EGR Exploration Ltd. (TSX-V:EGR) (“EGR” or the “Company“) is pleased to announce that it has acquired an additional 50 claims in Detour Lake Area increasing the Company’s land holdings to 40,255 ha. The Company would also like to provide a Detour West property exploration plan update.
The 50 claims acquired are located within EGR’s Detour West property, which consolidates the entire area (see Fig.1). EGR’s interpretation of the existing magnetics data over the newly acquired claims shows the potential for segments of the Sunday Lake Deformation Zone [SDLZ], Massicotte Deformation Zone [MDZ], and secondary splays from them, to extend onto the property.
Under the terms of the acquisition agreement, EGR paid the Vendor $2,450 in cash and granted a 1.25% Net Smelter Return (NSR) under the terms of a Royalty Agreement. The Royalty Agreement also contains a provision that allows for a reduction of the Royalty Interest to 0.75% by making a payment of $250,000 to the Vendor at any time before the property reaches commercial production.
Exploration Plan – Detour West Exploration Plan – Detour West
The geological team has spent the last two months consolidating and compiling data regarding the Detour West property and defining work programs for 2023 and 2024.
- Flying high-resolution airborne magnetics this spring to cover the entire eastern two-thirds of the property, filling in areas not covered by prior smaller, targeted airborne magnetics surveys (See Fig. 2). The new data will be used to refine targets for EGR’s current and future drill plans.
- A field program will be implemented to follow up on a previous Lidar survey, investigate outcrops identified from the survey, and plan access and drill pad locations for drilling.
Fall 2023 – Winter 2024
- Completion of permitting.
- EGR will initiate a till sampling program in mid-December 2023 and is expected to continue through the winter. The goal will be to test for gold in glacial till and identify potential gold grain dispersion trains emanating from gold mineralization associated with the extensions of known deformation zones.
- Drilling will also sample bedrock along the zones to help build a more detailed lithological map for the property, which is largely covered by glacial till. Specific targets will be identified upon receipt and interpretation of the airborne magnetics data; however, preliminary plans are for 75 RC holes on 750-metre-spaced fences, and each fence will consist of 350-metre hole spacing.
All this information can be found in the corporate presentation on the EGR website www.egrexploration.com.
Daniel Rodriguez, CEO and Director of EGR, noted, “The acquisition of the 50 claims solidifies our land position in the Detour Lake area. We control 100% of the exploration potential on our property. The creation of the exploration plan excites me for what is to come. We have created a plan that gives us the best chance to explore and test the potential extensions of the Sunday Lake Deformation Zone, which is the same structure that hosts the Detour Lake Mine. I look forward to working with my team and communicating with shareholders as we move through this process. ”
The technical information contained in this news release has been approved by Brian Atkinson, P.Geo. who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend, approximately 300 kilometers 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 kilometers from the mine, which is also hosted in the Abitibi Greenstone Belt. EGR is targeting gold deposits associated with the potential extensions of the Detour-Fenelon trend structures onto the Detour West property.
For further information contact:
CEO & Director
Phone: (604) 353-4080
Forward‐Looking Statement (Safe Harbor Statement): This press release 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 press release 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 press release 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 press release, 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 release.