Canada-based Explor Resources has acquired two mining claims in the Porcupine mine division located in the district of Cochrane, Ontario.
The acquired mining claims are adjacent to the Ogden Township, towards the east of Ogden Property.
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Explor Resources previously performed exploration activities in these properties that generated promising results.
Under the deal, Explor Resources will pay C$1,000 ($752) and issue 100,000 common shares to purchase full stake in this additional acquisition. However, the optioners have retained 2% NSR in these assets.
The transaction is subject to TSX Venture Exchange approval.
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After the acquisition, the Ogden property will comprise 15 mining claims that include 99 mineral claim units covering 1,588ha.
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By GlobalDataThis property has been explored by multiple miners, although the majority of the holes drilled were less than 100m in length.
A hole drilled by Tex-Sol Exploration in 1965 returned 6.0g/t Au over 9.1m at a shallow depth, which is the only significant mineralisation recovered from this asset.
The exploration conducted by Explor provided encouraging results. Hole #OG-16-02 intersected 2.06g/t Au over 1.50m from 154.5m to 156m, while Hole #OG-16-05 intersected 1.99g/t Au over 1.80m from 438m to 439.8m.
The exploration programme included six NQ holes carrying an average length of 600m for a total of 3,648m. The geology indicated substantial gold mineralisation similar to the Timmins Porcupine West Property.
