Beaverder silver camp, over 40 kilometers southeast of Kelowna. The Arlington property covers approximately 586.46 hectares and is centered on Hall Creek at the south end of Arlington Lakes. The Company also holds interest in Silver Dollar Property, which is located, approximately 45 kilometers southeast of Revelstoke, B.C. The Silver Dollar property is over 3,160 hectares in area. The Company also owns over 1,991 hectares of mining claims in Saskatchewan and approximately 2,800 hectares in New Brunswick.