EGR Exploration Ltd. – Permits, Corporate Update, and Plan Going Forward

Mar 15, 2024 | NEWS, Update

Permitting

Our team has been busy with permitting and planning for the Detour West property. We now have approval for 123 RC drill holes and a camp location to execute an exploration program. This is the first phase of many as we move our property towards a discovery. We will be looking at permitting more holes to be ready to narrow our focus when we find success. Our targeted areas of interest on our property each have unique characteristics that deserve to be explored. This is why we are taking a regional approach to our exploration, and as we gain more information, we will narrow down more specific locations. The goal is to get an understanding of a large portion of our property and then have the flexibility to focus in on certain areas as we gain success.

This first round of drilling is designed to prove the extension of the Detour-Fenelon Trend and that the Abitibi Greenstone Belt continues onto our property. The data we have collected and interpreted to date shows us a continuation of east-west structures similar to those of our neighbours Agnico and Wallbridge. Once we prove the trend’s extension, we will have lots of upside and potential to make a major discovery on our massive property.

https://egrexploration.com/egr-exploration-receives-drill-permit-for-the-detour-west-property/

Kenorland’s South Uchi – An Example of Success

An example of success and massive potential that I hope to mirror was recently announced from Kenorland Minerals. They released results from a large-scale geochemical and prospecting survey. The property is 45 kilometres along strike to the east of Kinross Gold’s Great Bear Project. This shows what grassroots potential next to a major discovery could have.

As a reminder, Dave Stevenson, one of EGR’s directors, is a co-founder and Chief Geoscientist of Kenorland Minerals.

https://www.kenorlandminerals.com/news/kenorland-minerals-identifies-significant-gold-in-till-geochemical-anomaly-at-the-100-owned-south-uchi-project-in-the-red-lake-district-of-northwestern-ontario

EGR’s Value Proposition

We have built the team to move Detour West forward. The team’s resume is built for discovery and exploration. Each of us brings our own unique sets of skills and abilities to help move EGR forward.

The company currently has 40.2 million shares outstanding. Directors and management hold 14% of those shares. Mark (CFO), 8.9%, and I (CEO), 3.65%, are shareholders who can be seen actively buying in the open market. Our other notable shareholders, Crescat and FruchtExpress, have remained patient and supportive.

With a current market cap between 2-3 million dollars, any indication of Detour West being the extension of the Detour-Fenelon Trend and the continuation of the Abitibi Greenstone Belt, I believe we will see a large price appreciation.

As a team and with our share structure, we are also continuously looking at other ways to create value for our shareholders. As challenging as this market is, it is a great time to look at other opportunities.

Harvest Gold Transaction

In December, we announced the sale of our Urban Barry Property. We optioned the property for $90,000 cash, 2.75 million common shares and $300,000 in exploration expenditures. EGR retains a 2-per-cent net smelter return, with the company having the option to repurchase 1 percent at any time for $ 1 million. I believe this was the right move for EGR as we now have Harvest Gold focusing on Quebec and moving their portfolio there. We stand to gain upside from not only success in the Urban Barry property but also their recent staking and the acquisition of the Mosseau property. We will remain supportive shareholders as they advance their company.

In Summary

I am always available to connect and update you on what we are up to.  We continue to work towards moving Detour West to a discovery and growing EGR as a company.  The markets have been challenging but we remain optimistic. I look forward to updating investors as we progress.

About EGR Exploration Ltd.

EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend approximately 300 kilometres north of Timmins, Ontario. EGR’s 40,255 hectare Detour West gold project is contiguous to Agnico Eagle’s property which contains the Detour Lake Gold Mine and is approximately 20 kilometres from the mine, which is also hosted in the Abitibi Greenstone Belt.

For further information contact:

Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com

 

Forward‐Looking Statement (Safe Harbor Statement): This post contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward-looking statements. In particular, this post contains forward-looking statements concerning the Company’s exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this post in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this post, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this post.